Sunday, February 15, 2009

Banking in Mt. Pleasant

In 1901,The Mt. Pleasant Commercial & Savings Bank was incorpo­rated with a capital stock of fifty thousand dollars, with N. S. Nielsen as President; F. C. Jensen, Vice President; Soren Nielsen acted as Cashier until the following February when, while at his mother's home, someone from the outside shot through the win­dow, wounding him. He died from the effects some weeks later. The murderer was not convicted. The bank at this time was in a building at the northwest corner intersection, Main and State Streets. Ferdinand Ericksen succeeded Mr. Nielsen as Cashier.

February 1906, the North Sanpete Bank was incorporated with a capital stock of $50,000.00. W. D. Candland, president; A. J. Aagard, vice president; and H. C. Beaumann, cashier. They were installed in their new building on the north side of Main Street, midway between State and First West.

With the depression of 1929, 30, 31, and 32, came many changes in the business world of Mt. Pleasant; established, old and reliable business firms, from choice or necessity, discontinued business. Many buildings where businesses had formerly flourish­ed were unoccupied. There were closing-out sales and auctions. All over the nation, people were financially failing and banks were closing. The great depression was felt everywhere, and there was gloom and sadness among the people.

July 15, 1931, the Mt. Pleasant Commercial and Savings Bank closed its doors, and July 20th, the North Sanpete Bank failed to open.

The Great Depression would claim as victims scores of the country's businesses and, during its first four years, would cause the collapse of nearly 11,000 of the nation's banks, but First Security would not be one of them. In fact, to a certain extent, the fledgling banking concern prospered during the Depression.

In 1932, Dr. P. L. Holman purchased the building built and occupied by the Mt. Pleasant Commercial and Savings Bank, and established his office there.

The Fairview Bank, incorporated in Fairview in 1914, with Andrew Lassen, president; A. R. Anderson, vice president; Peter Sundwall Sr., cashier; located March 4th in the building formerly owned and occupied by the North Sanpete Bank. In 1938, they moved into their new building, 41 West Main. The officers at that time were Peter Sundwall Jr., president; A. R. Anderson, vice president; and Lionel Peterson, cashier. It served as the Fairview Bank, the Sanpete Valley Bank, and then First Security Bank until 1972, when it was sold and became the North Sanpete School District Office.


The roots of First Security stretch back to the father of Marriner and George Eccles, David Eccles, who arrived in Utah with his parents, after emigrating from Glasgow, Scotland, in 1863. Converted to Mormonism, the Eccles clan settled in Utah, with David emerging as the most financially successful of the seven Eccles children. By the time of his death in 1912, David Eccles had amassed a small fortune through several investments, including a founding interest in Utah International, a portion of Amalgamated Sugar, and two banks. These investments and the two banks were bequeathed to his nine children, the eldest of whom, Marriner, then 22 years old, immediately ascended to the position of family patriarch and oversaw the family's business interests.

On January 18, 2000 - First Security Corporation
and Zions Bancorporation announced according to (UNITED STATES
Washington, D.C. 20549 FORM 8-K
that BancWest
would acquire 68 Zions and First Security branches and
associated deposits and loans in Utah and Idaho. The sale was required to
ensure that the merger of equals of First Security and Zions would not have any anti-competitive effect in any market to be served by the new First Security.

First Security Moroni and First Security Mt. Pleasant were among these sixty eight branches.

Mt. Pleasant now has two banks and one credit union to serve its population.

Wells Fargo Bank
of Mt. Pleasant is now located in the building where First Security built in 1972 on the corner of first west and Main Street. (110 West Main Street)

Far West Bank located at 210 South Main.

Moroni Feed Credit Union (Mt. Pleasant Branch) 1050-3 South State Street.

Will history repeat itself?

No comments:

Genealogy Quote

"In all of us there is a hunger, marrow-deep, to know our heritage - to know who we are and where we have come from."

~Alex Haley

L.D.S. Temple

L.D.S. Temple
Manti Temple