Bank of American Fork, a division of People's Intermountain Bank, [1] is a bank in American Fork, Utah. Originally called The People's State Bank of American Fork, it officially changed its name to Bank of American Fork in the 1960s. Bank of American Fork recently purchased and restored a historical building built in 1911 and was listed on the National Register of Historic Places in 1993. The historic building originally housed the original Bank of American Fork that closed after the 1929 stock market crash.
The bank's headquarters is significant as the only surviving bank building and the "most visually impressive" of four surviving intact historic commercial buildings on Main Street.
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History
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Early Years
Bank of American Fork was established in 1913 as The People's State Bank of American Fork. In its early years, the bank found modest success servicing mostly sheep farmers in Utah County. Key to the bank's success was the leadership of Clifford E. Young, the Bank's manager from 1913 until the mid 1950s.
After the stock market crash of 1929, the Bank survived with the help of Young and other shareholders who sold and mortgaged their personal property. In early 1932, Young decided to temporarily close People's State Bank instead of risking a run on the bank, as had happened to many banks across the country. The bank re-opened later that year.
Orville Gunther, a local businessman, had been serving on the Bank's board of directors for several years when, in the early 1960s, he purchased a controlling interest in the bank. Soon after, Gunther shortened the name of the bank by dropping "People's State" so that it became known as "Bank of American Fork."
1970s - 2000s
Expansion within Utah began in the 1970s when the Bank's second branch was built in Alpine. The 1990s saw full-service branches constructed in Highland, Orem, Lehi, Pleasant Grove and Spanish Fork. With the new century came new branches in the Salt Lake Valley, including locations in Draper, Sandy, Murray and Riverton. Later, a Saratoga Springs branch opened in Utah Valley and a Layton branch opened in Davis County, bringing the total number of Bank of American Fork branches to 13. In 2014, Bank of American Fork opened a full-service branch in St. George. As of August 2017, Bank of American Fork has 15 branches. The bank's holding company is People's Utah Bancorp.
2013 - Present
In 2013, Bank of American Fork merged with Lewiston State Bank of Logan, Utah [2]. In 2015, Bank of American Fork and Lewiston State Bank merged their banking charters into one, with the existing charter named People's Intermountain Bank. As divisions of People's Intermountain Bank, Bank of American Fork and Lewiston State Bank continue operating under their traditional names and branding.
In June 2017, People's Intermountain Bank announced its intention to purchase Town & Country Bank of St. George, Utah. Pending regulatory approval and the closing of the transaction, the Bank of American Fork branch in St. George will be consolidated with the Town & Country Bank St. George location and operate as People's Town & Country Bank, a division of People's Intermountain Bank.
In July 2017, People's Intermountain Bank announced its intention to acquire Banner Bank's Utah branches. Pending regulatory approval and the closing of the transaction, these branches will operate under the name Bank of American Fork, bringing the total number of Bank of American Fork branches to 20.[3]
Source of the article : Wikipedia
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