Moab State Bank (Moab, UT)

Episode Information

Episode UID
97011171453
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
9701117 routing
Routing Number
97-0111
Start Date
January 3, 1921
Location
Moab, Utah (38.573, -109.550)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c4dd0841ee0b7436

Response Measures

None

Events (2)
1. January 3, 1921 Receivership
Newspaper Excerpt
the bank was taken over by the state bank commissioner. This will be the first payment to depositors since the bank closed its doors in January, 1921. ...it is understood that State Bank Commissioner Seth Pixton will authorize the payment of a dividend of about 20 per cent to the depositors of the Moab State bank in April (1924). The bank was taken over by the state bank commissioner and is in liquidation with a receiver asserting claims against it and dividends being arranged for depositors in 1924. (combined excerpts).
Source
newspapers
2. January 3, 1921 Suspension
Cause
Government Action
Cause Details
Bank closed January 3, 1921 and was taken over by the State Bank Commissioner.
Newspaper Excerpt
were on deposit in the bank when it closed January 3, 1921.
Source
newspapers

Newspaper Articles (3)
1. October 14, 1921 The Oakley Herald Oakley, ID
Article from The Oakley Herald, October 14, 1921

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Article Text

UTAH NEWS REVIEW V Anderson of Salina, son of in Mrs. Chris Jorgensen of was I Austin hunting Ephriam, accidently shot while ducks west of Redmond Sunday. At the Sal ina hospital, to which he was brought for surgical attention, it was found necessary to amputate his left arm. Joseph Conrad Fehr, young Washington attorney and former Salt Lake newspaperman, has just been elected an active member of the National Press club, which comprises the foremost editors, newspaper writers and correspondents in the country. Bernard F. Leidwig, postmaster for the past three years at Castlegate, committed suicide Tuesday by cutting his throat with a pocket knife. Only a small incision was made on the right side of the neck, but he bled to death before he was discovered. The Utah chapter of the Metal Mine Operators will hold a convention in Salt Lake October 7 and 8, according to announcement cards received by chapter members. The convention will be held in connection with the celebration of mining day at the Utah state fair. Charles F. McDonald, 649 Conway who lost 375 square inches of and flesh during the Reavenue, skin Utah Lake Oil is fining company fire at Salt reported to have recovered due to moda ern surgery. Two-thirds of McDonald's skin was Durned away when the big bi oil tank exploded on June 12 during the fire. you di Grand county commissioners have filed suit in the district court through Kelley, county treasurer, W the Moab State A Charles against county bank for funds the recovery of $24,445 of a de were on deposit in the bank when 3, 1921. Y that it closed January In bondsmen addition C to the bank the following W. defendants in the case: T W: E. Gordon, Lee ve D. are Hammond, made F. Densel. R. Kirk, J. P. Miller and D. According to the announcement gr made by Superintendent Elisha Brown at bu of the Utah-Idaho sugar factory lit Payson, the 1921 campaign will begin of on October 10. Many improvements of and a complete renovation of the plant th have occupied the summer months, so Ce everything is now in readiness for will a du record run. The first beet digging start Monday. pu for lig Three special trains, composed of the on steel compartment, diners and club cars, will representing more than $1,000,000, pot an arrive in Ogden on October 12, carry- bankNew York and other Eastern of ist! ers ing en route home from the American now infl Bankers' association convention itingra in session in Los Angeles. The calls of the homebound bankers cen we for erary stops at San Francisco and Odgen, hence east. sm ... san Farmington is still keeping up its of reputation as the Gretna Green Utah, but considerable of the marriage day the usiness seems to be shifting from couples midnight Last week two a Sen o out from Salt Lake in a car, ew rove minutes before midnight, and justice got marriage license and had a A vot f the peace perform the marriage. out stat days previous a couple drove married well rom ew Salt Lake and were to hortly after midnight. far Fire destroyed two buildings loss at Gar- estiS nd Sunday for a property of hot at $5000 when a kettle bakmod ated caught fire in the Johnson wamar hers rease y and caused the explosion of in a that of d boiler. The water supply off r of town had been shut and E hile etion street paving was being laid, to cur pile remen confined their efforts Be t the spread of the flames, adiling the bakery, the Sanders cafe, ining, des was fired by the blaze. Utah's manifold resources, her her alinfinite variety of products, the pioost since the days of first ogress her claims to rank as of a the ers and star in the galaxy termountain agnitude western states extensively were nevas completely. in the before demonstrated as of d annual exhibition rty-third artistically association that was the Fair fair ened ah State Monday noon at the state bunds in Salt Lake. spot where four Scandinavian by InThe Saints were killed in Salt eek tter-day Friday, June 4, 1858 Nephi, Jenns on canyon, Sunday nine miles by Andrew from S. church is marked of the L. D. of the 1, historian with the presidency already company monument has the b stake A but Sunday en erected Indians set nearby, the fire spot where drawn by oxen ct two-wheel cart Jorgenthe the bodies of Jens and taining wife, Jens Terkelsen muristian and his E. Jerulf, whom they ed, was marked. eneral Cameron, aged 13, B student

2. February 21, 1924 The Times-Independent Moab, UT
Article from The Times-Independent, February 21, 1924

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Article Text

CHECK FOR $18,731.06 WILL BE RECEIVED BY COUNTY SOON County Treasurer H. S. Rutledge will receive for Grand county within the next ten days a check in the sum of $18,731.06, in settlement of the county's judgment against the American Surety Company of New York, growing out of its suretyship on the official bond of Charles Kelley, former county treasurer. The county commissioners, in a special meeting of the board held this week authorized C. A. Robertson, special counsel for the county in the case, to settle with the attorneys for the surety company and an offer of the above amount has been made. There is a difference of approximately $130 between the amount conceded by the surety company and the amount claimed by the county under the judgment. Mr. Robertson is authorized to adjust this difference with the attorneys for the surety company and will meet with them at Salt Lake City next Monday to make the final settlement. In the settlement authorized, the county retains its judgment against the Moab State bank until it is paid in full. With accumulated interest the balance due the county on account of its deposits in the Moab State bank, after the surety company pays the $18,731.06 will aggregate something over $9000. If as is expected the bank shall pay 50 per cent of its obligations on deposits, the county will be repaid in full with interest, and in any event the promised payment of a 20 per cent dividend from the bank in April will with the amount received from the surety company, more than make up the principal of the county's deposit of $22,445 at the time the bank was taken over by the state bank commissioner. After the county has been paid in full with interest, the surety company will be subrogated to the county's remaining claim against the bank.

3. February 21, 1924 The Times-Independent Moab, UT
Article from The Times-Independent, February 21, 1924

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Article Text

MOAB STATE BANK MAY MAKE 20 PER CENT PAYMENT IN APRIL Although an official announcement to that effect has not been made, it is understood that State Bank Commissioner Seth Pixton will authorize the payment of a dividend of about 20 per cent to the depositors of the Moab State bank in April. Bank Examiner E. H. Street, who has charge of the local institution, intimated this week that such a payment to the bank's creditors would likely be made. This will be the first payment to depositors since the bank closed its doors in January, 1921. During this period, the obligations of preferred creditors have been discharged and the bank's liabilities have been reduced to the extent of around 50 per cent. It is understood that all funds hereafter collected from debtors of the bank will be paid out to depositors in the form of dividends. It is figured that the bank will eventually pay 50 per cent to its creditor depositors. NEW ISSUE INJECTED INTO BANK LIQUIDATION Question of Importance to Depositors of Defunct Institution Will Be Thrashed Out in the Courts. A question of more than passing importance to the depositors of the Moab State bank, as well as of other insolvent banks in the state, has been raised by the filing of a claim against the bank by the receiver of the National City bank of Salt Lake City, formerly correspondent bank of the Moab institution. In his claim against the local bank the receiver asks that he be allowed to share equally with other depositors in the dividends which will be paid by the bank, notwithstanding a large portion of the National City bank's claim has been paid by the application thereon of the proceeds of collateral securities which the National City bank held at the time the Moab State bank closed. The position taken by the receiver is that the National City bank was simply fortunate in holding the collateral securities and that it is entitled to participate in any dividends paid depositors. The question of whether a creditor may use up the collateral of a bank in the discharge of his claim and still share equally with other creditors has never been determined in this jurisdiction and is of such importance, not only to the creditors of the Moab State bank but to those of various other closed banks throughout the state, that State Bank Commissioner Seth Pixton has directed a disallowance of the claim in order that the matter may be thrashed out in the courts. Knox Patterson, attorney for the Moab State bank, has been instructed to make a thorough investigation of the subject and if the bank commissioner shall then decide to continue his opposition to the claim, it is expected that Attorney Patterson will take the matter through the district and supreme courts, the expenses of the litigation to be prorated among the various closed banks in the state which are affected. The National City bank's total claim against the Moab State bank aggregates $56,000. It has already realized $30,000 through the liquidation of securities it held, leaving a balance still due it amounting to $26,000. Instead of filing a claim for the latter amount, the receiver of the National City asks that it be paid dividends on the $56,000 until the total claim has been discharged.