Provo Commercial & Savings Bank

Episode Information

Episode UID: 97001671599
Episode Type: Suspension → Closure
Bank Type: savings
Bank ID: 9700167 routing
Routing Number: 97-0016
Start Date: March 11, 1933
Location: Provo, Utah (40.234, -111.659)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 787a7182c9727e1e

Response Measures

None

Description

State banking department arranging consolidation; merger contemplated with stockholders meeting called.

Events (1)

1. March 11, 1933 Suspension

Cause: Government Action
Cause Details: State banking department seeking consolidation/merger to replace inferior assets and stabilize bank following closures during the March 1933 banking crisis.
Newspaper Excerpt: Efforts have been made by the state banking department to effect a consolidation since last Saturday, but earlier conferences failed to produce agreements on the terms.
Source: newspapers

Newspaper Articles (1)

1. March 15, 1933 The Daily Herald Provo, UT

Article Text

BANK MERGER CONTEMPLATED (Continued from Page One) day, keeping in close touch with developments and conferring with officers of both banks. A special meeting of the stockholders of the Provo Commercial and Savings bank was to be called possibly Wednesday afternoon, to approve the plans laid down so far. Efforts have been made by the state banking department to effect a consolidation since last Saturday, but earlier conferences failed to produce agreements on the terms. The exact conditions to be carried out in the merger could not be divulged by the state banking commissioner. It was generally supposed, however, that the plans included provisions for a certain amount of new capital to replace inferior assets in the bank. A similar consolidation was effected in Springville, in which the Springville Banking company took over the assets and business of the Mendenhall Banking company. All other banks in the county opened as usual. The nine Salt Lake banks which reopened for normal business Tuesday reported at the close of the day total deposits of $6,568,498.24, against withdrawals of $2,577,707.39 or a net gain in deposits over withdrawals of $3,990,790.85.