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Town prefers a CU reports IMarketplaceI
DANNEBROG, Neb. (5/20/09)--Residents of Dannebrog, Neb., a small town with 350 people, voted Monday for a credit union move into town rather than another bank after one bank there failed and its successor decided to close shop, Marketplace reported. The town has been without a financial institution for more than a week, the public radio show reported. After some farm loans went bad, “Dannebrog’s only bank let the people down,” Marketplace said. Sherman County Bank collapsed a few months ago. Another Nebraska bank, Heritage, took over, but decided it didn’t make financial sense to keep a two-teller branch operating. Several residents said they need a financial institution not only for financial services it provides, but to provide a key element for the health of Dannebrog and its future. “If we don't have a bank, what I would see happening is pretty soon then the grocery store would fail, and the restaurants would have a very difficult time making it,” Carol Schroeder, a resident, told Marketplace. “The gas station. You know, I've seen a lot of small towns die, and I think it starts when you lose a bank.” About 100 people went to the town fire hall recently to hear pitches from a credit union and a regional bank after Dannebrog made it known it is looking for a new financial institution. In the 1980s, some residents formed a credit union after a bank failed, said town resident Bob Peterson. The Federal Deposit Insurance Corporation owns the bank building and will decide if a credit union can move in.
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