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Seized Central IL Grain Elevator Reopens
TOWANDA, Ill. (AP) -- State agriculture officials say a new owner will soon reopen a central Illinois grain elevator that was shut down earlier this month over financial irregularities.

The Illinois Department of Agriculture says Evergreen FS Inc. agreed Monday to buy Towanda Grain. Towanda is about 10 miles northeast of Bloomington.

The Department of Agriculture says the deal ensures that all farmers and others owed money by Towanda Grain will be paid in fill. The sale price wasn't immediately available.

The state took over Towanda Grain and shut it down May 10 after elevator employees found differences between a monthly financial report to a bank and its balance sheet.

The Agriculture Department is investigating the discrepancies.

(Copyright 2010 by The Associated Press. All Rights Reserved.)
05 24 10 by Newsroom
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