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Show Cedar Bank Asks For Parowan Branch takeover bid by First Security Bank last year. The proposal, however, was denied by the U.S. Comptroller of the Currency on grounds it would give First Security too strong a position in the market. Cedar City's State Bank of Southern Utah has applied with the state banking department for permission to establish a branch office in Parowan. Eldon Schmutz, executive vice president of the $54 million-asset concern, said the Parowan office would primarily serve approximately ap-proximately 400 existing customers in the area who account for around $3.5 million in State Bank of Southern Utah deposits and a similar amount of outstanding loans. Schmutz said those accounts would be transferred from the bank's head office in Cedar City to the Parowan branch, should the new location meet with Utah Dept. of Financial Institution's approval. Plans call for a $400,000 investment in-vestment in a new 3,000 square foot building at 93 No. Main in Parowan, Schmutz said, which will provide about four new jobs in the area. Previous experience has shown the 27-year-old financial institution a branch the size of the proposed Parowan office can be profitable with only $2.5 million in deposits, making the application a natural decision on the bank's part, he said. In addition to the Cedar City office, of-fice, State Bank of Southern Utah maintains branches in Circleville, Orderville and Kanab. Currently, the Bank of Iron County is the only established financial institution in Parowan, according to Schmutz. That bank and its two branches in Escalante and LaVerkin were subject to a |
