First National Bank, Spanish Fork, UT (Charter 9111)
First National Bank, Spanish Fork, UT (Chartered 1908 - Liquidated 1930)
Town History
Spanish Fork is a city in Utah County, Utah. It is part of the Provo–Orem Metropolitan Statistical Area. The 2020 census reported a population of 42,602. Spanish Fork is the 20th largest city in Utah based on official 2017 estimates from the US Census Bureau.
Spanish Fork lies in the Utah Valley, with the Wasatch Range to the east and Utah Lake to the northwest. I-15 passes the northwest side of the city. Payson is approximately six miles to the southwest, Springville lies about four miles to the northeast, and Salem is approximately 4.5 miles to the south.
Spanish Fork was settled in 1851 by members of the Church of Jesus Christ of Latter-day Saints as part of the Mormon Pioneers' settlement of Utah Territory. Its name derives from a visit to the area by two Franciscan friars from Spain, Silvestre Vélez de Escalante and Francisco Atanasio Domínguez in 1776, who followed the stream down Spanish Fork canyon with the objective of opening a new trail from Santa Fe, New Mexico, to the Spanish missions in California. They described the area inhabited by Native Americans as having "spreading meadows, where there is sufficient irrigable land for two good settlements."
Spanish Fork had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized March 25, 1908
- Chartered April 21, 1908
- Opened for business April 22, 1908
- Receivership January 28, 1924
- Restored to solvency July 21, 1924
- Liquidated August 21, 1930
- Absorbed by Commercial Bank of Spanish Fork
In March 1892, the Bank of Spanish Fork began work in its new building unsurpassed by any like structure in Utah County. The following were the officers in charge: George D. Snell, president; George O. Gilbert, vice president; and D.E. Money, cashier.[1][2] The directors were Geo. D. Snell, John Jones, John Rockhill, J.S. Thomas, and Geo. O. Gilbert.[3]
In July 1895, the directors were Geo. D. Snell, president; John Jones, vice president; Geo. O. Gilbert, cashier, John Rockhill, John S. Thomas, and A.A. Dahle.[4]
On March 2, 1908, the comptroller of the currency approved the application of F.M. Snell, G.D. Snell, Jr.; Annie E. Snell, C.E. Snell and George D. Snell to organize the First National Bank of Spanish Fork, Utah, with $25,000 capital.[5] In April the Bank of Spanish Fork became the First National bank of Spanish Fork.[6] In June, Wm. C. Beckstrom accepted a position as assistant cashier.[7]
The end of May 1909, the First National Bank moved into its new and commodious quarters in the Creer Building and the post office occupied the old bank building.[8][9]
In October 1910, the officers and directors were George D. Snell, president; John Jones, vice president; F.M. Snell, cashier; George D. Snell, Jr. and Hubbard Tuttle Jr., directors. The bank had paid in capital $25,000, surplus and profits $8,000 and resources of over $150,000.[10]
In December 1911, Francis M. Snell, one of the leading businessmen of the state, was mayor-elected, president of the city's Commercial Club and cashier of the First National Bank of Spanish Fork. With friends and supports numbering by the thousands, he took a keen interest in questions that would make a larger and better Spanish Fork. Within a radius of four miles from the Leland cutting station, nearly 40,000 acres of excellent beet ground produced over 30,000 tons of beets the past season.[11]
In November 1915, the bank reported capital stock $25,000, surplus and undivided profits 8,345.17, circulation $25,000, and total resources of $287,779.07. I.P. Snell was cashier and the directors attesting to the correctness of the statement were J.M. Creer, John Jones, Wm. Jex, and G.D. Snell.[12]
In December 1917, the officers were John Jones, president; J.M. Creer, vice president; I.P. Snell, cashier and W.M. Smoot, assistant cashier. The directors were John Jones who besides being president was a stockholder in the Farmers and Stockgrowers' Bank at Salt Lake, The Provo Commercial Savings Bank, and the Utah-Idaho Sugar company; J.M. Creer, manager of the Consolidated Wagon & Machine Co. and farmer; I.P. Snell, cashier and landowner; G.D. Snell who was also vice president and cashier of the First National Bank of St. Anthony, Idaho; and A.B. Morgan, Judge of the Fourth Judicial District.[13]
On February 2, 1920, Mr. and Mrs. S.J. Gold, Mayor and Mrs. I.P. Snell, Mr. and Mrs. Ed. Money, Miss Sue Huntington and F.M. Snell formed a theatre party and motored to Provo to attend the opera, Robin Hood at the Columbia Theater.[14] Miss Huntington was the sister of Mrs. A. Ed. Money.
On January 4, 1924, the First National Bank of Spanish Fork closed its doors. The reason given was the heavy withdrawal of deposits during the day, although no reason was given for the withdrawal of funds by depositors. The following were the officers of the bank: I.P. Snell, president; James M. Creer, vice president; and S.P. Snell, cashier.[15] At a meeting of the stockholders, Henry A. Gardner, assistant cashier of the Commercial Bank was the choice for receiver. Mr. Gardner's name was forwarded to the comptroller of the currency.[16] In March 1924, the plan to reopen the bank required all depositors to agree to accept a certificate for 50% of the amount of the deposits, to be paid in three years or less, all stock of the bank assessed at $110 per share and if the present stockholders were unable to pay that amount, the stock would be purchased by others. The following men expressed a willingness to take over the bank and reopen it: L.J. Durrant, Lars Neilson, C.R. Marcusen, Henry A. Gardner, and Roland Williams. The assets of the bank were $305,708. The stock that would be taken over to reopen the bank would be $148,000. A trust fund of $157,000 would remain to the credit of depositors to be paid to them as it was collected by a board of trustees. The question was finally placed before the house and unanimously accepted. The depositors present signed the agreement. However, there were 1500 depositors and the plan required the consent of all.[17] On July 2, 1924, national bank examiner Marshall Hooper completed his examination of the First National Bank of Spanish Fork and sent a telegram to the comptroller of the currency recommending that the bank be allowed to reopen immediately.[18] On July 21, The bank reopened for business with the following officers and directors: L.J. Durrant, president; Lars Nielson, vice president; Henry A. Gardner, cashier; Carl R. Marcusen, A.B. Morgan, Thomas E. Williams, and E.D. Firmage, directors.[19]
On Tuesday, January 14, 1930, shareholders re-elected the following directors: L.J. Durrant, Lars Nielson, Thomas Williams, H.A. Gardner, A.B. Morgan, John Oberhansley, and E.D. Firmage. The following were elected officers for the year: L.J. Durrant, president; Lars Nielson, vice president; and H.A. Gardner, cashier.[20]
On Monday, July 14, 1930, the charter for the merger of the First National Bank and the Commercial Bank of Spanish Fork was approved by Bank Commissioner Walter H. Hadlock. The new organization which would be known as the Commercial Bank had Senator Reed Smoot for its president. Capital was listed at $50,000 and surplus $50,000.[21]
Official Bank Title
1: The First National Bank of Spanish Fork, UT
Bank Note Types Issued
A total of $297,830 in National Bank Notes was issued by this bank between 1908 and 1930. This consisted of a total of 24,034 notes (22,108 large size and 1,926 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Date Back 3x10-20 1 - 1500 1902 Plain Back 3x10-20 1501 - 5527 1929 Type 1 6x10 1 - 284 1929 Type 1 6x20 1 - 37
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1908 - 1930):
Presidents:
- George Dixon Snell, 1908-1910
- John Jones, 1911-1921
- Irving Porter Snell, 1921-1923
- Francis McClean Snell, 1923-1923
- Lorenzo James Durrant, 1924-1929
Cashiers:
- Francis McClean Snell, 1908-1912
- George Dixon Snell, Jr., 1913-1914
- Irving Porter Snell, 1915-1921
- Susanne Huntington, 1921-1921
- Smyrdus Phillips Snell, 1922-1922
- Susanne Huntington, 1922-1922
- Smyrdus Phillips Snell, 1923-1923
- Henry Archibald Gardner, 1924-1929
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Spanish Fork, UT, on Wikipedia
- Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
- Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
- Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
- ↑ The Salt Lake Herald, Salt Lake City, UT, Fri., Mar. 25, 1892.
- ↑ Deseret News, Salt Lake City, UT, Sat., Dec. 22, 1917.
- ↑ The Spanish Fork Sun, Spanish Fork, UT, Sat., Nov. 26, 1892.
- ↑ Spanish Fork Herald, Spanish Fork, UT, Fri., July 12, 1895.
- ↑ The Salt Lake Herald, Salt Lake City, UT, Tue., Mar. 3, 1908.
- ↑ The Salt Lake Tribune, Salt Lake City, UT, Mon., Apr. 27, 1908.
- ↑ The Spanish Fork Press, Spanish Fork, UT, Thu., June 25, 1908.
- ↑ The Salt Lake Tribune, Salt Lake City, UT, Wed., May 26, 1909.
- ↑ The Spanish Fork Press, Spanish Fork, UT, Thu., May 27, 1909.
- ↑ The Spanish Fork Press, Spanish Fork, UT, Thu., Oct. 13, 1910.
- ↑ Deseret News, Salt Lake City, UT, Sat., Dec. 16, 1911.
- ↑ The Spanish Fork Press, Spanish Fork, UT, Thu., Nov. 25, 1915.
- ↑ Deseret News, Salt Lake City, UT, Sat., Dec. 22, 1917.
- ↑ The Spanish Fork Press, Spanish Fork, UT, Tue., Feb. 3, 1920.
- ↑ The Salt Lake Tribune, Salt Lake City, UT, Sat., Jan. 5, 1924.
- ↑ Salt Lake Telegram, Salt Lake City, UT, Sat., Jan. 26, 1924.
- ↑ The Daily Herald, Provo, UT, Fri., Mar. 28, 1924.
- ↑ The Spanish Fork Press, Spanish Fork, UT, Thu., July 3, 1924.
- ↑ The Salt Lake Tribune, Salt Lake City, UT, Wed., July 23, 1924.
- ↑ The Spanish Fork Press, Spanish Fork, UT, Thu., Jan. 16, 1930.
- ↑ Salt Lake Telegram, Salt Lake City, UT, Tue., July 15, 1930.