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July 27, 2017

Throwback Thursday: Feds seize Liberty Savings Bank

1992: Liberty Savings Bank taken over by Office of Thrift Supervision after 14 years in business.
25 Years Ago
From The Fauquier Citizen edition of July 24, 2017

Time runs out on Liberty Bank
Liberty Savings Bank in Warrenton last week lost its eight-month struggle to find a buyer and avoid takeover by federal regulators.

At 11:35 a.m. last Friday, July 17, five federal officials walked into the second-floor office of President Jon L. Burleson and informed him that the Office of Thrift Supervision had ordered his institution seized.

By OTS calculations, Liberty was insolvent, with a net worth of minus $1.3 million.

Once Fauquier’s most aggressive and fastest-growing financial institution, Liberty fell quickly, the victim of poor lending policies, the recession and questionable management practices, federal authorities said.

Founded in 1978, the bank had grown to total assets of $121.8 million at the end of last year.

Marriott subject of 3-hour debate
After a while, it started to sound like the Phil Donahue show.

The nearly three-hour public hearing Tuesday night on Marriott Ranch’s plan to expand commercial use of its 4,000-acre farm near Hume seemed to have a little bit of everything for the tabloid talk show types.

Testimony touched on alcohol, drugs, drunken driving, gory highway accidents, corporate deceit, race and class. The drama-packed hearing included a sobbing 12-year-old, who told the board of supervisors that he would fear for the life of his handicapped sister if the county approved Marriott’s proposal.

Thirty people spoke: 16 against, 12 for and two neutral.

The board probably will decide the matter Sept. 1.

Plank new headmaster at Highland
The new headmaster at the independent Highland School in Warrenton, David Plank has more than 20 years of experience teaching math and physics and administering private schools.

Newly married and new to Fauquier, Plank, 44, succeeds William Ossier, who retired after 10 years at the school for kindergarteners through eighth-graders.

Teen center closes
A hot building and a cool reception by area teens have led Fauquier Parks and Recreation to close the county’s teen center temporarily.

The 4-month-old WhereHouse will close July 24, with a planned reopening Sept. 1, said Pat Alton, life enhancement coordinator with the county parks department.

Few teens have used the center at 26 S. Third St. in Warrenton this summer. Its overhead fans a sole air conditioner have failed to keep the place cool enough.

Some days this summer, only a handful of students have stopped by to watch TV, play pool and relax at the center, the brainchild of a group of community leaders.

Summer Sizzling Sale at Carter’s General Store
Ladies’ Grasshoppers by Keds, $16.95.

All Ladies’ Sleepwear, $9.77.

All Men’s Short Sleeve Shirts, sale price as low as $10.49.

All Straw Hats, sale price as low as $4.19

45 Main Street, Old Town Warrenton
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