Modular Dealer Closes Suddenly after Bank Calls in Note

LJWorld reports that modular home retailer Webster’s, Inc., in Lawrence, Kansas, is closing after 44 years in business.  Jonathan Becker, attorney for Webster’s, said that University National Bank called in its note on the company’s financing.  He said the bank has been under federal regulatory control to straighten out some deficiencies and return the bank to sound condition, and is having to reduce its loan portfolio.  Todd Sutherland, president of the bank, noted his bank does have an agreement with the U.S. Comptroller of the Treasury, but that it is not related to calling in the Webster’s loan.  He said 60 percent of the banks in the Office of the Comptroller’s Western District have agreements with the regulators, and that his bank is improving its methods.  Attorney Becker suggested customers who have money with Webster’s should seek legal counsel.

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