Tooele County State Bank (Tooele, UT)

Episode Information

Episode UID
97004071573
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
9700407 routing
Routing Number
97-0040
Start Date
January 14, 1931
Location
Tooele, Utah (40.531, -112.298)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
19f75e8c1c935c93

Response Measures

None

Description

Contemporaneous articles state the bank closed Jan 14, 1931 and a receiver was appointed; later liquidation/dividend activity continues through 1934.

Events (6)
1. January 14, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed due to inability to meet cash reserves; subsequent audit found a shortage in accounts
Newspaper Excerpt
Tooele County State Bank situation, which closed its doors the morning of January 14th, because of its inability [to meet] cash reserve
Source
newspapers
2. January 23, 1931 Receivership
Newspaper Excerpt
appointment of H. Street, examiner in charge to represent the depositors
Source
newspapers
3. June 12, 1931 Other
Newspaper Excerpt
auditor's report showed shortage ... bank officials went into their own pockets and made up the shortage; no evidence of criminal shortage noted
Source
newspapers
4. February 12, 1932 Other
Newspaper Excerpt
Tooele County State Bank Receivers have filed petition for new trial
Source
newspapers
5. June 8, 1934 Other
Newspaper Excerpt
filed petition the court to permit the 5% dividend ... which allowed will be mailed about June 15
Source
newspapers
6. December 28, 1934 Other
Newspaper Excerpt
School Board wins suit which permits it to participate in regular dividends of the bank
Source
newspapers

Newspaper Articles (13)
1. January 23, 1931 The Transcript-Bulletin Tooele, UT

Article Text

RECEIVER; STATES HIS POLICY TO BORROWERS Development of the week the Tooele County State Bank situation, which closed its doors the morning of January 14th, because of its inability maincash reserve, was the tain legal appointment of H. Street, aminer in charge to represent the depositors. Mr. Street, man of long bank receiver and perience especially acquainted with the conditions which surround communities of this nature. interview with The Transcript-Bulletin yesterday, Mr. Street this time don't feel that the bank in bad condition and the depositors should get most their money within sonable period. to the rumor that regard those notes would owing immediately closed out and their securities taken, Mr. Street said, don't want the borrowers to feel that immediate advantage will be taken them and their securities seized, but all borrowers will be given reasonable chance make other arrangements their notes before action nance any Mr. Street said, however: am here to represent the depositors and in time fully expect the every note shall be

2. January 23, 1931 The Transcript-Bulletin Tooele, UT

Article Text

Teachers Will Be Paid Today On Borrowed Money Tooele county teachers semimonthly salary payment will made today usual, due to action the school board yesterday borrow sufficient funds to continue the operation the schools the Tooele County State Bank failure. The loan was made from Continental National Bank of Salt Lake Mr. and Mrs. Gillette were visitors the home Speirs Mrs. Gillette the daughter of Mrs. Speirs. Mr. and Mrs. Gillette were their home from Nevada, Salt Lake City. Mr. Gillette has been supervising the construction government buildings various points in Nevada for the U. Airways service. He chief mechanician Western Utah. Idaho and Nevada. Mrs. Julius Kurtz entered the hospital Monday and was operated upon Tuesday successfully. Her many friends will pleased to learn that she is doing well. Mrs. Lee Bayliss of Black Forest, Nevada, arrived last week for visit with her parents, Mr. and Mrs. Fred Mrs. Bayliss niece the late Charwho met with accident recently the local smelter. Miss Zina Watson of Heber City now employed Salt Lake house guest for four days week the home of Mr. and Mrs. Joe Johnson and Mrs. Miss Watson well known Tooele she was employed the Emergency hospital by Inter national Smelting Company recent.

3. January 23, 1931 The Transcript-Bulletin Tooele, UT

Article Text

STREET NAMED BANK RECEIVER; STATES HIS POLICY TO BORROWERS of the past week Development the Tooele County State Bank situation, which closed its doors morning of January 14th, because of its inability legal cash reserve, was the appointment of H. Street, aminer in charge to represent the depositors. Mr. Street, is man of long perience bank receiver and especially acquainted with the ditions which surround communities of this nature In an interview with The Transcript-Bulletin yesterday, Mr. Street said: this time don't feel that bank in very bad condition and the depositors should get most or all their money within sonable period. In to the rumor that regard those notes would owing immediately closed out and their securities taken, Mr. Street said, don't want the borrowers feel that immediate advantage be taken them their securities seized, but all borrowers will be given reasonable chance make other arrangements their notes before any action taken.' Mr. Street said, however am here to represent the positors and in time fully expect the every note shall be paid."

4. January 23, 1931 The Transcript-Bulletin Tooele, UT

Article Text

Teachers Will Be Paid Today On Borrowed Money Tooele county teachers semimonthly salary payment will made today usual, due to action the school board yesterday sufficient funds to tinue the operation of the schools following Tooele County State Bank failure. The loan was made from the Continental National Bank of Salt Lake City Mr. and Mrs. Gillette visitors the home Speirs Wednesday Mrs. Gillette the daughter and Mrs. Speirs. Mr. and Gillette their home from Nevada, to Lake City. Mr. lette has been supervising con. struction of government building various points Nevada for the U. Airways service. He chief mechanician for Western Utah, Idaho and Nevada. Mrs. Julius Kurtz entered the hospital Monday and was operated upon Tuesday very many friends will pleased to learn that she is doing well. Mrs. Lee Bayliss of Black Forest, Nevada, arrived late last week extended visit with her parents, and Mrs. Fred Peterson Mrs Bayliss niece of the late Char who with fatal accident recently the local smelter. Miss Zina Watson of Heber City now employed Salt Lake house guest for four days week the home of Mr. and Joe Johnson and Mrs. Shib. Miss Watson well known Tooele she employed the Emergency hospital by the Inter national Smelting Company

5. May 22, 1931 The Transcript-Bulletin Tooele, UT

Article Text

Evidence Taken In School-Bank Case With evidence presented School Board Tooele CounState Bank case, session district court held Tooele Tuesall that now hold the decithe court the argument the which will be heard Lake City sometime next week. Inasmuch Tooele City placing the same claim as the school board of deposit and asking preferred claim the cases are being yesterday with Street, Tooele bank receiver, The formed that he was making tempt have the case argued here, than Salt Lake, because local interest in the affair

6. June 12, 1931 The Transcript-Bulletin Tooele, UT

Article Text

Resume From The Tooele Daily News Friday, June 1931 Following conference this ternoon between H. Street, cal bank receiver, Attorney Draper, and the Tobele County State Bank officials, the information was given that there is no shortage the local bank. The auditor who has been working on the books since the closing the bank, discovered much fauland many accounts had to be re-checked strike balance, and in his final report showed shortage of 000. Following the conference today where the auditor's report was thoroughly checked the bank of. ficials went into their own pockets and made up the shortage. Attorney Draper informed the Daily News, that there was no evi. of dence of criminal shortage, but was their duty to see that the depositors did not stand the loss, due neglectful practices on the part of the bank. During the more than twenty years of business this the first independent audit made of the institution, and it not unusual that shortage of less than year should occur in over credit or long change. Dr. Lyman McBride has been appointed Tooele County Chairman for the celebration of Covered Wagon Days in Salt Lake City, July 24th. Casey (after seeing Riley fall to from "Are dead, Riley: am that." Casey: "Shure, and ye're such liar Oi don't know whether to believe yez or not." Riley: "And that proves dead. Yez wouldn't call me liar Oi wuz alive.' roaring, racy riot about the rising rampant rockies, filled with daring horseman, gruelling fist fights, and gripping gun that's Ken Maynard's first Western Talkie, "Fighting Thrut" at the Strand tomorrow, with continuous show starting o'clock. Also another chapter of Mystery Trooper," and two comedies, was the as. tonishing answer." Tain't what we have But what we give; 'Tain't where are; But how we live; 'Tain't what we do, But how That makes this life Worth going through The city water gauge just returned to normal pressure last night 10 o'clock following the loss 400,000 gallons through the outlet the city park early Tuesday morning. Someone broke into the box and turned the valve wide open. Such an offense during the low water season may prove disasterous to the city water supply.

7. June 12, 1931 The Transcript-Bulletin Tooele, UT

Article Text

Resume From The Tooele Daily News Friday, June 1931 Following conference this ternoon between Street, cal bank receiver, Attorney Draper, the Tooele County State Bank officials, the information was given that there is no shortage at he local bank. The auditor who has been workon the books since the closing the bank, discovered much fauland many counts had to be strike balance, and in his final report showed shortage of 000. Following the conference where the auditor's report thoroughly checked the bank ficials went into their own pockets and made up the shortage Attorney Draper informed the Daily News, that there was dence of criminal shortage, but was their duty to see that the positors did not stand the loss, neglectful practices on the part the bank. During the more than twenty years business this the first independent audit made of the institution, and it not unusual that shortage of less than year should occur in over credit or long change. Dr. Lyman McBride has been appointed Tooele County Chairman for the celebration of Covered on Days in Salt Lake City, July 24th. Casey (after seeing Riley fall from scaffold) "Are dead. RiRiley: am that. Casey "Shure, and ye're such liar Oi don't know whether to be. lieve yez or Riley "And that proves dead. Yez wouldn't call me Har Oi wuz alive." roaring, racy riot about the rising rampant rockies, filled with daring horseman, gruelling fist fights, and gripping gun play- in that's Ken Maynard's first Western Talkie, "Fighting Thrul" the Strand tomorrow, with show starting at o'clock Also another chapter of "The Mystery Trooper,' and two comedies. Barber: "Sonny, how do you want your hair cut?" Sonny: "With a hole in the top like Teacher: "Johnny, state one use of the cow-hide Johnny: keeps cows from falling apart." The other day heard man tell story were in the smoker,' he said, "and naturally the talk turned to business One man admitted 30 per cent better business this year than ever before 'What's your line?' asked; What the answer. "Tain't have But what we give; 'Tain't where But how live; 'Tain't what But how That makes this life Worth going through The city water gauge Just turned to normal pressure night 10 o'clock following the 400,000 gallons through the outlet the city park early Tuesday morning broke the box and turned open Such an offense during the low water season may disasterous to the city water Saturday, June Dr Paul, Naturalist bird authority the Utah, and Lew Rob. University Field for the Salt Lake Council of Boy Scouts, Salt Lake City, will be speaker the Court of Honor to be held the North ward chapel tomorrow evening o'clock good has been program ranged with these most interesting speakers, and invited to come out to the are Court of Honor service, especially parents boys, boys of scout age, and all scouts The laying the cement highway from Mills toward now in full swing. Park are moving their gravel ment to Grantsville, after finishing the smelter road, and will mence shortly to gravel surface other part the road from Mills to Grantsville, which they have der sub-contract Considerable ployment is being furnished local people on these contracts. The garbage man is having troub. les. He under contract the city, but he cannot meet of the people wish bage be taken unscheduled hours Here few regulations Have your garbage out by on Monday and Thursday Put no more than 100 pounds one All papers must be burned. Take your empty containers off the street session of district court is scheduled meet Monday for the hearing of the Rush Valley Water case. Dr. Hickey, who tested dairy cattle in Tooele this week for B., reports that the cow barns are clean and that the stock cared for Much of this comes through the constant check-up under the milk If the great open spaces call you away from home tomorrow, remember there is not a more delightcanyon outing place in the state than Swing Flats. If you have not been up there yet, go tomorrow There are expensive concessions and whole family can have an enjoyable time for the price of luncheon prepared at home and taken to the canyon. Out local dairy cows tested for tuberculosis this week Drs. Hickey and Jones, of the department agriculture, there not reaction. There is considerable danger from cows which be affected with This disease transferring to humans. Prof. Murray state leader 4-H clubs, met with Tooele counleaders club leaders school South ward yesterday leadwere present, 14 of whom and Prof. Murray stated was the largest group 4-H leaders to attend the school so far given the communities Utah Prof. Murray is visiting clubs Grantsville, Erda and Tooele today giving instruction and assisting The fire department was called the McCloud residence Plat o'clock today, with only damage from the blaze.

8. February 12, 1932 The Transcript-Bulletin Tooele, UT

Article Text

Contending that the supreme court awarded more, in their recent decision, than traced the School and City, the Tooele County State Bank Receivers have filed petition for new trial. The receivers contend that only traced the suit, while the supreme court awarded judgement for 87. The difference these figures came from daily deposits, they contend.

9. February 12, 1932 The Transcript-Bulletin Tooele, UT

Article Text

Bank For New Trial; Claims Error Contending the court awarded more, their recent decision, than traced the School and City the Tooele County State Bank ceivers have filed petition for trial. The receivers contend that only traced the while the supreme court has awarded judgement for The these figures came from daily deposits, they contend.

10. March 30, 1934 The Transcript-Bulletin Tooele, UT

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.

11. June 1, 1934 The Transcript-Bulletin Tooele, UT

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.

12. June 8, 1934 The Transcript-Bulletin Tooele, UT

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

13. December 28, 1934 The Transcript-Bulletin Tooele, UT

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.