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Lincoln Police Department

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On Nov. 1, 1983, the doors to Nebraska’s largest industrial savings and loan company were closed and Commonwealth was declared insolvent. The 6,700 depositors with $65 million at stake would never be fully compensated for their loss, ultimately receiving about 59 cents on the dollar for their deposits, which they all mistakenly believed were insured up to $30,000 through the Nebraska Depository Insurance Guaranty Corporation, which was essentially an insurance pool with assets of only $3 million.

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