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Another Mt. Pleasant Bank Closes NORTH SANPETE BANK FAILS TO OPEN FOR BUSINESS MONDAY MORNING. Mt. Pleasant was left without banking facilities Monday when the North Sanpete bank failed to open for bustness by action of the directors. State Bank Commissioner W. H. Hadlock came to the Hub City that evening to take charge. It is expected that a desperate effort will be made during the next three weeks to reopen the bank within the thirty-day limit allowed by law. Failure of the Mt. Pleasant Commercial & Savings Bank last Thursday had created a nervous condition among depositors, it was explained by directors of the North Sanpete Bank, which had caused a steady withdrawal of deposits. The June 24th statement of the bank showed time deposits totaling $142,194. demand deposits of $76.108: undivided profits of $12,195: capital stock $50,000; surplus fund $65,000; and other bills payable $48,000. Loans and discounts totaled $297,107 and overdrafts $4,694, $30,000 of stocks, bonds and securities were held and the bank house and furniture and fixtures were listed at $13,059. Real estate owned and sold under contract totaled $18,421 and there was $7,183 cash on hand. W. D. Candland was president of the bank: C. W. Sorenson. vice president: and A. L. Peterson. cashier. These three formed the executive committee of the board of directors. Calvin Christen en is assistant cashier. The loss of both banks is a severe blow to the Hub City and people are forced to go to neighboring towns to get checks cashed. A number of accounts have been placed in the Bank of Ephraim and others in the Fairview State Bank and the Bank of Ftn. Green. the latter also being member of the Federal Reserve system.
