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Home | KNDY News | Beatrice Owes the State Bank of Odell Nearly $300,000

Beatrice Owes the State Bank of Odell Nearly $300,000

A Gage County District Judge ruled the City of Beatrice owes the State Bank of Odell $293,420 for failing to repay a loan it guaranteed by a Beatrice business. Blue Valley Automation held a promissory note with Beatrice in the amount of $200,000.

District Judge Daniel Bryan Jr. ruled Beatrice owes the Odell bank money after the City guaranteed a loan with Blue Valley Automation.  The business no longer exists.

As a requirement for the loan approval the State Bank of Odell received a guarantee from the city of Beatrice. The city of Beatrice agreed to provide the guarantee.  Blue Valley Automation failed to remain current with payments.  Beatrice did agree to extend the guarantee three times but claimed the guarantee was expired when the State Bank of Odell sought recovery from the city in September 2010.  The city has announced they will appeal the decision.

About Jeff Ottens