21341. Peoples Bank (Lehi, UT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 4, 1921
Location
Lehi, Utah (40.392, -111.851)

Metadata

Model
gpt-5-mini
Short Digest
e37e4d1c

Response Measures

None

Description

State Bank Examiner ordered suspension of People's Bank of Lehi in early May 1921 for inability to liquidate loans and low working capital. A receivership was later announced (notices to creditors published mid-June 1921). No article mentions a depositor run prior to suspension.

Events (2)
1. May 4, 1921 Suspension
Cause
Government Action
Cause Details
Closed by State Bank Examiner because bank was unable to liquidate loans and working capital was too low under state law.
Newspaper Excerpt
Shortly after the opening hour Wednesday the People's Bank of Lehi doors were closed and business suspended by order of the State Bank Examiner.
Source
newspapers
2. June 16, 1921 Receivership
Newspaper Excerpt
In the Matter of the Receivership of the People's Bank at Lehi. All persons having claims or credits against the People's Bank at Lehi ... presented ... to the State Bank Commissioner ... First Publication June 16, 1921.
Source
newspapers

Newspaper Articles (5)
1. May 7, 1921 American Fork Citizen American Fork, UT
Article from American Fork Citizen, May 7, 1921

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Article Text

LEHI BANK CLOSED BY BANK EXAMINER Shortly after the opening hour Wednesday the People's Bank of Lehi doors were closed and business suspended by order of the State Bank Examiner. From information obtained, the inability of the bank to liquidate its loans and the general tightness of money drew the bank working capital to such a low point that under the state laws they could not continue business and the Bank Commissioner took charge. It is generally believed by those closely connected with the bank that depositors will not lose anything and some go as far as to say the stockholders will not lose, either. No state. ment on this phase of the matter could be obtained as no one 'seemed to know yet just how long a time it will take to straighten out the affairs. When asked if they would again open, officials said no decision on this point had been reached. People should not lose their head or confidence in banks because of the misfortune of the Lehi condition. Our banking system as checked by the State Commissioner protects the depositors and no worry among depositors in other banks should follow this.

2. June 16, 1921 The Lehi Sun Lehi, UT
Article from The Lehi Sun, June 16, 1921

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Article Text

NOTICE TO CREDITORS IN THE DISTRICT COURT OF THE Fourth Judicial District, in and for Utah County, State of Utah. In the Matter of the Receivership of the People's Bank at Lehi. All persons having claims or credits against the People's Bank at Lehi, whether due or not due, are hereby notified: That on or before the 6th day of July, 1921, such claims should be presented and legal proof thereof be made, to the State Bank Commissioner of the State of Utah at the former place of business of the People's Bank at Lehi, in the City of Lehi, Utah County, Utah. Blanks for proof of claims may be had by application to the Examiner in charge at Lehi. SETH PIXTON, State Bank Commissioner. First Publication June 16, 1921.

3. June 23, 1921 The Lehi Sun Lehi, UT
Article from The Lehi Sun, June 23, 1921

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Article Text

NOTICE TO CREDITORS IN THE DISTRICT COURT OF THE Fourth Judicial District, in and for Utah County, State of Utah. In the Matter of the Receivership of the People's Bank at Lehi. All persons having claims or credits against the People's Bank at Lahi, whether due or not due, are hereby notified: That on or before the 6th day of July, 1921, such claims should be presented and legal proof thereof be made, to the State Bank Commissioner of the State of Utah at the former place of business of the People's Bank at Lehi, in the City of Lehi, Utah County, Utah. Blanks for proof of claims may be had by application to the Examiner in charge at Lehi. SETH PIXTON, State Bank Commissioner. First Publication June 16, 1921.

4. June 30, 1921 The Lehi Sun Lehi, UT
Article from The Lehi Sun, June 30, 1921

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Article Text

NOTICE TO CREDITORS IN THE DISTRICT COURT OF THE Fourth Judicial District, in and for Utah County, State of Utah. In the Matter of the Receivership of the People's Bank at Lehi. All persons having claims or credits against the People's Bank at Lehi, whether due or not due, are hereby notified: That on or before the 6th day of July, 1921, such claims should be presented and legal proof thereof be made, to the State Bank Commissioner of the State of Utah at the former place of business of the People's Bank at Lehi, in the City of Lehi, Utah County, Utah. Blanks for proof of claims may be had by application to the Examiner in charge at Lehi. SETH PIXTON, State Bank Commissioner. First Publication June 16, 1921.

5. July 7, 1921 The Lehi Sun Lehi, UT
Article from The Lehi Sun, July 7, 1921

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Article Text

NOTICE TO CREDITORS IN THE DISTRICT COURT OF THE Fourth Judicial District, in and for Utah County, State of Utah. In the Matter of the Receivership of the People's Bank at Lehi. All persons having claims or credits against the People's Bank at Lehi, whether due or not due, are hereby notified: That on or before the 6th day of July, 1921, such claims should be presented and legal proof thereof be made, to the State Bank Commissioner of the State of Utah at the former place of business of the People's Bank at Lehi, in the City of Lehi, Utah County, Utah. Blanks for proof of claims may be had by application to the Examiner in charge at Lehi. SETH PIXTON, State Bank Commissioner First Publication June 16, 1921.