Bank of Southern Utah

Bank of Southern Utah. . , In February 1904, local businessmen became convinced that a strong financial institution was needed in Cedar City and the Bank of Southern Utah was created. By 1925, the bank had proven a valuable asset to the community and this building was constructed. The bank, along with the local economy, continued to thrive until the economic struggles of the Great Depression. On Christmas Eve 1931, the bank's Board of Directors realized that the bank would be unable to meet its state-mandated legal reserves; the 27-year-old bank would have to close. , The State Bank Commissioner favored liquidation of the bank, but the community, led by the Chamber of Commerce, disagreed. The commissioner conceded to allow the bank to reopen if the community raised $100,000 for the reserve. Cedar City residents rose to the challenge and began a massive fundraising effort. Some mortgaged their homes, others borrowed from insurance policies, and teachers donated their pay. Their valiant efforts raised $90,000. Though short of goal, the Bank Commissioner reluctantly agreed that the bank could reopen, but warned of a run on the bank. On May 4, 1932, in anticipation of the doors reopening, a long line formed stretching across Harding Avenue. At the appointed hour the crowd rushed in, it was a run on the bank, but not to withdraw-to deposit. More than $26,000 in deposits: were made that first day. The Bank of Southern Utah became the only bank in Utah that closed and reopened during the Depression. The effort in reopening the bank is a testament to the people of Cedar City and their commitment of putting community above self. , Dedicated Thursday, November 11, 2021 , by Cedar City Historic Preservation Commission , Visit Cedar City Brian Head