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North Dakota / Bank Closure #243879

CBS Evening News for Thursday, Dec 02, 1976
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(Studio) Budget balancing has been problem for nearly week in Towner, North Dakota.
REPORTER: Walter Cronkite

(Towner, North Dakota) [Grocery store owner Ava SLANKEY - says all her money is in Pioneer State Bank.] Pioneer State Bank closed by North Dakota officials last Friday for audit; bank is apparent victim of losses due to loans to cattlemen. Bank is only private 1 in state without federal insurance to protect money. [Towner Mayor Bill DOMRES - says people never thought bank would go broke.] Problems to townspeople noted. Pharmacy owner Roger Berg says sales dropped 70% after closure and most sales now on credit. [BERG - says he knows customers but doesn't know how long he can carry credit.] Wednesday, Bank of North Dakota opened branch in corner of Pioneer, but only out-of-town checks could be cashed. 1 resident comments it will be hardest on children because of no money for Christmas presents.
REPORTER: Barry Peterson (WCCO-TV film)

Cronkite, Walter

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