Word: dannebrog
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Dates: during 1980-1989
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...Tina Bochart no longer answers the telephone at State Bank of Dannebrog, Neb., with a cheery "Good morning. State Bank." Instead, she simply says, "FDIC." Bochart, a former assistant cashier, goes on to explain that State Bank, the only bank in town, has folded and been taken over by the Federal Deposit Insurance Corporation. "We're here," she says, "until things are cleaned up." The closing is a severe blow to Dannebrog, a farming village of 380, where the landmarks are groves of giant sycamore trees, a Lutheran church spire and the Silver Dollar Bar. Ray Johnson, owner of Johnson...
Most communities that suffer closings are not as unfortunate as Dannebrog, which now has no bank at all. Sometimes failed ones quickly reopen under new owners who receive federal assistance. Two small farm banks closed last week by the FDIC opened their doors again the very next day under new ownership. The Farmers National Bank of Erick, Okla., was taken over by the First American Bank of Erick, and the First National Bank of Woodbine, Iowa, became the Iowa Savings Bank, a new subsidiary of a local holding company. In other cases, healthy banks in neighboring towns or cities take...