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When the time comes for purchasing this land, we will have means. How this means will be brought about it is not for me to say. Perhaps the Lord will open up mines containing gold and silver, or in some other way as seemeth to Him best; wealth will be poured into the laps of the Latter-day Saints till they will scarcely know what to do with it. I will here again prophesy on the strength of former revelation that there are not a people now upon the face of the earth, so rich as the Latter-day Saints will be in a few years to come. Having their millions; therefore they will purchase the land, build up cities, towns, and villages, build a great capital city, at headquarters, in Jackson County, Missouri.

(Orson Pratt J.D. 21:136)

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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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