Sugar Banking Company (Salt Lake City, UT)

Episode Information

Episode UID
31005571572
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
3100557 routing
Routing Number
31-0055
Start Date
December 20, 1930
Location
Salt Lake City, Utah (40.761, -111.891)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
63f7c7bc875684d3

Response Measures

None

Description

State banking department took charge though article notes assets cover liabilities and full payment expected.

Events (3)
1. December 20, 1930 Run
Cause Details
Heavy withdrawals in the prior week nearly exhausted the bank's liquid funds, prompting alarm and intervention.
Measures
None specified beyond state takeover; bank officials noted assets sufficient to meet liabilities.
Newspaper Excerpt
Officials of the state banking department ... took charge of the Sugar Banking company ... Officials of the bank stated that heavy during the past week had almost exhausted the bank's liquid
Source
newspapers
2. December 20, 1930 Suspension
Cause
Government Action
Cause Details
State banking department under the commissioner took charge of the bank (state intervention).
Newspaper Excerpt
State Takes Over Sugar House Bank ... Officials of the state banking department ... took charge of the Sugar Banking company
Source
newspapers
3. March 13, 1932 Receivership
Newspaper Excerpt
petition of Walter H. Hadlock, Utah state bank commissioner, for authority to borrow $150,000 ... on the assets of the closed Sugar Banking company. Joseph N. Leggat, receiver of the Farmers and Merchants bank as well as the Sugar bank, said ... the petition was filed to satisfy the officials of the federal finance corporation who have questioned the right of state bank receivers to borrow.
Source
newspapers

Newspaper Articles (2)
1. December 20, 1930 Deseret News Salt Lake City, UT
Article from Deseret News, December 20, 1930

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Article Text

State Takes Over Sugar House Bank Officials of the state banking de. partment under Commissioner ter H. Hadlock took charge of the Sugar Banking company Sugar House Saturday morning. following board directors Friday night. The bank has been in business 21 years according to its president. R. Free, has as. sets to all of its liabilities and pay 100 per cent. Officials of the bank stated that heavy during the past week had almost exhausted the bank's liquid and that the state had been to insure equal distribution to all.

2. March 13, 1932 The Sunday Herald Provo, UT

Article Text

BANKS MAY FIND AID FROM U. S. Friendly Suit To Test Power of Receivers To Borrow. A move to obtain federal credit relief for the Farmers and Merchants bank and other closed state banks in Utah, was inaugurated Friday when a case to test the power of the receivers to borrow was filed in Salt Lake. The case in question is a petition of Walter H. Hadlock, Utah state bank commissioner, for authority to borrow $150,000 from the $2,000,000,000 Reconstruction Finance corporation on the assets of the closed Sugar Banking company. Would Aid Provo Bank— Joseph N. Leggat, receiver of the Farmers and Merchants bank as well as the Sugar bank, said Saturday that the petition was filed to satisfy the officials of the federal finance corporation who have questioned the right of state bank receivers to borrow. "There are two ways in which the question can be determined," said Mr. Leggat. "One is by an act of the legislature, and the other, which is the step we have taken, places the issue before the supreme court of the state." Mr. Leggat indicated that if the petition was granted, the assets of the Farmers and Merchants bank would be pledged for a loan. Congress set aside $200,000,000 of the total reconstruction issue for the benefit of closed national and state banks.