Each depositor insured to at least $250,000 per insured bank



Home > Industry Analysis > Failed Banks > Failed Bank List > Failed Bank Information




Failed Bank Information
Bank of Ephraim, Ephraim, UT, Closing Information
  1. Introduction
  2. Press Release
  3. Acquiring Financial Institution
  4. Priority of Claims
  5. Dividend Information
  6. 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.

Back to top
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.

Back to top
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.

You may view more information about Far West Bank by visiting their web site.

Far West Bank Web Site

Back to top
IV.  Priority of Claims

In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:

  1. Depositors
  2. General Unsecured Creditors
  3. Subordinated Debt
  4. Stockholders

Back to top
V.  Dividend Information
Dividend History on Bank of Ephraim

Dividend Information on Failed Financial Institutions
Back to top
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.

General Disclaimer

Back to top



Last Updated 4/9/2008 Customer Service