NewBo Evolve Debacle Costs Cedar Rapids Bank President His Job

Bankers Trust was the bank behind the well-chronicled disaster that was the NewBo Evolve festival. They provided a $2.25 million line of credit to GO Cedar Rapids, which put on the festival August 3 through 5. More than two months after the event that lost $2.3 million, and the dissolution of GO Cedar Rapids earlier this week, the bank will likely never get the $1.5 million it's still owed. Now, Bankers Trust has announced their president for the Cedar Rapids market is no longer with the company.

Bankers Trust and Pat Deignan, who had been with Bankers Trust for 16 years, have parted ways, according to the Gazette. Scott Valbert, Corporate Communications spokesperson for Bankers Trust said in a statement,

We appreciate his many contributions to the bank and the community. To be considerate of all parties involved, we won’t share anything further on that matter. Bankers Trust is ready to turn the page on the Go Cedar Rapids situation. We have strong new leadership and a great, committed team in Cedar Rapids. We have our sights set on future growth in Eastern Iowa and continued involvement in the community.

I fear Deignan isn't the only person that will lose his job as a result of the fallout from the NewBo Evolve/GO Cedar Rapids debacle.

Todd Wishman has been named the new Bankers Trust president for the Cedar Rapids market, according to KWWL.