Bank of Iron County - Parowan, UT

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: December 28, 1931
Location: Parowan, Utah (37.842, -112.828)

Metadata

Model: gpt-5-mini
Short Digest: 1982f722

Response Measures

None

Description

Article (Dec 31, 1931) reports Bank of Iron County in Parowan closed its doors Monday morning as a protective measure after the Bank of Southern Utah was frozen; plans underway for reopening are mentioned. No explicit depositor run is described for Iron County, so this is classified as a suspension (precautionary) with intent to reopen.

Events (1)

1. December 28, 1931 Suspension

Cause: Local Banks
Cause Details: Closed after the Bank of Southern Utah was frozen (assets tied up); precautionary closure to protect depositors and prevent a run during seasonal heavy withdrawals for taxes and Christmas purchases.
Newspaper Excerpt: Following this the officials of the Bank of Iron County at Parowan closed its doors Monday morning with the idea in mind of protecting its depositors and preventing a run on that bank.
Source: newspapers

Newspaper Articles (1)

1. December 31, 1931 Iron County Record Cedar City, UT

Article from Iron County Record, December 31, 1931

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Article Text

Local Bank Forced To Close Doors Last Saturday FROZEN ASSETS, HEAVY WITHDRAWLS FOR TAXES AND XMAS PURCHASES ATTRIBUTED THE CAUSE FOR SUSPENSION OF BUSINESS - PLANS UNDERWAY FOR RE-OPENING. Livestock loans and frozen assets tying up the rsources of the Bank of Southern Utah is reported to have put it into such a condition that the heavy seasonale drain for tax payments and Christmas shopping foreed the bank to close it's doors last Saturday morning, and the institution put into the hands of Walter H. Hadlock, state bank commissioner. Following this the officials of the Bank of Iron County at Parowan closed its doors Monday morning with the idea in mind of protecting its dpositors and preventing a "run" on that bank. The latest statement of the bank of October 24, showed a capitalization of $100,000, and a surplus of $85,000. Demand deposits were about $190,000 and time dposits $180,000. The bank had a $680,000 face value in loans and (Continued on page 4)