Oil woes break a Texas bank
Its borrowers fondly regarded the 93-year-old institution as Mother Midland, in tribute to its practice of sometimes extending credit on faith alone. It was known for "handshake" loans on long-shot oil and gas ventures. Says Texas Governor Mark White: "Midland helped a lot of people to make a lot of money." So last week when the troubled First National Bank of Midland was about to collapse under the burden of energy loans gone sour, the community staged a pep rally to stem a run on its deposits. About...
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