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Failed Bank Information
Bank of Ephraim, Ephraim, UT, Closing Information
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- Introduction
- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Receivership Termination
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| I. Introduction |
On June 25, 2004, Bank of Ephraim, Ephraim, Utah was
closed under a court order sought by Commissioner of the Utah Department of Financial Institutions. 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.
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| 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.
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| III. Acquiring
Financial Institution |
All insured deposit accounts were
transferred to Far West Bank, Provo, Utah ("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, Utah.
You may view more information about Far West Bank by visiting
their web site at Far West Bank Web Site
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IV. 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
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| V. Dividend Information
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Dividend
Information on Failed Financial Institutions |
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VI. Receivership Termination |
The FDIC, as Receiver for the Bank of Ephraim,
Ephraim, Utah, 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
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