Foreclosed Printer's Assets Sold by Bank
SPENCER, IA—Standard Printing & Design, which was foreclosed during the final week of May by Bank Midwest, has seen its assets sold to Woolverton Printing of Cedar Falls, IA, according to the Sioux City Journal. Woolverton obtained Standard’s works in progress, accounts receivable and book of business from Bank Midwest.
All printing operations will be moved into Woolverton’s Cedar Falls complex, with a small number of sales, customer service and design workers relocating to a smaller facility in Spencer. Craig Gabhart, formerly part-owner of Standard Printing, agreed to remain with the company, the Journal reported.
Standard Printing’s payroll was down to 22 people at the time of the foreclosure, according to the newspaper.