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Context of '(early 1981): Don Dixon Seeks to Buy Vernon Savings and Loan'

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President Calvin Coolidge stands with four Osage Indians after he signs the Indian Citizenship Act into law.President Calvin Coolidge stands with four Osage Indians after he signs the Indian Citizenship Act into law. [Source: Library of Congress]Congress passes the Indian Citizenship Act of 1924, which makes all non-citizen Native Americans born within the US citizens, thus granting them the right to vote. It will be signed into law by President Calvin Coolidge. Before the act takes effect, Native Americans had an unusual status under the law. Some had acquired citizenship by marrying white males, others received citizenship through military service, allotments, or through special treaties or statutes (see May 26, 1920). The act was less of a response to Native Americans petitioning for citizenship than an effort by the federal government to “absorb” Native Americans into mainstream America, a policy known by some historians as “assimilation.” Before the act is passed, Dr. Joseph K. Dixon, a proponent of “assimilation,” wrote: “The Indian, though a man without a country, the Indian who has suffered a thousand wrongs considered the white man’s burden and from mountains, plains, and divides, the Indian threw himself into the struggle to help throttle the unthinkable tyranny of the Hun. The Indian helped to free Belgium, helped to free all the small nations, helped to give victory to the Stars and Stripes. The Indian went to France to help avenge the ravages of autocracy. [Dixon is referencing many Native Americans’ service in the US military during World War I.] Now, shall we not redeem ourselves by redeeming all the tribes?” However, many states will ignore the act and use their statutes to deny Native Americans the vote. Many Native Americans will not be allowed to vote until 1948. [Nebraska Studies, 2001; American Civil Liberties Union, 2012]

Entity Tags: Indian Citizenship Act of 1924, Calvin Coolidge, US Congress, Joseph K. Dixon

Timeline Tags: Civil Liberties

In an unintroduced telephone call to R. W. Tanner, president of Vernon Savings and Loan of Vernon, Texas, Donald Ray ‘Don’ Dixon expresses interest in purchasing a small town S&L such as Vernon, which is located in a town where Dixon lived in his boyhood. Dixon does not reveal to Tanner, who does not recall having discussed the possibility of a sale of Vernon to anyone, that a mortgage insurer known to both men has given Dixon the referral. The phone call leads to a meeting between the two after a few days, during which Dixon says that if he bought the thrift he would continue the small-town, conservative style of savings and loan banking that Tanner had practiced for years. It appears to have been considered incidental by everyone at Vernon except possibly Tanner’s assistant, Woody Lemons, that Dixon’s other business affiliation was his real estate development enterprise, the Dondi Group. [O'Shea, 1991, pp. 2-5, 6] Dixon also does not tell Tanner at this time that Dixon’s source of cash is to be Herman K. Beebe, a Louisiana finance and real estate businessman of wide-ranging interests and a person of note in the 1976 rent-a-bank scandal that had come to light in the collapse of the Citizens State Bank (Carrizo Springs, TX) failure, and who, it will later be revealed, is involved in numerous acquisitions of smaller thrift institutions in the southwestern United States during the early 1980s. Beebe’s involvement with Vernon through Dixon is only revealed to Tanner at the point of signing the final purchase agreement nearly one year after this. [Pizzo, Fricker, and Muolo, 1989, pp. 188-192, 234, 231-235; Black, 2005, pp. 38]

Entity Tags: R.W. Tanner, Donald Dixon, Herman K. Beebe, Woody Lemons, Dondi Group, Vernon Savings and Loan

Timeline Tags: Global Economic Crises

About one month after their first meeting in Austin (see (early 1981)), Don Dixon and R.W. Tanner sign an agreement selling Vernon Savings and Loan to Dixon for $5.8 million in cash, or about 1.4 times its book value. The deal already had verbal clearances, to Tanner, from the Texas state thrift regulator and the federal government’s regional thrift regulators in Little Rock, Arkansas. [O'Shea, 1991, pp. 8] However, it will turn out that the papers signed at this time are not the final word on the terms of Dixon’s eventual acquisition of Vernon Savings and Loan. There is to be at least one more round of negotiations, which will result in a considerable reduction of the cash portion of the transaction. The deal is not finally consummated for nearly another year. [Pizzo, Fricker, and Muolo, 1989, pp. 191]

Entity Tags: Donald Dixon, Vernon Savings and Loan, Herman K. Beebe, R.W. Tanner

Timeline Tags: Global Economic Crises

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