Peoples State Bank - American Fork, UT

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: January 16, 1932
Location: American Fork, Utah (40.377, -111.796)

Metadata

Model: gpt-5-mini
Short Digest: 685b28f4

Response Measures

None

Description

The article states the bank (along with two others) closed January 16 and is awaiting RFC approval to reopen under state banking department regulations. No run is mentioned; closure was by state action and reopening was planned (article dated 1932-05-07).

Events (2)

1. January 16, 1932 Suspension

Cause: Government Action
Cause Details: Closed January 16 by action/oversight of the state banking department during the banking troubles; reopening contingent on RFC approval of securities.
Newspaper Excerpt: the People's State bank of American Fork and its opening is contingent ... which closed simultaneously January 16
Source: newspapers

2. May 7, 1932 Reopening

Newspaper Excerpt: 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 ... will open again under regulations set up by the state banking department
Source: newspapers

Newspaper Articles (1)

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.