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Regulators Announce Takeover of a Utah Bank

Regulators Announce Takeover of a Utah Bank

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(KSL News) Federal regulators today announced the takeover of a Utah bank.

Questions about the financial stability of the Bank of Ephraim led Far West Bank to purchase the bank's assets.

The buyout comes after poor returns on loans made at a branch in the polygamist community of Hildale. A Bank of Ephraim executive was also recently indicted on embezzlement charges.

Three of the bank's locations will reopen Monday under the Far West name. The Hildale branch will not reopen.

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