Farm Credit Banks bailed out an ailing Omaha bank.
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The boards of directors of the nation’s Federal Farm Credit Banks approved the assistance plan for Federal Intermediate Credit Bank of Omaha. The bail-out plan provides for the participating banks to make a $75-million payment to the ailing Omaha institution on Sept. 1, with an additional $25 million to be provided if necessary. The funds will then be passed on to Omaha-region Production Credit Assns. that have millions of dollars in loans outstanding to farmers who cannot repay them.
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