All across America, big regionals are challenging community banks on their home turf. Here's how the story is unfolding in one mid-sized town in middle America, with the ending very much in doubt.

Fresh from Army service in Italy during World War II, Joseph Waugh Sr. returned to the Midwest dreaming the classic American dream: He hoped to start his own business, one that someday would also provide a living for his children and their families.

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