Following the land purchase, Jim McDougal asked the Clintons for additional funds for interest payments on the loan and other expenses; the Clintons later claimed to have no knowledge of how these contributions were used. When Bill Clinton failed to win re-election in 1980, Jim McDougal lost his job as the governor's economic aide and decided to go into banking. He acquired the Bank of Kingston in 1980 and the Woodruff Savings & Loan in 1982, renaming them the Madison Bank & Trust and the Madison Guaranty Savings & Loan, respectively.