Peoples State Bank (American Fork, UT)

Episode Information

Episode UID
97010271585
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
9701027 routing
Routing Number
97-0102
Start Date
January 16, 1932
Location
American Fork, Utah (40.377, -111.796)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
95b0b4d5eed49174

Response Measures

None

Events (2)
1. January 16, 1932 Suspension
Cause
Government Action
Cause Details
Closed by the state banking department (along with other local banks) on January 16, 1932
Newspaper Excerpt
closed simultaneously January 16
Source
newspapers
2. * Reopening
Newspaper Excerpt
opening is contingent on the action of the Salt Lake committee for the Reconstruction Finance corporation
Source
newspapers

Newspaper Articles (2)
1. May 7, 1932 The Salt Lake Tribune Salt Lake City, UT

Article Text

BANK PREPARES FOR REOPENING AMERICAN FORK-The affairs of the Bank of American Fork are now in such a condition that the institution will be released by the state banking department as soon as the Reconstruction Finance corporation approves the securities submitted for the loan, according to an announcement made Friday by Parker Robinson, deputy bank commissioner in charge of the bank. This paper was submitted to the Salt Lake committee of the Reconstruction Finance corporation on Wednesday and Thursday and expected that their announcement will be made Saturday. The same arrangement is under way for the People's State bank of American Fork and its opening is contingent on the action of the Salt Lake committee for the Reconstruction Finance corporation. With action on these securities and the securing of this government loan, all three banks in the north end of Utah county, the Bank of American Fork, the People's State bank of American Fork and the State bank of Lehi, which closed simultaneously January 16, will open again under regulations set up by the state banking department.

2. August 23, 1932 The Daily Herald Provo, UT

Article Text

QUESTION A. F. BANK EXPENSES Mileage Expense of Former Examiner Criticized. Continuing his policy of close scrutiny of the accounts of bank examiners in Utah county banks, Judge A. V. Watkins Tuesday took under advisement the approval of the accounts of the examiners of the People's State Bank of American Fork. The examiners are seeking approval of the accounts preparatory to turning the accounts of the bank back to the bank and reopening of the bank. The mileage account of W. M. Parker, examiner in charge from the closing of the bank on January 16 until July 1, when J. A. Malia, present examiner, went in, brought criticism from the judge in the hearing Tuesday. The expense account shows that in the five and a half months Mr. Parker was examiner, he spent $782.57 for mileage. Most of the mileage was for trips from American Fork to Salt Lake at 7 cents a mile, it appeared from the account. Mr. Parker at first stayed in the hotel in Provo rather than staying in American Fork, and later traveled back and forth from Salt Lake each day at an expense of $4.76. Part of the mileage, however, was expended in trips made in the interests of the bank's business. Judge Watkins also questioned Mr. Malia closely concerning the salary of Mr. Parker as the first examiner. The judge asked Mr. Malia why it was that Parker received $275 a month as examiner for the first five and a half months when he (Malia) received only $75. Total expenses of the examination for the seven months amounts to $5,513.30, the account shows, while the income of the bank in that period has been $5,832.25.