First National Bank

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 3537
Charter Number: 3537
Start Date: March 1, 1933*
Location: Nephi, Utah (39.710, -111.836)

Metadata

Model: gpt-5-mini
Short Digest: 483fa4b1

Response Measures

None

Receivership Details

Depositor recovery rate: 38.5%
Date receivership started: 1935-02-05
Date receivership terminated: 1939-12-22
Share of assets assessed as good: 46.3%
Share of assets assessed as doubtful: 25.9%
Share of assets assessed as worthless: 27.8%

Description

The bank was closed under the national banking holiday (March 1933) and was not permitted to fully reopen immediately. It did, however, open March 23 for new deposits only with a conservator and examiner involvement; depositors in late May urged federal authorities to allow full resumption. No run is described in the articles; the suspension was driven by government action and regulatory review.

Events (5)

1. July 22, 1886 Chartered

Source: historical_nic

2. March 1, 1933* Suspension

Cause: Government Action
Cause Details: Closed under the national banking holiday and regulatory suspension pending examination and federal approval
Newspaper Excerpt: The First National Bank was suspended with the national banking holiday proclaimed by President Roosevelt in March and not open with the removal of the holiday
Source: newspapers

3. March 23, 1933 Reopening

Newspaper Excerpt: opened March 23rd for new deposits only, with Whitmore as conservator; national bank examiner made examination of the bank Note: Long OCR artifact; main part used above for cause/measures.
Source: newspapers

4. May 24, 1933 Other

Newspaper Excerpt: Depositors the First National bank met in the city hall Monday night to determine why the Nephi Bank had been permitted open after holiday in March and If possible towards it as as The First National bank was ... The depositors anxious to cooperate with the officials selected eight men represent them officials ... This will meet the and to the depositors future meeting to called them.
Source: newspapers

5. February 5, 1935 Receivership

Source: historical_nic

Newspaper Articles (2)

1. May 24, 1933 Deseret News Salt Lake City, UT

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Article Text

Nephi Bank Depositors Meet To Speed Service Resumption NEPHI, "May Depositors the First National bank met in the city hall Monday night to determine why the Nephi Bank had been permitted open after holiday in March and If possible towards it as as The First National bank was day by early in but did not the of holiday Since that time rumor throughout the district the not mitted to the the the the officials the the bank by the fed bank the bank This made ago after a three weeks delay in Lake City were sent the office the Francisco and thence to bank awaiting the action the treasury department at the time. The depositors anxious to cooperate with the officials selected eight men represent them officials the The depositors present Nephi Green from the following Thomas Richard Albert Sells, Russell Haw. kins, Wilford Dennis Wood, all James Green. This will meet the and to the depositors future meeting to called them. Richard selected chairman meeting Monday night and M. Christensen as the was by those present

2. May 25, 1933 The Times-News Nephi, UT

Article from The Times-News, May 25, 1933

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Article Text

To Assist Depositors Depositors of the First National Bank living in Nephi and Fountain Green met in the city hall Monday for the of why the local bank has not been permitted to open, and to see they could assist in any manner in getting open in the near future. The First National Bank was suspended with the national banking holiday proclaimed by President Roosevelt in March and not open with the removal of the holiday, opened March 23rd for new deposits only, with Whitmore as conservator national bank examiner made examination of the bank, over four weeks ago, but considerable delay took place before report the San Francisco office the federal reserve. Since that time the bank officials have heard nothof the report. The depositors who attended the meeting Monday are very anxious cooperate with the bank officials getting the bank open, and committee cosisting Thomas Bailey Richard Inscore, Albert Sells, Spencer Forrest, Russell Wilford Belliston, and Dennis Wood of Nephi, and Nielson of Green met with President Whitmore Wednesday afternoon, to find out there anything that could be done to hasten the opening the bank. The committee decided write letter to comptroller the currency Washington, urging that immediate action be taken in the matter of the opening the bank. The letter written Thursday and explained the effect the closing of the bank had on local and the need for quick action in the matter.