Bad Debt Triggers Chambers Bank Deal

by George Waldon  on Monday, Feb. 4, 2013 12:00 am  

On Nov. 16, control of Grand Savings Bank and  Decatur State Bank shifted from the Peterson family to Chambers Bank of Danville. The DPC (debt previously contracted) acquisition involved about $20 million of debt held by Chambers Bank and secured by an 81 percent stake in the banks’ parent company, Peterson Holding Co. (Wayne DePriest)

The mid-November purchase of Peterson Holding Co. by Chambers Bank of Danville wasn't your typical transaction.

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