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I will say to such, get rich in gold and silver, in houses and lands, in goods and chattels, in flocks and herds, until you possess all you can possibly gain; but let me caution you not to get one cent, unless you get it honestly. And when you have amassed your millions, never allow yourselves to possess one dollar with the belief that you are capable of disposing of it judiciously without wisdom from our God. In all things inquire of the Lord, that you may wisely direct your earthly substance, as well as the energies of your minds, to the building up of His kingdom and the consummation of His purposes pertaining to this world and our salvation.

(Brigham Young J.D. 8:9)

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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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