Bank of Ephraim branch fails; Far West takes over

A bank that made high-risk business and consumer loans in a polygamous community on the Utah-Arizona border has been taken over.

The Federal Deposit Insurance Corporation announced Friday that Far West Bank would assume $40.4 million in insured deposits for the failed Bank of Ephraim.
The Sanpete County-based bank lost $778,000 last year after writing off slightly more than $1.3 million in bad loans.

The Bank of Ephraim, founded in 1905, has two offices in Ephraim. It opened a branch in the polygamous community of Hildale in 1995, and, two years ago, opened one in Mount Pleasant.

Three of the bank’s branches were scheduled to reopen Monday as Far West locations. The Hildale branch will not be reopened.

After the Bank of Ephraim got into financial trouble, officials said they had tightened credit standards and stopped accepting leaseholds on property as collateral for loans.

Read Another Article

Christian TV talent show set for fall
Sharia law will be part of new review

Related News Articles Topic(s): Polygamy Subscribe to Religion News Blog updates Subscribe to Religion News Blog [What is this?] Get Religion News Blog's headline by Email [What is this?] Follow Religion News Blog at Twitter Find Related Information Use our custom search engines to find additional research resources on religions and cults: ApologeticsSearch.com: Search for apologetics articles, books, videos, and other research resources across 135 Christian apologetics websites and blogs. CounterCultSearch.com: Search for information about (religious) cults, cult-like organizations, and cults experts -- as well as paranormal-, New Age, and pseudoscientific claims -- across 260+ websites, blogs and forums dedicated to cult research, spiritual abuse, ex-cult counseling & support. Find Related Religion & Spirituality Books at Amazon.com Polygamy Possibly related... or Most Popular Religion News Articles Kent Hovind: Evangelist arrested on federal charges Beast’s real mark devalued to ’616′ Muslim Woman Gives Sex Advice on Arab TV Michael Jackson Confirms Conversion to Islam Kent Hovind, ‘Dr. Dino,’ guilty on all counts The fall and rise of Carlton Pearson Search False prophet Harold Camping sets another date for rapture: May 21, 2011 Watch the film Theo van Gogh was murdered for Kent Hovind — Dr. Dino — sentenced to 10 years in prison

Search Religion News Blog