21359. Nephi National Bank (Nephi, UT)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
8508
Charter Number
8508
Start Date
December 1, 1931
Location
Nephi, Utah (39.710, -111.836)

Metadata

Model
gpt-5-mini
Short Digest
94f229ba

Response Measures

None

Receivership Details

Depositor recovery rate
48.6%
Date receivership started
1932-01-26
Date receivership terminated
1936-08-08
Share of assets assessed as good
14.0%
Share of assets assessed as doubtful
66.6%
Share of assets assessed as worthless
19.4%

Description

Articles report the Nephi National Bank closed its doors December 1st and a receiver was later appointed (Feb 1932). No article describes a depositor run; the bank was placed in receivership and involved in later litigation (Dec 1933), so this is a suspension followed by closure/receivership.

Events (5)

1. January 9, 1907 Chartered
Source
historical_nic
2. December 1, 1931 Suspension
Cause Details
Article states the bank closed its doors December 1st but gives no reason; cause not specified in provided excerpts.
Newspaper Excerpt
The Nephi National Bank closed its doors December 1st
Source
newspapers
3. January 26, 1932 Receivership
Source
historical_nic
4. February 8, 1932 Receivership
Newspaper Excerpt
Archie R. Jack of Delta, Colorado, has been appointed receiver of the ... Nephi National Bank and took ... the affairs of the bank last Monday morning . The Nephi National Bank closed its doors December 1st (The Eureka Reporter, 1932-02-11).
Source
newspapers
5. December 14, 1933 Other
Newspaper Excerpt
The receiver of the Nephi National Bank contended that various securities totalling ... This was decided in favor of the surety company and against the receiver (The Eureka Reporter, 1933-12-14).
Source
newspapers

Newspaper Articles (2)

Article from The Eureka Reporter, February 11, 1932

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Article Text

BANK RECEIVER NAMED. Archie R. Jack of Delta, Colorado, has been appointed receiver of the Hone, Nephi National Bank and took Miller, the affairs of the bank last Monday morning The Nephi National Bank closed its doors December 1st "The Woman Between. with beauty her only weapon, waged terrific battle in New York' super 400. See it at the Star Theatre, Monday and Tuesday Now that the presidential movement is on, many a politician would like to go to Washington But many voters wouldn't be that specific.


Article from The Eureka Reporter, December 14, 1933

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Article Text

Fidelity Co. Wins Case in Salt Lake Federal Court In the Federal Court at Salt Lake City on Monday of this week, jury returned four verdicts totalling $24,in favor of the United States Fidelity and Guaranty Company and against various defendants. The cases were consolidated for trial The receiver of the Nephi Nation al Bank contended that various curities totalling more than $20,turned by the bank to Mrs. Christison, and by Mrs. Christison to the United States Fidelity and Company were illegally held by Mrs. Christison and her tranferee. This was decided in vor of the surety company and against the receiver The United States Company, having received an approved claim from the receiver for the total amount paid by it on Mrs. Christison's bond, denied further relief against the receiver The United State Fidelity and Guaranty Company was awarded judgment for $18,664.05 against Ostler, Foote, George FranW. Morgan, George Ostler and Barton against E. Malmgren and Malmgren for $3,525.00; against E Malmgren for and against Cleon L. Memmott and E. Memmott for The United States Fidelity and Guaranty Company was represented by Claude F. Baker of Eureka and M. Faux of Salt Lake City: the defendant bank and receiver by Will Hoyt of the other defendants by Judge Louis Brown of Salt Lake and Young and Moyle of Salt Lake.