On August 19, the Iowa Department of Agriculture and Land Stewardship suspended the warehouse and grain dealer licenses for B & B Farm Store, Inc. of Jesup, IA.
As a result of this action, B & B Farm Store, Inc. cannot operate as a warehouse operator or grain dealer within Iowa until further order of the department and must surrender any warehouse and grain dealer certificates to the department.
B & B sells outdoor equipment and supplies and also operates a feed mill. The company’s website says it sells feed for cattle, dogs, goats, horses, pigs and poultry.
Bank seeks foreclosure on B & B Farm Store
According to reports, the action came after Farmers State Bank, based in Waterloo, filed a petition in Buchanan County District Court seeking to foreclose on the B & B Farm Store.
The bank said in the petition that B & B Farm Store, Donald L. Bloes and J&D Investors owe it $4.7 million for a series of loans that began in 2016, according to the petition.
B & B Farm Store avoided foreclosure early this year through mediation but has since failed to make payments that were stipulated by that mediated agreement, according to the bank’s recent foreclosure petition. Court records did not indicate any other pending litigation against B&B.
B & B Farm Store failed to pay for priced grain, grain storage
B & B Farm Store, Inc.’s licenses were suspended in accordance with Iowa Code Chapter 203 and 203C.
The suspension is based upon the company’s failure to pay for priced grain, grain shortage and record keeping violations in accordance with Iowa Code 203 and 203C.
The department has requested that a hearing on this action be held in the immediate future.
