Cedar Valley Medical Specialists, including the location in Waverly in the mall between Hy-Vee and Miller True Value, have ceased all operations, according to KWWL. The medical group has experienced money issues that led to them being forced to stop operations. They borrowed more than $15 million from Farmers State Bank over several years but have defaulted on those loans. Lawyers for CVMS had sought to unfreeze financial assets and bank accounts currently blocked by Farmers State Bank but that was denied by a judge. Employees were supposed to be paid on Friday but that allegedly did not happen and it is unclear if they will be paid in the future. In the meantime they are eligible to apply for unemployment insurance compensation from Iowa Workforce Development. Employees also no longer have health insurance coverage through the company. The individual doctors and clinics may continue to operate but will need to do so on their own, independently.
