Word: calhouns
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Dates: during 1970-1979
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...different example of the personal trouble?and indeed tragedy?that may be related to the Calhoun bank's liberal lending policies was the apparent suicide of LaBelle Lance's brother, Beverly Banks David, a Jefferson City, Mo., school official. He was found dead on Nov. 24, 1974, in his car; he had started the engine while the garage doors were closed. When his Missouri estate was probated, his solely held assets were valued at $4,177. His wife was astounded to find, however, that the Calhoun National Bank claimed he owed it $254,222. Northwest Georgia Bank in Ringgold lodged...
...Lance's nomination and supposed they had passed such information to the Ribicoff committee. Yet Bloom had, in fact, warmly endorsed Lance in a letter to that committee and in the classified FBI report. He noted only briefly that the comptroller's office had found some problems at the Calhoun bank?a reference Bloom claimed should have been taken as a "red flag." He certainly did; he kept documents related to those problems locked in a safe in his bathroom, of all places, to prevent them from being leaked...
Bloom also said that at Lance's request, he had not even told the FBI that the comptroller had worked out a cease-and-desist agreement with the Calhoun bank in December 1975. Lance had told him this might needlessly hurt the bank's business. Bloom's action was not without basis, since the comptroller's office cannot legally reveal the existence of such enforcement agreements without approval of the affected bank. The agreement required the end of all overdrafts to Lance and his family, ordered the bank to upgrade its loose lending practices, even questioned Lance's bank salary...
...Lance family later moved to Calhoun, Ga. (pop. 5,000), 65 miles to the southwest, where one of his sixth-grade classmates was LaBelle David, granddaughter of the president of the Calhoun First National Bank. LaBelle and Bert were married when they were both 19. In 1951, just before graduation, Bert had to drop out of the University of Georgia to find a job. The first of his four sons was on his way. Lance never did get a degree; he never needed...
...teller in the bank, and he helped make ends meet by refereeing high school football games. In 1963 Lance and a group of friends bought control of the bank and he became its president. At the age of 32 he was finally off and running. As one longtime Calhoun resident puts it, "He was the best damn energizer of people ever to shake your hand." To bolster the local economy, Lance gave high-risk loans to people willing to start small businesses making tufted carpets. Today the carpet factories are the area's leading employers. To upgrade the local...