Buys in Fannie, Freddie hurt Staunton bank

By Hawes Spencer |
Published online 8:52am Sunday Nov 23rd, 2008
and in print issue #0748 dated Thursday Nov 27th, 2008

Investments in the once highly-rated preferred stock of Fannie Mae and Freddie Mac has cost Staunton-based Community Bank about $10.5 million and left it wondering to jump aboard the federal bailout, which, the Staunton News-Leader reports, isn't quite the dole people think it is.