Word: loaned
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Dates: during 1990-1999
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Toward the end of the year, the house sale closed, and in December Hillary used the proceeds to retire the Paragould loan. But her wish for Whitewater--to "get all that behind us by the end of the year," as she put it in her letter--went unfulfilled...
...April 1988, 1st Ozark again contacted Hillary about renewing the Whitewater loan. Efforts to reach the McDougals in California had failed, and the bank had waived the requirement that the McDougals submit a financial-disclosure form, noting in a memo that the loan was "guaranteed by Bill Clinton." But the bank set about getting the Clintons' form, as well as a financial statement for Whitewater itself. In a letter dated April 12, 1988, Wes Strange wrote Hillary, "I have also enclosed a renewal note, hoping that you could help me in getting all the signatures on this and returning...
...days later, 1st Ozark agreed to waive requiring the Clintons' and Whitewater's financial-disclosure forms, according to a document in 1st Ozark's files, "Request for Loan Documentation Waiver," dated July 15, 1988. Over the words approved by are the initials WS, evidently referring to Wes Strange. According to the document, reasons for the waiver were that the escrow account was making the payments, and the value of the collateral was "sufficient." Still, waiving such a requirement was highly irregular, especially on a commercial loan, and Vernon Dewey felt it was imprudent to do so. For the first time...
Given that Wade was a founder and director of the Citizens Bank & Trust Co. of Flippin, it wasn't surprising that McDougal turned there first to finance the purchase of the 101 tract, with Wade's encouragement. The loan officer was a young senior vice president, Frank Burge, who was soon to be named president of the bank. The president then was James Patterson, who happened to be one of the investors in 101 Development Corp., which was selling the land...
Given the incestuous relationships (prohibited under current banking laws), it's surprising the application didn't breeze through the approval process. Despite its small asset base and remote location, the bank in Flippin was conservatively run. By its standards, a $200,000 loan was a big deal. Burge was also concerned that the small bank had too many loans outstanding in this single area around the White River, since the bank had also financed some of the 101 Development Corp.'s purchase of the larger parcel from which the 230 acres were being carved...