LEROY, Texas (KWTX) It was a Friday, the end of the week, on Aug. 7, 1987 as storm clouds gathered over the uninsured Leroy Bank which on this day announced it was closing.
“I had friends that lost everything they had,” Albert Miller, 94, said.
The bank was private and not insured by the Federal Deposit Insurance Corporation, which would have guaranteed the depositors would have gotten their money back.
“I lost money there,” he said, “It was devastating.”
It wasn’t like a bank went insolvent in Dallas, or Houston, or even Waco where such a thing could be absorbed by a growing economy because besides corn and cotton, very little…
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