Correction: Pyle Trucking not a cause of Sac bank failure - Storm Lake Times Pilot

Correction: Pyle Trucking not a cause of Sac bank failure - Storm Lake Times Pilot

Pyle Trucking of Schaller was not a cause of the failure of Citizen’s State Bank of Sac City, according to a examination report by the Federal Deposit Insurance Corporation. The failed bank’s successor, Iowa Trust and Savings Bank, sued Pyle Trucking over promissory notes. The bank failed because of loans to out-of-state trucking concerns, according to the FDIC report, and not because of loans to Pyle Trucking as readers may have inferred from a…