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Show FDIC approval given new Cedar City bank Confirmation of the acceptance of the American Bank of Commerce Com-merce of Cedar City by the Federal Deposit Insurance Corporation of Washington, D. C. has been received, it is announced an-nounced by the vice president and cashier, Dan R. Eastman. Offices of the bank or temporarily tem-porarily located at 444 South Main Street in Cedar City and plans are being formulated to open the new facilities at the temporary location as soon as the balance of the outstanding stock has been sold. The acquiring of the FDIC insurance offers the American Bank of Commerce ability to provide all accounts with the new firm insurance by an agency of the Federal Government. Each account, with the FDIC, will be insured to a maximum of $20,000, the cashier points out. Eastman stated that it is anticipated an-ticipated that the completion of the stock sale will be made by . mid-March and at that time the banking operations would be opened. Further it was announced that architect John Rowley, of Cedar City, who is designing a building for the new banking firm, estimates that construction should begin near April 1. The new building will be located immediately adjacent to the temporary offices at 444 South Main Street. President of the new bank and a proposed director, is R. L. Gardner, Cedar City attorney. Other proposed directors from Cedar City are Cal Carter, Haze Hunter and Dallin Gardner. |