NE Iowa Bank Receives Cease and Desist Order for Risky Practices

A Northeast Iowa bank is challenging a cease and desist order from federal officials, for allegedly using risky practices in doing business.

Federal bank regulators have issued a cease-and-desist order to a Luana bank accused of risky practices that threaten the stability of the 113-year-old, family-owned bank.

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The Des Moines Register reports that the Federal Deposit Insurance Corp. has ordered Luana Savings Bank to restructure its management, scale back its loans and find more retail depositors, such as savings and checking accounts.

The FDIC takes issue mostly with Luana's use of wholesale deposits — money with variable interest rates from investors and other banks — to increase its lending and expand. The FDIC says because Luana also holds fixed-rate loans, it's at risk of losing money if interest rates rise.

Luana is challenging the order.

(Info from Associated Press)

Oelwein Police have arrested a local man, after he was pulled over riding a motorcycle.

At about 2:15pm Monday (Aug. 30), Oelwein Police made the traffic stop in the 500 block of South Frederick Avenue in Oelwein.

The driver, 34 year old Joshua Michael Dehart of Oelwein, was subsequently arrested for Driving While his License is Suspended, No Insurance, a registration violation, and a Motorcycle License Violation.

At least five law enforcement officers fired their guns at a person holding a knife outside a building fire in rural eastern Iowa, killing the person.

The Iowa Department of Public Safety says in a news release that the shooting happened Tuesday night, when law enforcement converged on a property about a mile southeast of Martelle following a 911 call.

The department says arriving officers came upon a large structure fire and a person holding a knife who didn't comply with orders to drop the knife. The person, who was not identified, was shot numerous times and died at the scene.

Officials say two Jones County Sheriff's deputies and three Anamosa police officers all fired their weapons and have been placed on administrative leave pending an investigation.

(info from Associated Press)

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Categories: Cedar Valley News