Information for Bank of Ephraim, Ephraim, UT
- Introduction
- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Receivership Termination
I. Introduction
On June 25, 2004, Bank of Ephraim, Ephraim, UT was closed under a court order sought by the Commissioner of the Utah Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. As Receiver, the FDIC is charged with winding up the business affairs of the failed financial institution. This includes the disposition of assets and liabilities of the failed financial institution and payment of dividends to approved creditors in order of priority.
The FDIC, as Receiver, has taken all necessary actions to conclude the affairs of the failed financial institution, made all dividend distributions as required by law and the receivership estate is deemed terminated.
II. Press Release
The FDIC has issued a press release (PR-69-2004) about the institution’s closure. If you represent a media outlet and would like information about the closure, please contact the FDIC Public Affairs Office at (202) 898-6993.
III. Acquiring Financial Institution
All insured deposit accounts were transferred to Far West Bank, Provo, UT ("assuming institution") and were available immediately. Your bank re-opened during regular business hours at the following former Bank of Ephraim branches:
757 North Main Street
Ephaim, UT 84627
Main Street
Ephraim, UT 84627
1095 South Hwy 89
Mount Pleasant, UT 84647
The branch at 1195 West Utah Ave., Hilldale, UT 84784, did not reopen. Customers of this branch may contact the Far West Bank branch at 308 West Tabernacle, St. George, UT.
On April 1, 2007, Far West Bank merged with Banner Bank.
You can contact Banner Bank
10 South First Avenue
Walla Walla, WA 99362
Banner Bank (www.bannerbank.com)
VIII. Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- Depositors
- General Unsecured Creditors
- Subordinated Debt
- Stockholders
IX. Dividend Information
Dividend History on Bank of Ephraim
Dividend Information on Failed Financial Institutions
VI.Receivership Termination
The FDIC, as Receiver for the Bank of Ephraim has taken all actions necessary to terminate the Receivership Estate.
The Receiver published legal notice of intent to terminate in The Spectrum (St. George, UT) on March 31, 2007.
The Receiver has made all dividend distributions required by law.
Effective November 15, 2007, the Receivership Estate has been terminated, the
Receiver discharged, and the Receivership Estate has ceased to exist as a legal entity.