Plywood plant taken over by bank
August 16, 2011 | 9:13 am CDT

DANVILLE, VA -- Schoolfield Lumber & Lumber Inc. now belongs to American National Bank after a foreclosure auction failed to solicit any bids beginning at an asking price of $500,000.

The bank took possession of 5.9 acres and the plant. Equipment in the facility was previously purchased by Ex-Factory of Charlotte, NC as part of the liquidation, according to

The news source reported that five bidders signed up for the plant's auction, but none of them pulled the trigger to meet the $500,000 minimum asking price.

Posted by Rich Christianson

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