Bank of Ephraim - Ephraim, UT

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: July 20, 1931
Location: Ephraim, Utah (39.360, -111.586)

Metadata

Model: gpt-5-mini
Short Digest: eb11bb99

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Small withdrawals and depositor apprehension occurred after nearby North Sanpete Bank failed to open; Federal Reserve manager visited and assured currency support. The bank did not suspend and remained open. Date of the visit described as Monday before the July 24, 1931 publication (likely 1931-07-20).

Events (1)

1. July 20, 1931 Run

Cause: Local Banks
Cause Details: Fear sparked by report that the North Sanpete Bank of Mt. Pleasant failed to open, prompting some local depositors to withdraw funds.
Measures: Federal Reserve manager visited, assured the bank was in good standing and that any amount of currency could be provided within five hours; local bank officials reassured depositors.
Newspaper Excerpt: Apprehension of depositors and directors alike were dispelled Monday night. ... People from the north end of the county who had money in the local bank grew fearful and panicy and several of them came down and drew out their deposits.
Source: newspapers

Newspaper Articles (1)

1. July 24, 1931 The Ephraim Enterprise Ephraim, UT

Article from The Ephraim Enterprise, July 24, 1931

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Article Text

Federal Reserve Manager Gives Encouraging Advice Apprehension of depositors and directors alike were dispelled Monday night. SO far as the Bank of Ephraim is concerned. when Mr. W. Partner, manager of the Salt Lake City branch of the Federal Reserve Bank. paid the local institution visit and gave assurance that the Ephraim Bank has nothing to worry about so long as they main in good standing with the Federal Reserve system. He said that any amount of currency could be had here within a five-hour notice to forstall any possible run on the bank. Apprehension for the safety of the bank started Monday when the report reached here that the North Sanpete Bank of Mt. Pleasant had failed to open for business that morning, the second Hub City bank to close within less than a week. People from the north end of the county who had money in the local bank grew fearful and panicy and several of them came down and drew out their deposits. Local people, however. maintained full faith in the institution and did not mak the slightest gesture toward run. It was at this point that Mr. Partner came along Monday evening and offi ials of the local bank they have nothing to fear. He said the bank is in perfectly good standing with the Federal Reserve system and that the Federal Reserve will take of all emergencies. Mr. Partner also gave much encouragement for the future of the banking business and left much happler spirit after his visit here.