18542. State Bank (Lehi, UT)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
January 16, 1932
Location
Lehi, Utah (40.392, -111.851)

Metadata

Model
gpt-5-mini
Short Digest
b137b4c84a0383a0

Response Measures

None

Description

Articles state the State Bank of Lehi closed simultaneously on January 16, 1932 and is to be released by the state banking department and reopened once Reconstruction Finance Corporation (RFC) loan/securities are approved. Closure appears to be by state banking department action (government intervention), not a depositor run. OCR in Article 2 is garbled but meaning (awaiting RFC funds) is clear.

Events (2)
1. January 16, 1932 Suspension
Cause
Government Action
Cause Details
Closed by the state banking department on January 16; reopening contingent on RFC loan approval and conditions set by state banking department.
Newspaper Excerpt
the State bank of Lehi, which closed simultaneously January 16, will open again under regulations set up by the state banking department.
Source
newspapers
2. * Reopening
Newspaper Excerpt
With action on these securities and the securing of this government loan, all three banks ... will open again under regulations set up by the state banking department. Reopening of the State Bank of Lehi ... will be effected as soon as received from Reconstruction Finance ... (awaiting RFC funds).
Source
newspapers

Newspaper Articles (2)
1. May 7, 1932 The Salt Lake Tribune Salt Lake City, UT
Article from The Salt Lake Tribune, May 7, 1932

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Article Text

BANK PREPARES FOR REOPENING AMERICAN FORK-The affairs of the Bank of American Fork are now in such a condition that the institution will be released by the state banking department as soon as the Reconstruction Finance corporation approves the securities submitted for the loan, according to an announcement made Friday by Parker Robinson, deputy bank commissioner in charge of the bank. This paper was submitted to the Salt Lake committee of the Reconstruction Finance corporation on Wednesday and Thursday and expected that their announcement will be made Saturday. The same arrangement is under way for the People's State bank of American Fork and its opening is contingent on the action of the Salt Lake committee for the Reconstruction Finance corporation. With action on these securities and the securing of this government loan, all three banks in the north end of Utah county, the Bank of American Fork, the People's State bank of American Fork and the State bank of Lehi, which closed simultaneously January 16, will open again under regulations set up by the state banking department.

2. June 3, 1932 Deseret News Salt Lake City, UT
Article from Deseret News, June 3, 1932

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Article Text

Reopening of Banks Await U.S. Funds LEHI, June opening of the State Bank of Lehi the Bank American Fork will be effected as soon received from Reconstruction Finance the Washington, according to reports given Thursday by the banking officials The for the loan being applied for by the American Fork bank was forwarded from Ogden by days unexpected delay following in Salt Lake few and fore should be in Washington bethis Bank officials have every ance that the committee the will without lay the and have ranged for them to wire the results their action as soon as It taken.