Wednesday, March 18, 2015

First Bank of Baldwin: The Williston North Dakota Connection

Oil Boom Swells North Dakota Town; What Now? (Wall Street Journal, 3/17/2015)
First Bank of Baldwin is a small Wisconsin bank that holds more than $8 million in debt on four projects in Williston and in nearby Tioga and Dickinson. Shane Bauer, the bank’s president, said rents on some projects are running lower than expected—about $2,600 a month for an apartment in one, down from a projected $3,200, although still high enough to make debt payments. 

Given current oil prices, “I wouldn’t, and we’re not, investing additional dollars out there,” Mr. Bauer said. “We just want to see things level off.”

Blue dot = active mine
Orange dot = inactive mine

Related posts:
For the good times.  (2/9/2015)
Experiencing "testosterone overload", Williston North Dakota sees a boom in sex, drugs, and crime to go along with a population boom.  (2/8/2015)
The most expensive place to live in the U.S.  (2/25/2014) Boom and bust in Montana and North Dakota.  (12/1/2013)

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