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By Q. EARL YANCEY
Rappahannock News Special Writer
In the past three years, more than 300 banks and savings institutions have failed. In 1984, 79 banks failed, more than in any year since the depression of the ‘30s. Fifty-five banks have failed so far in 1985, and the total is expected to hit 100.
More than 900 banks and hundreds of savings and loans are on a “problem list” of institutions considered to be in difficulty. With such alarming statistics, do you know whether your various accounts are safe?
Savings institutions fail for a number of reasons — risky investments that don’t work out, mismanagement or irregularities that may approach womg-doing, and fraud.
The majority of banks, savings and loan associations and credit unions are federally insured. Some, however, are not. Federal insurance on deposits carries the full backing of the United States Federal Government. Though you might get higher interest rates at non-federally insured institutions, you risk losing everything.
Look for the emblems that indicate your deposits are insured by the Federal Deposit Insurance Corporation
(FDIC) for banks, the Federal Savings and Loan Insurance (FSLIC) for savings and loan associations, and the National Credit Union Share In
92.7%