Did the bank fail because of bad trucking loans?

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via dismal-jellyfish:

Jeff Plagge (the superintendent of the Iowa Division of Banking (IDOB)), also issued a statement:

IDOB Closed Citizens Bank, Sac City
The bank had a concentration of out-of-territory and out-of-state loans to one industry and incurred heavy losses on some of those loans.
Consent Order
Source: https://orders.fdic.gov/sfc/servlet.shepherd/document/download/0693d000009qQpKAAU
service the Bank’s commercial trucking loan portfolio
service the Bank’s commercial trucking loan portfolio

So they knew this could be coming back in August.

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We have talked about trucking before!

Congressman French Hill on Treasury’s previous $700 million bailout of Yellow: “I think the Treasury is undercollateralized. I’ll leave it at that” Treasury owns 15.94 million shares

 

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