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Illinois Valley News, Cave Junction, Ore. Wednesday, July 28, 2010
New ownership for Home Valley Bank ...
MUSIC MUSIC! - Beginning at 6 p.m. Thursday, July
29 at Jubilee Park in Cave Junction, the Illinois Valley
Chamber of Commerce free “Concerts in the Park” series
will continue with a saucy performance by Dos Gardenias.
A refreshment stand is operated by Illinois Valley Little
League during concerts. And the chamber conducts a
50/50 drawing. See the ad elsewhere in this issue.
LIONS’ LABOR DAY LINES - The Illinois Valley Li-
ons Club 39th annual Labor Day Festival again will host an
all-comers amateur talent show. There will be cash prizes
for the winners of each age group. Sign up by Aug. 31. For
more information, phone “Donna,” 541-596-2719, or “Sue,”
541-592-2252.
Additionally, entry forms for the Monday, Sept. 6 Labor
Day Parade, and vendor sign-ups for the Sept. 4 through 6
festival are available. It costs nothing to enter the parade,
said organizer Harry Johnson. “All groups and organiza-
tions are accepted and welcomed,” he said. Volunteers are
sought to carry a 30-by-60-foot U.S. flag in the parade.
Phone Johnson at 541-596-2104 to participate, or for more
information.
LUCKY DUCKIES - Public entries for Grants Pass
Rotary Club’s 2010 Rogue Duck Derby are available. Pro-
ceeds from the event are earmarked for a baseball com-
plex project near Allendale Elementary School in Grants
Pass, and a three-year commitment has been made to the
Illinois Valley Booster Club to help develop an all-weather
track at Illinois Valley High School. Duck Derby entries are
available for purchase in Cave Junction at the Illinois Valley
News office, South Valley Bank and Bi-Rite Auto Parts.
The race will be held on Sept. 25.
NOTEPAD - Celtic music by Circle of Stone will be
performed at Illinois Valley Senior Center, 520 E. River St.
in Cave Junction, on Saturday, Aug. 7. Ticket proceeds
from the music-and-dinner event will benefit the senior
center. An encore show will be held Sunday, Aug. 8 …
SOLV’s 26th annual Fall Beach Clean-up event will ex-
pand to include waterway and river beach clean-up pro-
jects statewide. The newly expanded event, sponsored by
the Oregon Lottery, is set for Sept. 25. SOLV provides free
planning assistance, a project planning resource guide,
flyers and pre-event publicity, online volunteer registration,
and clean-up supplies. Project applicants can visit
www.solv.org to complete an application or phone 800-
333-SOLV by Aug. 13 … After 10 weeks of play at Illinois
Valley Golf Course, Mo Wiley and Robin Savage’s self-
sponsored team is well ahead of the Monday-night pack
with 106 points … T-shirts: *Drink coffee. Do stupid things
faster with more energy. *I don't mind going to work, but
that 8-hour wait to go home is a pain. *I didn't say it was
your fault. I said I was going to blame you! ... Did you hear
about the guy advised to drink a glass of warm milk after a
hot bath to help him sleep? Asked how it was working, the
guy replied, “I don’t know. I haven’t been able to finish
drinking the warm bath yet.”
LAST WORDS - “When you see that trading is done,
not by consent, but by compulsion -- when you see that
in order to produce, you need to obtain permission from
men who produce nothing -- when you see money flow-
ing to those who deal, not in goods, but in favors -- when
you see that men get richer by graft and pull than by
work, and your laws don’t protect you against them, but
protect them against you --
when you see corruption
being rewarded and hon-
esty becoming a self-
sacrifice -- you may know
that your society is
Cave Junction
doomed.” (Ayn Rand)
Wednesday, July 28
Mostly sunny
High--87 Low--54
Thursday, July 29
Partly cloudy
High--84 Low--53
Friday, July 30
Sunshine
High--84 Low--52
Saturday, July 31
Sunny
High--85 Low--53
Sunday, Aug. 1
Partly cloudy
High--84 Low--53
Monday, Aug. 2
Sunshine
High--84 Low--52
Tuesday, Aug. 3
Sun
High--83 Low--52
Following are the high-and-
low temperatures, and rainfall
recorded at The End of the Road
in O’Brien by Cheryl & Harry
Johnson:
*Fri., July 16 104 61 .00
*Sat., July 17 99 60 .00
*Sun., July 18 95 54 .00
*Mon., July 19 91 56 .00
*Tue., July 20 93 54 .00
*Wed., July 21 91 56 .00
*Thu., July 22 98 59 .00
Following are the high-and-
low temperatures and rainfall
recorded by Illinois River Farm
in Cave Junction:
*Fri., July 16 98 54 .00
*Sat., July 17 97 54 .00
*Sun., July 18 91 50 .00
*Mon., July 19 88 58 .00
*Tue., July 20 90 48 .00
*Wed., July 21 90 53 .00
*Thu., July 22 95 54 .00
(Continued from page 1)
to working with the Home
Valley team, who have
served their community so
well.”
Said Dave McLaughlin,
South Valley Bank’s senior
vice president and branch
administrator, “We don’t
want to change any of the
sponsorships or anything that
Home Valley is a part of in
the community. We plan to
stay right on track.”
HVB is headquartered in
Grants Pass. As of March 31,
2010, it had total assets of
approximately $258 million
and total deposits of $229
million. South Valley Bank
& Trust has total assets of
some $600 million and total
deposits of $500 million.
South Valley has 18 of-
fices in Klamath Falls/
Lakeview, Central Oregon,
and Rogue Valley.
Because South Valley is
acquiring all of Home Val-
ley’s operations – including
its deposits, loans, and the
majority of its assets – there
will not be any losses for for-
mer HVB depositors who
have deposits exceeding the
FDIC deposit insurance
amount, McLaughlin said.
Home Valley’s capital
levels had dropped so low
that the bank became insol-
vent, said David Tatman,
administrator of FDIC’s Divi-
sion of Finance & Corporate
Securities. The primary cause
for its problems was a heavy
dependence on loans for local
construction projects.
Because of the continued
downturn in the Southwestern
Oregon economy, those loans
were not performing, drag-
ging down capital and earn-
ings, he said.
“Despite efforts by the
Home Valley Bank manage-
ment to turn things around,
the bank was not able to re-
cover in this current eco-
nomic environment,” Tatman
explained.
Declining real estate val-
ues and general economic
weakness continue to pose
problems for banks in Oregon
and across the country. There
were 140 bank closures na-
tionwide during 2009, includ-
ing three in Oregon, and more
than 100 banks in the country
have closed so far this year.
Home Valley is the sec-
ond Oregon bank to close in
2010. Each time a bank has
closed in Oregon, another
bank has taken over the de-
posits of the failed bank. No
Oregon depositor has lost
money as the result of a bank
closure.
Nonperforming real es-
tate loans are particularly
challenging for Oregon
banks. Many loaned a signifi-
cant amount of money to de-
velopers for construction pro-
jects, and those developers
have been unable to make
payments during the eco-
nomic downturn. Several
Oregon banks have had suc-
Illinois Valley
Food Coalition
The Illinois Valley Food
Coalition will meet at the Jose-
phine County Bldg. in Cave
Junction at 7 p.m. Monday,
Aug. 2.
Planning for the approach-
ing Farm Festival is on the
agenda. All Farm Festival
committee chairmen need to
attend this meeting.
The I.V. Farm and Garden
Festival will be held Sept. 11 in
Jubilee Park in Cave Junction.
Rotary Club
of Illinois Valley
Paul Bodeving has been
installed as the new club presi-
dent, succeeding Ted Crocker,
now past-president.
Other new officers for the
2010-2011 Rotary year are
Michelle Binker, president-
elect; Joe Krauss, vice presi-
dent; Dawn LeGaux, secretary;
and Kathaleen Ponder, treas-
urer. Two new directors join
the board: Robert Rood and
Dennis Strayer.
I.V. Rotary Club’s
“Banner Project” -- designed to
honor enlisted military person-
nel from Illinois Valley by
displaying their names along
Redwood Hwy. in Cave Junc-
tion -- has been quite success-
ful. The club relies on friends
and family to provide the
names of service members so
that they can be recognized.
Four new names will be
added to the banners: Mathew
Britt, U.S. Army; Richard
Roth, U.S. Army; Erik Weitzle,
U.S. Navy; and Jack Anderson,
Oregon National Guard. Each
banner costs $125 to produce.
Any donations toward this
effort would be sincerely ap-
preciated.
For more information
phone Karen Bodeving at 541-
592-6529 or email
karen@saintbernard.com. Send
donations to P.O. Box 1063,
Cave Junction OR 97523.
Senior Nutrition Menu
Sponsored by
Brigham Young University - Idaho Dancers present
“A Night on Broadway”
Musical dance numbers performed including:
Mama Mia, Footloose, The Wiz, Wicked, Big River,
Fiddler on the Roof, and many others.
Saturday, July 31
7:30 p.m.
Grants Pass
High School
Performing Arts
Center
Meals are served in the
Cave Junction County Bldg.
541-592-2126, 541-955-8839
FRIDAY, JULY 30
MEATLOAF WITH GRAVY
Whipped potatoes with gravy,
Scandinavian blend
vegetables, onion bread,
lemon poppy seed cake
MONDAY, AUG. 2
VEAL PARMESAN
Italian blend vegetables,
garden vegetable salad, garlic
roll, coconut brownie
WEDNESDAY, AUG. 4
MEATLOAF WITH GRAVY
Whipped potatoes with gravy,
capri blend vegetables, wheat
oat bread, lemon cookie
Tickets $5 each or $20 per family.
Tickets available at Active Home Furnishings, Speedy Pack & Ship,
Service Drugs, The Kitchen Company, Jerry’s Pool, Spa & Patio.
Limited tickets available at the door.
illinois-valley-news.com
cess raising capital to offset
some of those losses until the
economy recovers.
“We are pleased to see
investors showing confidence
in our region by infusing
capital into Oregon banks,”
said Cory Streisinger, director
of the Oregon Dept. of Con-
sumer & Business Services.
“However,” she noted,
“raising capital can be chal-
lenging, and for that reason
we may see additional con-
traction among our commu-
nity banks during this eco-
nomic downturn.”
The FDIC has estab-
lished a Website and a toll-
free phone number to answer
questions from depositors,
creditors, and other interested
parties regarding the receiver-
ship of Home Valley Bank.
The website is http://
www.fdic.gov/bank/
individual/failed/
homevalleyor.html, and the
toll-free phone number is
800-528-4893. The phone
number will be operational
from 8 a.m. to 8 p.m. PDT.
Business closing due to illness.
$1.00 Used Book Sale !
Monday, Aug. 2 - Saturday, Aug. 21
ALL used books in stock $1 – no exchange program available,
no returns accepted, no special orders.
Book Exchange
228 N. Redwood Hwy., Cave Junction
near TrueValue in Western Plaza
(541) 592-3689
6 p.m., Jubilee Park, Cave Junction
Thursday, July 29 -
Dos Gardenias
Aug. 5 Now & Then
Illinois Valley Little League will sell refreshments.
Sponsored by: Bridgeview Vineyards Winery, Ever-
green Federal Bank, Eye Care Group, H&R Block, Har-
mony Gardens, Illinois Valley News, River Mountain
Printing, Rough & Ready Lumber Co., SOFCU, Ster-
ling Savings Bank, Wild River Brewing & Pizza Co.
Thursday - Sunday, July 29 - August 1
29392 Hwy. 101, Gold Beach
Thursday: Seniors Day · LUCKY 7 BULLS & BARRELS, 8 p.m.
Friday: Kids Day · TRUCK PULL, 8 p.m. · SWEET TOWN LITTLE in concert
Saturday: Curry Round-up · TUFF TRUCKS - Josh Amos Memorial Event, 7 p.m.
· THE ISRAELITES in concert
Sunday: Family Day · MUD DRAG RACES, 1 p.m.
Everyday: GREAT CATS of the WORLD · RAPTORS - birds of prey
curryfair.com
541-247-4541