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A stair-step concrete grain bin will be built on the terraces provided to store wheat. Hardly will one section be completed that it will be filled while the next section is being built.

John Jordan's List #92

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Another Utah Bank Shuts Down PDF Print E-mail
Monday, 04 May 2009 09:08

On Friday evening the FDIC also became the receiver of America West Bank, after the Utah regulators closed the institution. The Layton, Utah-based bank had total assets of approximately $299.4 million and total deposits of $284.1 million as of Dec. 31.

Cache Valley Bank, based in Logan, Utah, is assuming all deposits, paying discounted price of $352,000. It also agreed to buy nearly $11 million worth of America West's assets and took a 30-day option to purchase loans at book value. The FDIC estimates that the cost to the Deposit Insurance Fund will be $119.4 million.

America West's three branches will reopen Monday as Cache Valley Bank outposts.

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