21444. Tooele County State Bank (Tooele, UT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 30, 1934
Location
Tooele, Utah (40.531, -112.298)

Metadata

Model
gpt-5-mini
Short Digest
9f5ef9bf

Response Measures

None

Description

All articles (1934) describe the bank as defunct or closed and refer to a receiver handling liquidation and dividend payments. No run or heavy withdrawals are described. The bank is in receivership and remains closed; thus this is a suspension (failure) with closure and receivership. Dates are from the 1934 newspaper articles; the exact failure date is not given in the clippings.

Events (5)

1. March 30, 1934 Receivership
Newspaper Excerpt
Tooele County State Bank-Receiver: Notes Payable- Receiver Applied ... Tooele County State Bank receivers benefitted ... defunct Tooele County State Bank, petition is being circulated ... Huff, local bank receiver, filed petition the court to permit the 5% dividend ... defunct Tooele County State Bank receiver appears throughout articles
Source
newspapers
2. March 30, 1934 Suspension
Cause
Government Action
Cause Details
Bank placed in receivership (receiver handling liquidation and dividend distributions).
Newspaper Excerpt
defunct Tooele County State Bank
Source
newspapers
3. June 1, 1934 Other
Newspaper Excerpt
In an effort to prevent a tie-up the money ready for distribution dividend in the defunct Tooele County State Bank, petition is being circulated ... calling upon the school board and city modify their suit to establish as common creditors ... allow the proposed 5% distribution to take place without interruption.
Source
newspapers
4. June 8, 1934 Other
Newspaper Excerpt
THE TOOELE COUNTY SCHOOL BOARD SIGNS WAIVER PERMITTING BANK TO PAY A DIVIDEND OF 5 PER CENT: Huff, local bank receiver, filed petition the court to permit the 5% dividend, which allowed will be mailed to the about June 15. The school board ... tied up dividend payment, but the signing of the waiver ... permits the payment
Source
newspapers
5. December 28, 1934 Other
Newspaper Excerpt
SCHOOL BOARD WINS SUIT WHICH PERMITS IT TO PARTICIPATE IN REGULAR DIVIDENDS OF THE BANK: ... Tooele county school board was given the right to participate in the general creditor dividends the Tooele County State Bank ... receiver argued school board funds were trust funds.
Source
newspapers

Newspaper Articles (5)

Article from The Transcript-Bulletin, March 30, 1934

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Article Text

Benefitted $20000 Home Loans By Tooele County State Bank ceivers benefitted the extent of about when 25 more home loans were closed in Tooele last Friday and Saturday majority the 25 loans closed were on property held by bank receivers, and aided materially both the process of liquidation, and the alleviation of distress of the home owners, all of whom were This makes total of 57 home loans which have been closed Tooele county by this most benefiof the government relief agenFrancis Fowles state manaand Gordon of the state office, here last week representing the loan corporation.


Article from The Transcript-Bulletin, June 1, 1934

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Article Text

Petitioners Ask That Bank Be Allowed To Pay In an effort to prevent a tie-up the money ready for distribution dividend in the defunct Tooele County State Bank, petition is being circulated this week among the local citizens, calling upon the school board and city modify their suit to establish as common creditors. The petition, which already more than signers is headed the following self explanatory manner "To the Honorable Board of ucation and to the City Mayor and Council. Gentlemen: "We the taxpayers and depositors the defunct Tooele County State fully petition you in the matter proposed suit against the bank receivers, establish your status common depositors said defunct bank, delay such action or direct such action manner that will not result in vention of abandonment the purpose of paying dividend of to depositors, which was planfor early June. Great hardship will result that very large number of relatively small positors the bank funds are again tied with suit. If any legal available that will prevent tie up the bank's funds at this time we believe the general public interest would be best served by allowing the proposed 5% distribution to take place without interuption.


Article from The Transcript-Bulletin, June 8, 1934

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Article Text

THE TOOELE COUNTY SCHOOL BOARD SIGNS WAIVER PERMITTING BANK TO PAY A DIVIDEND OF 5 PER CENT Tooele County School Board signed waiver this week which will permit the district court today authorize the payment of 5% dividend on the closed Tooele County State Bank Following the signing of the waiver, Huff. local bank ceiver, filed petition the court to permit the 5% dividend, which allowed will be mailed to the about June 15. The school board through recent suit to attempt to establish as general creditors of the bank, on its remaining claim there, tied up dividend payment, but the signing of the waiver, which comes result of petition, permits the payment


Article from The Transcript-Bulletin, June 8, 1934

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Article Text

LOCAL NOTES Orval Vowles, of Ogden, was in Tooele last week end on business and visiting with his mother, Mrs. Susie Vowles. Mr and Mrs. R. H. Ludlow and Mr. and Mrs. J. E. Ludlow and their families of Salt Lake City were Sunday guests of Mr. and Mrs. Ches Erwin. Mrs H. E. Christensen, Mrs. George Brown and Miss Edna Brown, all of Sacramento, Calif., are guests in this city of Mrs Emma Bevan Mrs. W. R. Anderson and Mr. Joseph Bevan Mrs. Christensen is the daughter of Mrs. Bevan and the sister of Mrs. Anderson and Mr. Bevan Wilbur Smith who has finished the third year at the U of U. is Smith before enrolling for the week summer term Mr and Mrs. Alex J. Bryan and family, left for Enterprise, Utah Sunday where they will spend the summer vacation visiting with Mrs. Bryan's parents, Bishop and Mrs. Joseph A. Terry Mr Bryan has been principal of the St John school during the past term. Mr and Mrs J. D. Speirs and daughter, Melba, attended the U. of U. graduation exercises Tues. day in Salt Lake City where their son and brother, Dennan, graduat ed from the engineering school He completed a five years course in four years. $ 19,924.89 1,200.00 $ 23,980.84 19,542.90 63,448.63 (SEAL) Mr. and Mrs. Milford Mecham and son, Max, of Morgan were Mr Mecham is brother of Mrs. Allen Mr. and Mrs Newton Tuttle Salt Lake City and Maurice Tuttle of Magna were dinner guests of Mr and Mrs Willard G Atkin Sunday The Tuttles are brothers of Mrs. Atkin Mr and Mrs. Walter Barbin and family and Mrs. Wm. Miller Delta, and Mrs Annie Miller of Spanish Fork were guests of Mr and Mrs O. A. Miller Vednesday of last week Mrs. Kathryne Scott, Mr and Mrs Clarence Goodfellow and son Clarence, Mrs. Mabel Brazier and daughter, Bertha, all of Salt Lake City were guests of Mr and Mrs Willard McKendrick over Memorial day. Mrs Ches Erwin and Francis Bryan, went to Salt Lake City on Tuesday to attend the graduation of Ralph Ludiow, a nephew of Mrs. Erwin, who received his diploma from the U. of U school of engineering After visiting for the past ten days with her mother, Mrs. Annie Campbell in this city, Mrs F Marshall and two children returned to their home in Salt Lake City Sunday Mr and Mrs. Dan Gillespie and daughter, Patty, and Mrs Rollin Russell and daughter, Elaine returned last week from a ten days visit at Vernal, guest of Mr. and Mrs. Jay Nieheisel Mrs. D. R. Gillespie, who has been visiting at the Neiheisel home for the past month returned to Toocle with her son, Dan. The Tigers defeated the West Marvels Monday at 12:30 o'clock at the city ball park by a score of 17-4 It looks as if the Tigers are headed for the Jurior Championship with the following line-up Leland Jones, c: John Paulos, Chris Leston. 1b; Jack Powell, 2b: Bill Paulos, 3b; Keith Hill, BS: Verl Painter, If: Harold DeLaMare cf; and Junior Dunlavy, rt. FINANCIAL STATEMENT Receipts and Disbursements for the year ending December 31, 1933 TOOELE CITY CORPORATION Receipts: Treasurer Cash Dec. 31, 1932 $ 12,613.17 Tooele County State Bank Rec. 14,494.17 $ 27,107.34 Less Warrants Outstanding 7,182.45 Revenue Receipts: Taxes- Tocele County $ 17,140.16 Privilege Licenses 3,059.47 Forfeitures and Fines 206.50 Cemetery Lots 236.65 Sexton Fees 313.50 Interest on Deposits 92.50 Dog Tax 359.00 Library Fees and Fines 41.30 Sewer Extension No. Interest 75.29 Sewer Extension No. 2 Interest 105.84 Sewer Extension No. 3 Interest 154.30 Sewer Extension No. Interest 32.97 Sewer Extension No. 5 Interest 33.59 Inspection Fees 178.75 Property Rent 77.75 Milk and Building Permits 5.00 Curb and Gutter Interest 276.40 Paving Ext. No. Interest 391.87 Interest Recovered Treasurer's Bond Non-Revenue Receipts: Notes Payable 6,000.00 Paving Assessments Receivable 22.32 Sewer Ext. Assessment Rec. No. 1 250.13 Sewer Ext. Assessment Rec. No. 2 424.81 Sewer Ext. Assessment Rec. No. 3 495.32 Sewer Ext. Assessment Rec. No. 4 128.78 Sewer Ext. Assessment Rec. No. 5 64.04 Curb and Gutter Assessment Rec. 619.01 Paving Assessment Ext. No. 1 1,438.49 Cemetery Fund 100.00 Recovered on Treasurer's Bond 10,000.000 Total Receipts and Balance Disbursements- Issued Administrative and General Expense 9,428.08 Fire Department 1,204.53 Street Lighting 1,480.88 Sexton 1,056.04 Library Department 899.11 Police Department 3,459.06 Health Department 96.00 Street Department 1,134.51 Garbage Expense 360.00 Inspection Fees 661.50 Notes Payable- B. Mullins 10,000.00 Miscellaneous 20.00 Sewer/Bonds Payable Ext. No. 1 800.00 Sewer Bonds Payable Ext, No. 2 1,000.00 Sewer Bonds Payable Ext. No. 3 800.00 Sewer Bonds Payable Ext, No. 4 300.00 Sewer Bonds Payable Ext. No. 5 600.00 General Sewer Bonds Payable 2,000.00 Curb and Gutter Bonds Payable 1,600.00 Paving Bonds Payable Ext. No. 2,500.00 Sewer Bonds Payable Ext. No. Interest 216.00 Sewer Bonds Payable Ext. No. Interest 297.00 Sewer Bonds Payable Ext. No. 3 Interest 315.00 Sewer Bonds Payable Ext. No. 4 Interest 157.50 Sewer Bonds Payable Ext. No. 5 Interest 285.00 General Sewer Bonds Interest Payable 444.00 Curb Gutter Bonds Payable Interest 768.00 Paving Bonds Payable Interest 1,200.00 Land 3,858.52 Tools and Utensils 343.72 Loan Tooele City Water Works 3,653.96 $ 50,938.39 $ 12,510.24 Tooele Co. State Bank-Receiver: Notes Payable- Receiver Applied $ 5,000.00 Balance Suborgated to the Fidelity Deposit Co. of Maryland 9,494.17 14,494.17 Disbursements Exceed Balance and Receipts $ 1,983.93 Treasurers Cash Walker Bros. Bankers $ 38.89 Tooele Branch 1st Nat. Bank 10,305.47 $ 10,344.36 Less Warrants Outstanding 12,328.29 $ 1,983.93 TOOELE CITY WATERWORKS Receipts Treasurers Cash Dec. 31, 1932 $ 4,918.18 Less Warrants Outstanding 403.44 4,514.74 Tooele County State Bank-Receiver 3,338.80 $ 7,853.54 Revenue Receipts: Interest 43.23 Non-Revenue Receipts: Water Dept. Customers 13,432.35 Meter Deposits 221.95 Notes Receivable 186.43 3,653.96 17,494.69 Notes Payable-City Total Receipts and Balance 25,391.46 Disbursements-Warrants Issued: 15,728.67 Operating Expense Refund Meter Deposits 150.00 Notes Payable 6,000.00 Miscellaneous 51.50 $ 21,930.17 Capital Outlay: 90.82 Hydrants Total Disbursements $ 22,020.99 Balance-Receiver Acct. 1-1-33 Charges to Surplus 1,963.99 23,984.98 $ 1,406.48 Treasurer Cash Dec. 31, 1933 $ 873.30 Less Warrants Outstanding 841.63 Avalable Balance 31.67 Balance in Tooele Co. State Bank Rec. 1,374.81 $ 1,406.48 Bonds Outstanding: $ 10,000.00


Article from The Transcript-Bulletin, December 28, 1934

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Article Text

SCHOOL BOARD WINS SUIT WHICH PERMITS IT TO PARTICIPATE IN REGULAR DIVIDENDS OF THE BANK In decision handed down last week by Judge James H. Wolfe of the district court, Tooele county school board was given the right to participate in the general creditor dividends the Tooele County State Bank. It was the contention of the bank receiver that inasmuch as the school board secured part of its money under the heading of trust funds that it was not entitled to participate as general creditor. the present decision goes uncontested it will make available to the school board almost in immediate cash. which has been reserved at the payment of each dividend in order to meet the law should the school win the case.