First National Bank (Provo, UT)

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Episode Information

Episode UID
264101123
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
26410 national
Charter Number
2641
Start Date
July 1, 1893
Location
Provo, Utah (40.234, -111.659)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8d4c9d6aecda0444

Response Measures

None

Events (4)
1. March 2, 1882 Chartered
Source
historical_nic
2. July 1, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability to make collections / slow collections and lack of currency precipitated closure; assets roughly equaled liabilities.
Newspaper Excerpt
The First National Bank of Provo closed its doors yesterday morning. ... Inability to make collections is the cause of the failure.
Source
newspapers
3. September 11, 1893 Reopening
Newspaper Excerpt
The First National Bank of Provo, Utah, has been permitted to reopen. (Comptroller) permitted the First National bank of Provo, Utah to reopen.
Source
newspapers
4. June 30, 1900 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (22)
1. July 1, 1893 Asheville Daily Citizen Asheville, NC
Article from Asheville Daily Citizen, July 1, 1893

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BANK TROUBLES. Some Have Assets Enough, But Cau'l Realize GEORGETOWN, Colo., July 1.-The bank of Clear Creek County made an assignment vesterday. Assets, $397 000; liabilities, $223,000. SALT LAKE CITY, Utah, July 1.-The First National bank of Prona closed its doors yesterday. Assets $115,000; lia bilities same. FORT WORTH, Texas, July 1.-The Exchange bank at Iowa Park closed its doors yesterday. Liabilities and assets unknown. but it is believed the depositors will be paid in full. A sudden with. drawal of depositscaused the suspension.

2. July 1, 1893 Evening Star Washington, DC
Article from Evening Star, July 1, 1893

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Action in Western Bank Failures. Controller Eckels today appointed J. H. Adams receiver of the failed Citizens' National Bank of Spokane, Wash. He also directed Bank Examiner Swan to take charge of the failed First National Bank of Provo, Utah. and Bank Examiner Latimer to take charge of the failed Nebraska National Bank of Beatrice. The First National Bank of Rico, Colo., which has also failed, will be placed in the hands of a bank examiner during the day. All the banks are small institutions.

3. July 1, 1893 The Sun New York, NY
Article from The Sun, July 1, 1893

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Denver Banks Can't Stand the Run by Ex. cited Miners. DENVER, June 30.-The First National Bank at Rico closed its doors to-day because of a run. Matters are decidedly critical. for the miners are excited and talk wildly of bloodshed. Those dismissed from work were paid with checks on the bank and they are clamoring for coin. All business firms have shut down on credit. The First National Bank of Provo suspended to-day: assets. $90,000; liabilities. $55,000.

4. July 1, 1893 Evening Star Washington, DC
Article from Evening Star, July 1, 1893

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BANKS CLOSE THEIR DOORS. At Rico, Colo., the Miners Are Excited and Talk of Shedding Blood. SALT LAKE, UTAH, July 1.-The First National/Bank of Provo closed its doors yesterday morning. A. O. Senoat is president and W. H. Dusenberry cashier. The assets are $115,000 and the liabilities are the same. Inability to make collections is the cause of failure. GEORGETOWN. COL., July 1. - The bank of Clear Creek county made an assignment yesterday. The assets amount to $397,000, while the liabilities are but $223,000. DENVER, COL., July -The First National Bank of Rico closed its doors yesterday because of a run. Matters are decidedly critical, for the miners are excited and talk wildly of bloodshed. Those dismissed from work were Said with checks on the bank and they are clamoring for coin. All business firms haye shut down on credit. FORT WORTH, TEX., July 1.-The Exchange Bank at Iowa Park closed its doors yesterday. The liabilities and assets are unknown here, but it is believed the depositors will be paid in full. A sudden withdrawal of deposits caused the suspension.

5. July 1, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, July 1, 1893

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PROVO PROVO, UTAH, . JULY 1. 1893. The Banks. The closing of the First National bank yesterday caused some little commotion, but depositors were re+ assured by the statement of bank officials that payment in full would be made and that probably business would be resumed. There was a slight run on the National Bank of Commerce, but the bank was prepared for the emergency; they have plenty of cash. Faith in the Provo Commetcial & Savings bank Was not shakes. A number of deposits were made during the day, one for $1930.

6. July 2, 1893 Grand Rapids Herald Grand Rapids, MI
Article from Grand Rapids Herald, July 2, 1893

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Another Provo Bank Gone, PROVO, Utah, July 1. The National Bank of Commerce closed its doors, owing to a run caused by the failure of the First National yesterday, Assets, $80,000; capital, 850,000. other liabili ties, 825,000.

7. July 2, 1893 The Times Richmond, VA
Article from The Times, July 2, 1893

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Several Bank Failures. GEORGETOWN, COL., July 1.-The bank of Clear Creek county made an assignment yesterday. The assets amounted to $397,000; liabilities, $223,000. SALT LAKE, UTAH, July 1.-The First National Bank of Provo closed its doors yesterday. The assets are $115,000; liabilities same. Inability to make collections is the cause of the failure. FORT WORTH, TEX., July 1.-The Exchange Bank at Iowa Park closed its doors yesterday. The liabilities and assets are unknown here, but it is believed that the depositors will be paid in full. A sudden withdrawal of depositors caused the suspension. OMAHA, NEB., July 1.-The Nebraska National Bank of Beatrice, capital stock $100,000, and the American Bank of Beatrice, a small concern, both closed their doors to-day.

8. July 2, 1893 The Herald Los Angeles, CA
Article from The Herald, July 2, 1893

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WESTERN BANK FAILURES. Nebraska, Colorado and Other States Farnish Their Quota. BEATRICE, Neb., July .-The Nebraska National bank and the American bank failed this morning. Each had a capital of $100,000. The American bank's deposits will not exceed $60,000, and the assets are entirely sufficient to pay all demands. The Nebraska National bank has deposits of over $100,000, but the assets are in good ehape if no run is made on the other banks. SALIDA, Colo., July 1.-The Chaffe County bank made an assignment this morning with liabilities between $80,000 and $90,000, while the assets are not yet known. Slow collections is given as the cause of the failure. A run was averted on the First National bank, which closed at 11:30 until Monday. The directors say the depositors will be paid in full. OURAY, Colo., July 1.-The First National bank closed this morning, owing to the want of currency. Assets $110,000 and liabilities $42,000. It will prob ably resume in a few days. A run was inaugurated on Thatcher Brothers' Merchants' and Miners' bank, but it was only a slight flurry. WEBB CITY, Mo., Julr 1.-The Exchange bank of this city assigned today. Deposits, $60,000; liabilities not yet known. The stringency in the money market and withdrawal of deposits are assigned as the cause of the failure. WASHINGTON, July 1. - Comptroller Eckels was informed this afternoon of the failure of the First National bank of Phillipeburg, Mont. Comptroller Eckels has appointed J. H. Adams receiver of the failed Citizen's National bank of Spokane, Wash. He also directed Bank Examiner Swan to take charge of the First National bank of Provo, Utah.

9. July 2, 1893 The Sun New York, NY
Article from The Sun, July 2, 1893

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In the Care of Bank Examiners. WASHINGTON. July 1.-Comptroller Eckels to-day appointed J. H. Adams receiver of the failed Citizens' National Bank of Spokane. Wash. He also directed Bank Examiner Swan to take charge of the failed First National Bank of Provo. Utah. and Bank Examiner Latimer to take charge of the failed Nebraska National Bank of Beatrice. The First National Bank of Rico. Col., which has also failed. will be placed in the hands of a bank examiner during the day. Comptroller Eckels was informed this afternoon of the failure of the First National Bank of Phillipsburg. Mon. Capital. $50,000.

10. July 2, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, July 2, 1893

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Provo's Failed National Bank. WASHINGTON, July 1.-Comptroller Eccles has appointed J. H. Adams receiver of the failed Citizen's National bank of Spokane and also directed Bank Examiner Swan to take charge of the failed First National bank of Provo.

11. July 2, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, July 2, 1893

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An Immense St. Louis Concern in a Receiver's Hands, ST. LOUIS, July 1.-The Madison Car company filed articles of assignment in the recorder's court at Edwardsville, Ill., today. The assets are given at $918,000 and liabilities at $1,122,000, Paul A. Fusz is named as assignee. The company recently erected a large plant for the manufacture of railway cars at Madison, III., opposite this city, and has endeavored to build up a city similar to Pullman, III. The company has been in straitened circumstances for some time, and the stringency of the money market has precipitated the failure. About 690 were employed at the works. The announcement of the failure created surprise in mercautile circles in this city, owing to the fact that the stockholders of the company are all St. Louis people. Many of the stockholders are also heavily interested in the Merchants' Bridge, the Security Building and other large enterprises. The company is capitalized at $500,000,and about six months ago floated an additional bonded indebtedness of $500,000. This was used in p ying off pressing obligations. The company has done a heavy business in manufacturing railway cars and material, and it is said had some difficulty in securing payment for material and rolling stock furnished to different railroads. OSALT LAKE, Utah, July 1. - The National Bank of Commerce at Provo closed its doors this morning owing to a run caused by the failure of the First National bank yesterday. Assets, $80,000; capital. $50,000; other liabilities, $25,000. FORT WORTH, Tex., July 1.-The Exchange bank at Iowa Park closed its doors yesterday. The liabilities and assets are unknown here, but it is believed that the depositors will be paid in full. A sudden withdrawal of deposits coused the suspension. PHILADELPHIA, July 1.-Executions have been issued from common pleas court on five judgments entered on judgment notes aggregating $44,842.40, against Charies Illingsworth, dealer in morocco. OMAHA, Neb., July 1.-The Nebraska National Bank of Beatrice, capital: $100,000, and the American Bank of Beatrice, a small concern, both closed their doors today. They have been in a weak condition for some time. DENVER, Col., July 1.-The First National Bank of Rico closed its doors yesterday because of a run. Matters are decidedly critical, for the miners are excited and talk wildly of bloodshed. Those dis missed from work were paid with checks on the bank. and they are clamoring for coin. All business firms have shut down on crodit. WASHINGTON, July 1.-Comptroller Eckels today appointed J. R. . Adams receiver for the failed Citizens' National Bank of Spokane. He also directed Bank Examiner Swan to take charge of the failed First National Bank of Provo, Utah, and Bank Examiner Latmer to take charge of the failed Nebraska National Bank, of Beatrice, Neb. Comptroller Eckels was informed this afternoon of the failure of the First National bank of Phillipsburg, Mont. He has directed Bank Examiner Aubry to take charge of the failed National Bank at Ricu, Col.

12. July 2, 1893 New-York Tribune New York, NY
Article from New-York Tribune, July 2, 1893

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MORE WESTERN BANKS CLOSE THEIR DOORS. Denver, July -The First National Bank at Rico closed Its doors yesterday, because of a run. Matters are decidedly critical, for the miners are excited and talk wildly of bloodshed. Those dismissed from work were paid with checks on the bank, and they are clamoring for coin. All business firms have shut down on credit. GeorgeTown, Col., July 1.--Owing to the unexpected demands made during the last few days, the Bank of Clear Creek County made an assignment yesterday morning to Lafayette Hanchett. A placard was hung upon the window of the bank announcing as follows: s If conditions change so that we can obtain money on our securities, we shall resume at once." The assets of the institution are more than ample to meet very obligation. They amount to $397,000, while the liabilities are only $233,000. Salt Lake City, Utah, July 1.-The First National Bank of Provo closed its doors yesterday morning. A. O. Senoat is president, and W. H. Dusenberry cashier. The assets are $115,000, and the liabilities are the same. Inability to make collections or rediscounts is the cause of the failure. Officials expect the bank will soon resume business. Beatrice, Neb., July 1.-The Nebraska National Bank and American Bank failed to open their doors this morning. Each bank had a capital of $100,000. Washington, July 1.-Controller Eckels to-day appointed J. H. Adams receiver of the failed Citizens' National Bank of Spokane, Wash. He also directed Bank Examiner Swan to take charge of the failed First National Bank of Provo, Utah, Bank Examiner Latimer to take charge of the failed Nebraska National Bank of Beatrice, and Bank Examiner Aubry, to take charge of the First National Bank of Rico, Col. All the banks are small institutions.

13. July 3, 1893 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe Daily New Mexican, July 3, 1893

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Failures. BEATBICE, Neb. 3.-The Nebraska National bank and American bank have failed. Each bank had a capital of $100,000. Washington.-Comptroller Eokles appointed J. H. Adams receiver of the failed Citizens' National bank, of Spokane, Wash. He also directed Bank Examiner Swan to take charge of the failed First National bank of Provo, Utah, and Bank Examiner Latimer to take charge of the failed Nebraska National bank of Beatrice. The First National bank of Rico, Colo., which has also failed, will be placed in the hands of a bank examiner.

14. July 6, 1893 Grant County Herald Lancaster, WI
Article from Grant County Herald, July 6, 1893

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BANKS FAIL. Several Financial Institutions in Various Places Forced to Suspend. GEORGETOWN, Col., July 1.-The Bank of Clear Creek county at this place made an assignment yesterday with liabilities of $233,000 and assets of $397,000. Provo, U. T., July 1.-The First national bank of this place closed its doors yesterday, with liabilities of $60,000. SALIDA, Col., July 3.-The Chaffee county bank, of which William E. Robertson is cashier, has made an assignment to S. J. Foster, of this city. Mr. Foster says that the liabilities are between $80,000 and $90,000. The deposits are $73,000, including $21,000 in certificates of deposit. He is unable to give the assets. OURAY, Col., July 3.-The First national bank of this place closed its doors Saturday. Deposits amount to about $50,000 and notes and discounts to about $120,000. No definite statement has been made. BEATRICE, Neb., July 3.- - The Nebraska national bank and the American bank failed to open their doors here. Each bank had a capital of $100,000.

15. September 3, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, September 3, 1893

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times are doing for us.-Coalville Chronicle. The people are going back to first principles in view of the hard times, hauling their winter fuel from the canyons. Many loads may be seen each evening going to the various parts of the city. This is royal canyon weather and wood hauling is liable to become epidemic.Springville Independent James Robinson & Co. went up to the church mine this week for the purpose of seeing what the prospect was for work this coming winter. It is most likely that they will operate the mine. This mine is worked at a great disadvantage, being so far from the railroad and the superiority of the coal is the only factor in its favor.-Coalville Chronicle. Loren Rees, a young man of this city, went to Pocatello several months ago and opened a produce business. He got into fast company; became wild and reckless; got behind in his accounts and skipped out, leaving several shippers of Brigham in the hole to the tune of several hundred dollars.-Brigham Bugler. The Denver News some days since said THE SALT LAKE HERALD 18 a goldbug paper. The Salt Lake Tribune copied the item and since that, every Republican paper in the territory has clipped it from the Tribune. The Tribune very often prints other lies. why don't the Utah Republican papers copy them as well?Provo Dispatch. The U. P. coal mines at Scofield are still closed down, and that place has a very deserted appearance in consequence. Vague rumors are afloat that the mines will resume operations soon. Superintendent Hale, who was the cause of all the trouble, has entirely disappeared much to the satisfaction of all concerned. onordNearly all of the depositors of the First National bank have signed papers agreeing not to withdraw their deposits except in installments of 20 per cent., as explained heretofore in the Enquirer. The remainder of them will probably have done so by Tuesday morningand the bank will resume business in a day or two thereafter.-Provo Enquirer. Mr. John Fife (a young man of 70 years) has just returned from Salt Lake with his new bride (a maiden of forty). This makes the third bride that Mr. Fife has brought to his home, the other two having passed beyond the veil. We trust that she will be a mother to his two little boys and a comfort to Mr. Fife in his declining years. Health, peace and happiness to both bride and groom.Davis County Clipper. A brazen attempt was made last week to run a gold brick game on the cashier of the bank here, but it didn't work. A strange individual presented to Mr. Erickson what to all appearances was a rough lump of gold, saying he wished to sell the same, but our worthy cashier at once dropped on to the follow's game, and not being a goldbug of that description, wanted not the nugget, and the mysterious stranger took a positive but quiet sneak on himself.-Mt. Pleasant Pgramid. Bishop Leonard of St. Andrew's chapel has appointed John C. Robinson to conduct the services of the church of Eureka and parts adjacent, under the immediate direction and supervision of the reverend bishop and archdeacon of Utah and Nevada. It is intention of the reverend bishop to visit St. Andrews frequently. Professor Robinson had charge here two years,ago and many friends are happy to meet him again, especially as he has come to remain among the citizens of Eureka. -Tintic Miner. Our people will undoubtedly be glad to learn that our sculptor is one of sixteen persons who received a medal at the Columbian exposition for work of merit. This implies much, as the competition was world wide, and there were several hundred competitors. In a letter last week to his parents he acquainted them of the fact first, knowing that they would rejoice with him in his good fortune. We hail with delight any honors that may be conferred upon Utah's sculptor.-Spring. ville Independent. Early last week it became rumored that J. B. Hunter had assigned for the be nefit of his creditors. This has been found to be so, and his liabilities are placed at about $15,000, with assets about equal. Among the latter are several thousand head of sheep, his ranch and persona. property near town, and other real es tate. Mr. Hunter went heavily into the sheep purchasing business last spring' and owing to the financial condition did not realize as he had expected to, hence the assignment. Mt. Pleasant parties are his principal creditors.-Mt. Pleasant Pyramid. Last spring a pension was granted to the late Saul Norman, but too late for his benefit. Since then the widow has been informed that she was entitled to the accurate amount for back pension. amounting to something like $900. But for some peculiar reason, ever since that time, she has received nothing but a set of blanks and affidavits to be filled out, and seems now no more nearer getting it than five months ago. She cannot even get the widow pension she is entitled to, although informed she can do so.-Mount Pleasant Pyramid. PUSHED TO THE WALL.

16. September 11, 1893 Evening Star Washington, DC
Article from Evening Star, September 11, 1893

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Banks to Resume. The following national banks, which recently suspended payment, having fully complied with the conditions imposed by the controiler of the currency, and their capital stock being unimpaired, have been permitted to reopen their doors for business, viz: The First National Bank of Provo, Utah. The Western National Bank of South Pueblo, Pueblo, Col. The First National Bank of Nashville, Tenn. The First National Bank of Le Mars, Iowa.

17. September 12, 1893 The Sun New York, NY
Article from The Sun, September 12, 1893

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National Banks Resume. WASHINGTON, Sept. 11.-National banks reopened to-day. as follows: The First National Bank of Provo, Utah: the Western National Bank of South Pueblo, Col.: the First National Bank of Nashville, Tenn.. and the First National Bank of Nemars. Iowa. or the 154 failed banks up to date. 61 have resumed.* 58 are in the hands of receivers. 34 in the hands of examiners, and 1 has gone into voluntary liquidation.

18. September 13, 1893 The Guthrie Daily Leader Guthrie, OK
Article from The Guthrie Daily Leader, September 13, 1893

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National Banks to Reopen. WASHINGTON, Sept. i2.-The following banks which recently suspended, have been permitted to reapen: The First National, Provo, Ore.; First National, Nashville, Tenn, and the First National, Lemars, Iowa.

19. September 13, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, September 13, 1893

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BUSINESS AND WAGES. The comptroller of the currency has permitted the First National bank of Provo, Utab, to reopen. It is reported that the electric light companies of St. Louis have been consolidated under the management of the Edison company. The receivers of Charles Foster's estate place the liabilities at $1,086,671; assets, $969,342. A proposition is under consideration to allow him to take charge again. Three thousand railroad coal miners in the Pittsburg district struck Monday against a reduction of 5 cents in the price of mining. Twenty-eight pits are idle. All is quiet.

20. September 13, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, September 13, 1893

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PROVO. PROVO, UTAH, - SEPT. 13, 1893. First National Bank. The business outlook of the First National Bank of this city, after its first day's run on the resumption of business, is very favorable. The doors were opened at noon with 41 per cent of the entire deposits and other liabilities on hand. During the afternoon the deposits amounted to $7974; withdrawals, $3250; an excess of deposits over withdrawals of $4724.

21. September 14, 1893 Abilene Weekly Reflector Abilene, KS
Article from Abilene Weekly Reflector, September 14, 1893

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National Banks To Reopen. WASHINGTON, Sept. 12.-The following national banks which recently suspended payment have been permitted to reopen: First national bank of Provo, Utah: Western national of South Pueblo, Col: First national of Nashville, Tenn., and the First national of Lemars, Ia.

22. September 16, 1893 Huntsville Gazette Huntsville, AL
Article from Huntsville Gazette, September 16, 1893

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MISCELLANEOUS. THE wheat crop of Kansas this year is officially estimated at 19,000,000 bushels, against 70,000,000 last year. ON the 11th the Cambria Iron Co.'s mill at Johnstown, Pa., resumed work, giving employment to over 3,000 nen. SPINNERS at New Bedford. Mass., have accepted a reduction in wages. IMPORTS of specio at the port of New York for the week ended on the 9th were $2,525,830, of which $2,356,565 was gold and $169,273 silver. The imports exclusive of specie were $5,679,605, of which $1,948,174 were dry goods and $3,731,431 general merchandise. ON the 11th twenty-three delegates from the Polish socialists of Germany met in Berlin to organize a Polish social democratic party. THE receiver of the Akron (0.) savings bank has been discharged, and the bank is reported in better condition than ever before. ON the 11th the world's first parliament of religions opened in Chicago. THE Western national bank of South Pueblo, Col.; the First national bank of Provo, Utah; the First national bank of Nashville, Tenn., and the First national bank of Le Mars, Ia., have resumed. THE new cruiser Detroit has been ordered to proceed to sea at once. Her destination will be Greytown, Nicara. gua, to reinforce the Alliance.