Pierce Elevator Inc closes elevators In Pierce, Randolph And Foster

The Nebraska Public Service Commission held an emergency meeting Wednesday morning to consider closing Pierce Elevator Inc. It took title to the company's three elevators in Pierce, Foster and Randolph Nebraska.

John Fecht, head of the commission's grain division says Pierce Elevator Inc.surrendered its warehouse and grain dealer licenses because it had lost its line of credit at Citizen's State Bank in Laurel.

Examiners were at the elevators Wednesday to inventory the grain and sort out the financial obligations. If the sale of the grain falls short of what owners are owed, bonds posted by the company would be tapped. If that falls short, Fecht says the loss would be shared among the grain owners.

© 2014 Rural Radio Network. All rights reserved. Republishing, rebroadcasting, rewriting, redistributing prohibited. Copyright Information