Community Bank of Oelwein foreclosed on Oelwein Industries, a manufacturer of heavy duty tool chests and cabinets for the medical and industrial industries. For two years, The Bank of Oelwein attempted to sell Oelwein Industries without success. The property included a 38,000 sq ft building on 5.5 acres, a product line consisting of inventory and drawings, and equipment consisting of medal fabrication equipment. The bank had estimated a value of all the property.
The Bank of Oelwein contacted Schneider Industries (SI)) to assist in the sale of the business. At auction, SI secured a buyer from Minnesota that resulted in an equitable net return to the bank, creating a win:win situation for all parties involved.