OCR Text |
Show Down Memory Lane BY JOHN J. CREEDON BANKS OF BINGHAM CANYON Through the kind cooperation of Rodney O. Chapman, manager of the First Security Bank of West Jordan, formerly of Bingham, I have had access to some of the old records re-cords of the banking business in Bingham Canyon and with what I can recall from memory, 1 shall try and give you the history of banking bank-ing in the Canyon. Old timers have told me that the first banker in Bingham was Steve Hays, who ran a mercantile store and took care of the banking needs of the community by cashing checks and holding money for individuals in his safe. One man said that he had a scale for weighing gold dust and nuggets. He grubstaked the prospectors and handled their finances fin-ances in the early days before a formal bank was established. The first charter for a bank in Bingham Canyon was issued Octo-ber Octo-ber 13, 1903, under the hand of James T. Hammond, Ham-mond, Secretary of State. This charter stated that on the above date the oath of officers of said bank were filed to First Security Bank of Bingham. The minutes of this meeting showed L. S. Cates, president and Charles T. S. Parsons, secretary. Stockholders voting for the change were L. S. Cates, D. D. Moffat, C. E. Adderley, J. D. Shilling and Charles T. S. Parsons and First Security Corporation of Ogden. The next important step in the history of Bingham State-First Security Se-curity Bank came about on April 4, 1930, when they .assumed the assets and liabilities of the First National Bank of Bingham, which was going into voluntary liquidation liquida-tion and wished to provide for an orderly payment of its liability to its depositors. Signing this agreement was George E. Chandler, president and Eugene Chandler, cashier of the First National Bank. C. E. Adder-ley, Adder-ley, president and Charles T. S. Parsons, secretary of the First Security Se-curity Bank. The accompanying list of liabilities liabili-ties and assets of the First National Bank was most interesting to read. It contained many names I recognized recog-nized as friends and neighbors, people who had made loans or were making payments through the bank. One interesting item at the head of the list of resources was an item of $5,000.00 listed as Goodwill. Old Liberty Loan Bonds of the U. 5. Government were also listed among the assets. Brent Lynch was appointed as custodian of the master key for the safety deposit boxes and the leasers of these boxes were urged to renew re-new their contract with the new depository without any loss of rental ren-tal in the exchange. The First National Bank was established by George E. Chandler in his new Princess Theater building build-ing in the early Twenties. There was none of the stiff banking bank-ing practices that were common in that day in the big cities. Your dealings with the banker was in the open and everyone knew pretty much about your business in the bank. Overdrafts and delayed payments pay-ments on loans were usually taken care of by verbal contact. f ' Mr. Creedon hi ofVce- Uf" fortunately the names of the officers are not on the charter, nor can any of my friends recall who they were. The bank was Bingham State Bank and it was established in the first brick building in Bingham adjoining ad-joining the Steve Hays store, where it remained until the bank was moved mo-ved to the Utah Power and Light building a few years ago. On January 31, 1907 another certificate from the Secretary of State Charles S. Tingey authorized an amended article VII which read: "The authorized capital stock of this corporation shall be fifteen thousand dollars ($15,000.00) divided di-vided into one hundred fifty shares (150) of par value of one hundred ($100.00) each. The Bingham State Bank continued con-tinued operation without interruption interrup-tion under that name until May 2, 1929, when its name was changed' |