Mormons who banked on doomsday find the debt collector at the door (Jesus Christ, Latter-Day Saints)

[Bright-ness' Shadow]

Mormons who banked on doomsday find the debt collector at the door
By David Usborne
11 December 2004

Complete article

If the 9,000 members of a polygamous Mormon sect in south-west Utah felt comfortable borrowing from their local bank like there was no tomorrow, it was because, in their minds, that was precisely the case. The world, they had been told, was coming to an end.

The Fundamentalist Church of Jesus Christ of Latter-day Saints gladly used high-interest funds to finance suspect business ventures. There was the water melon farm on which not a single water melon was planted, and plans to convert old military barracks into homes fell through when they found lead paint and asbestos inside. Now, though, the tap has been turned off. After years of obliging the sect, the local Bank of Ephraim has been forced to shut down after state regulators found it could no longer handle all the loans it had extended.