NE Iowa Bank receives cease and desist order for unsafe practices
A bank in northeast Iowa is challenging a cease and desist order by federal officials for allegedly using risky practices in the course of its business.
Federal banking regulators have issued a cease and desist order on a Luana bank accused of risky practices that threaten the stability of the 113-year-old family bank.
The Des Moines register reports that the Federal Deposit Insurance Corp. ordered Luana Savings Bank to restructure its management, cut lending and find more retail depositors, such as savings and checking accounts.
The FDIC primarily takes issue with Luana’s use of wholesale deposits – floating interest rate money from investors and other banks – to increase its lending and grow. The FDIC says that because Luana also holds fixed rate loans, she stands to lose money if interest rates rise.
Luana disputes the order.
(Associated Press Info)
Oelwein police arrested a local man after he was arrested on a motorbike.
At approximately 2:15 p.m. Monday (August 30), Oelwein Police stopped traffic in the 500 block of South Frederick Avenue in Oelwein.
The driver, Joshua Michael Dehart, 34, of Oelwein, was later arrested for driving with his license suspended, no insurance, registration violation and motorcycle license violation.
At least five law enforcement officers shot a person holding a knife outside a burning building in eastern Iowa, killing the person.
The Iowa Department of Public Safety said in a press release that the shooting took place Tuesday night, when law enforcement converged on a property about a mile southeast of Martelle in the following a call to 911.
The department said arriving officers encountered a large structural fire and a person holding a knife who did not obey orders to drop the knife. The person, who was not identified, was shot multiple times and died instantly.
Officials say two Jones County Sheriff’s deputies and three Anamosa police officers have all fired their guns and have been placed on administrative leave pending an investigation.
(Associated Press information)
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