Did the bank fail because of bad trucking loans?

by

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.

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