The Failed Utah Thrifts and Loans Collection, 1964-1988

A Register of the Collection at the
Utah State Historical Society
The machine-readable finding aid for this collection was created by the Collections Management staff, Utah State Historical Society, with financial assistance from an LSTA grant provided by the Utah State Library Division.

Utah State Historical Society
Salt Lake City, Utah

Copyright, 2000, Utah State Historical Society. All rights reserved.
Reproduction, storage or transmittal of this work, or any part of it, in any form or by any means, for commercial purposes, is prohibited without prior authorization of the Utah State Historical Society. This work may be used for scholarly and other non-commercial use provided that the Utah State Historical Society is acknowledged as the creator and copyright holder.
Summary Description | Background | Scope and Content | Administrative Info | Container List

Summary Description
Repository:Utah State Historical Society
Call number:Mss B 1050
Creator:
Title:Failed Utah Thrifts and Loans Collection, 1964-1988
Quantity:4 lin. ft. (8 boxes)
Abstract:The 1980s was a turbulent period in the history of the savings and loan industry. The high inflation and high interest rates of the 1970s and early 1980s combined with an abrupt shift in real-estate tax codes and a severe economic downturn to expose the illiquid and undiversified portfolios of most savings institutions. As market interest rates rose above regulated savings-deposit rates, institutions were faced with heavy withdrawals and a shortage of funds. Moreover, their largely fixed-rate mortgage portfolios had declined in value. Hence, much of the industry was technically insolvent. The federal government responded first by removing deposit interest-rate ceilings in order to allow institutions to compete for deposits, and subsequently by allowing greater diversification. Unfortunately, the regulation of the industry failed to keep pace with the new developments, and many institutions that were insolvent. Records of thrift and loan companies that failed in Utah during the 1980s.

Topics:
Savings and loan association failures -- Utah.

Organizations:
Copper State Thrift and Loan Co. (Utah).
Interlake Co. (Utah).
Pioneer Finance and Thrift Co. (Utah).
Utah Thrift.
Western Heritage Thrift and Loan (Utah).
Summary Description | Background | Scope and Content | Administrative Info | Container List

Background

Background Note

The 1980s was a turbulent period in the history of the savings and loan industry. The high inflation and high interest rates of the 1970s and early 1980s combined with an abrupt shift in real-estate tax codes and a severe economic downturn to expose the illiquid and undiversified portfolios of most savings institutions. As market interest rates rose above regulated savings-deposit rates, institutions were faced with heavy withdrawals and a shortage of funds. Moreover, their largely fixed-rate mortgage portfolios had declined in value. Hence, much of the industry was technically insolvent. The federal government responded first by removing deposit interest-rate ceilings in order to allow institutions to compete for deposits, and subsequently by allowing greater diversification. Unfortunately, the regulation of the industry failed to keep pace with the new developments, and many institutions that were insolvent.
Summary Description | Background | Scope and Content | Administrative Info | Container List

Scope and Content

Records of thrift and loan companies that failed in Utah during the 1980s.

Series Descriptions

BMA Financial Services
Copper State Thrift & Loan Co.
Interlake Company & Consolidated Subsidiaries
Pioneer Finance and Thrift Company and Subsidiaries
Western Heritage Thrift and Loan/AID Financial CorporationUtah Thrift Liquidation
Utah Thrift Liquidation
Summary Description | Background | Scope and Content | Administrative Info | Container List

Administrative Information

Preferred Citation:

Failed Utah Thrifts and Loans Collection, 1964-1988, Utah State Historical Society.

Acquisition Information:

Transferred from the Utah State Archives.

Restrictions on Use

The Failed Utah Thrifts and Loans Collection is the physical property of the Utah Historical Society, Salt Lake City, Utah. Literary rights, including copyright, may belong to the authors or their heirs and assigns. Please contact the Historical Society for information regarding specific use of this collection.

Processing Information:

Collection processed by Stephen D. Youngkin

Finding aid compiled by Stephen D. Youngkin

Finding aid edited by Linda Thatcher, 2000

Collection cataloged by Linda Thatcher, 2000 (RLIN ID: UTSX00-A56).

Finding aid encoded for the World Wide Web by Craig Ringgenberg, 2000.

Separations

Photographs have been removed and filed as Mss C 1050.
Summary Description | Background | Scope and Content | Administrative Info | Container List

Container list

Box

Folder

Contents

BMA Financial Services

1

1-9

Memorandum, 1983-1986; variable rate installment loan overview, installment loan application overview, action requests, records, miscellaneous materials

Copper State Thrift & Loan Co.

1

10

Minutes of Meetings of Board of Directors (with accompanying documentation), 1977-1978, 1981-1986

2

1-3

(continued from above)

Interlake Company & Consolidated Subsidiaries

2

4

Mountair Homes, Inc., balance sheet, 30 June 1964

2

5

Mountair Homes, Inc., financial statements, 30 June 1965

2

6

Mountair Homes, Inc., financial statements, 30 June 1966

2

7

Interlake Company & Subsidiaries, financial statements, 30 June 1967

2

8

Interlake Thrift, financial statements, 30 June 1967

2

9

Karman Kitchens Inc., financial statements, 30 June 1967

2

10

Mountair Homes, Inc., financial statements, 30 June 1967

2

11

Interlake Company & Subsidiaries, financial statements, 30 June 1968

2

12

Interlake Credit, financial statements, 30 June 1968

2

13

Interlake Thrift, financial statements, 30 June 1968

2

14

Karman Kitchens Inc., financial statements, 30 June 1968

2

15

Mountair Homes, Inc., financial statements, 30 June 1968

2

16

Interlake Company & Subsidiaries, financial statements, 30 June 1969

2

17

Interlake Credit, financial statements, 30 June 1969

2

18

Interlake Thrift, financial statements, 30 June 1969

2

19

Karman Kitchens Inc., financial statements, 30 June 1969

2

20

Mountair Homes, Inc., financial statements, 30 June 1969

2

21

Interlake Company & Subsidiaries, financial statements, 30 June 1970

2

22

Interlake Thrift, financial statements, 30 June 1970

2

23

Karman Kitchens Inc., financial statements, 30 June 1970

2

24

Mountair Homes, Inc., financial statements, 30 June 1970

2

25

Interlake Company & Subsidiaries, financial statements, 30 June 1971

2

26

Interlake Thrift, financial statements, 30 June 1971

3

1

Karman Kitchens Inc., financial statements, 30 June 1971

3

2

Mountair Homes, Inc., financial statements, 30 June 1971

3

3

Interlake Company & Subsidiaries, financial statements, 30 June 1972

3

4

Interlake Thrift, financial statements, 30 June 1972

3

5

Karman Kitchens Inc., financial statements, 30 June 1972

3

6

Mountair Homes, Inc., financial statements, 30 June 1972

3

7

Interlake Company, Annual Report, 1973

3

8

Interlake Company & Subsidiaries, financial statements, 30 June 1973

3

9

Interlake Thrift, financial statements, 30 June 1973

3

10

Karman Kitchens Inc., financial statements, 30 June 1973

3

11

Mountair Homes, Inc., financial statements, 30 June 1973

3

12

Interlake Company, Annual Report, 1974

3

13

Interlake Company & Subsidiaries, financial statements, 30 June 1974

3

14

Interlake Thrift, financial statements, 30 June 1974

3

15

Karman Kitchens Inc., financial statements, 30 June 1974

3

16

Mountair Homes, Inc., financial statements, 30 June 1974

3

17

Interlake Company & Subsidiaries, financial statements, 30 June 1975

3

18

Interlake Thrift, financial statements, 30 June 1975

3

19

Karman Kitchens Inc., financial statements, 30 June 1975

3

20

Mountair Homes, Inc., financial statements, 30 June 1975

3

21

Interlake Company & Subsidiaries, financial statements, 30 June 1976

3

22

Interlake Thrift, financial statements, 30 June 1976

3

23

Karman Kitchens, Inc., financial statements, 30 June 1976

3

24

Mountair Homes, Inc., financial statements, 30 June 1976

3

25

Interlake Company & Subsidiaries, financial statements, 30 June 1977

3

26

Interlake Thrift, financial statements, 30 June 1977

4

1

Karman Kitchens Inc., financial statements, 30 June 1977

4

2

Mountair Homes, Inc., financial statements, 30 June 1977

4

3

Intrerlake Company & Consolidated Subsidiaries, financial statements, 30 June 1978

4

4

Mountair Homes, Inc., financial statements, 30 June 1978

4

5

Interlake Company & Consolidated Subsidiaries, financial statements, 30 June 1979

4

6

Interlake Thrift, financial statements, 30 June 1979

4

7

Karman Kitchens Inc., financial statements, 30 June 1979

4

8

Mountair Homes, Inc., financial statements, 30 June 1979

Pioneer Finance and Thrift Company and Subsidiaries

4

9

Pioneer Finance Corporation, balance sheet, assets, thrift certificates, 1951-1957

4

10

Report of Examination made of Pioneer Finance Corporation, 16 May 1956

4

11

Pioneer Finance and Thrift Company, Salt Lake City, Utah, audited financial statements and other financial information, 30 June 1957

4

12

Appraisal and Recommendations for Proposed Profit Sharing Plan for Pioneer Finance and Thrift Company, Salt Lake City, Utah, 23 May 1958

4

13

Pioneer Finance and Thrift Company and Subsidiaries, Salt Lake City, audited consolidated financial statements and other financial information, 30 June 1958

4

14

Pioneer Finance and Thrift Company and Subsidiaries, Salt Lake City, audited consolidated financial statements and other financial information, 30 June 1959

4

15

Pioneer Finance and Thrift Company and Subsidiaries, Salt Lake City, Utah, audited consolidated financial statements and other financial information, 30 June 1960

4

16

Pioneer Finance & Thrift Company & Subsidiaries, balance sheet, 31 May 1961

4

17

Pioneer Finance & Thrift Co. & Subsidiaries, comparative financial statement, 30 June 1961 - 30 June 1962

4

18

Pioneer Finance and Thrift Company and Subsidiaries, Salt Lake City, Utah, audited consolidated financial statements and other financial information, 30 June 1961

4

19

Pioneer Construction Company, audited financial statements, 30 June 1961

4

20

Pioneer Finance and Thrift Company and Subsidiaries, Salt Lake City, Utah, audited consolidated financial statements and other financial information, 30 June 1962

4

21

Pioneer Construction Company, audited financial statements, 30 June 1962

4

22

Pioneer Finance and Thrift Company and Subsidiaries, Salt Lake City, Utah, audited consolidated financial statements and other financial information, 30 June 1963

4

23

Pioneer Construction Company, Salt Lake City, Utah, financial statements and accountants' Report, 30 June 1963

4

24

Pioneer Finance and Thrift Company and Subsidiaries, report on examination of accounts and records including balance sheet at 30 June 1964; statement of income and retained earnings for the fiscal year then ended, and supporting schedules, 30 June 1964

5

1

Pioneer Construction Company, report on examination of accounts and records including balance sheet at 30 June 1964; statement of income and retained earnings for the fiscal year then ended, and supporting schedules, 30 June 1964

5

2

Pioneer Finance & Thrift Company & Subsidiary Companies, financial statements, 30 June 1965

5

3

Pioneer Construction Company, financial statements, 30 June 1965

5

4

Pioneer Finance & Thrift Company & Subsidiary Companies, financial statements, 30 June 1966

5

5

Pioneer Construction Company, financial statements, 30 June 1966

Western Heritage Thrift and Loan/AID Financial Corporation

5

6

Documents in the possession of Elon Booker, 1979-1985

5

7-8

Minutes of Regular Meetings of the Board of Directors of AID Financial Corp., 8 February 1979 - 30 November 1981; Executive Meetings, 11 May 1979 - 24 November 1981

5

9

Western Heritage Thrift and Loan, Minutes of Regular Meeting of the Executive Committee, 1 October 1979 - 13 April 1982

6

1-3

Western Heritage Thrift and Loan, minutes of meeting of the Board of Directors, 13 November 1979 - 23 March 1982

6

4

Engagement letter of Main Lafrentz & Co., 21 November 1979

6

5

Western Heritage Thrift & Loan Co. (A Wholly- Owned Subsidiary of A.I.D. Financial Corp.), Financial Statements with Accompanying Information, Year ended 30 June 1981 and the period from 29 August 1979 (inception) through 30 June 1980

6

6

A.I.D Financial Corp. Annual Report, 30 June 1980

6

7

Fidelity and other indemnity protection, 31 May 1981

6

8

Main Hurdman Certified Public Accountants Audit Report & Financial Statement, 30 June 1981 and 30 June 1980

6

9

Main Hurdman Loan and Lease File Documentation, 11 December 1981

6

10

State of Utah Department of Financial Institutions Call Report, 31 December 1981

6

11

Tabulation from State of Utah Department of Financial Institutions Call Reports, 31 December 1981

6

12

Balance sheet comparison, 31 December 1981

6

13-14

Miscellaneous materials; Agenda and script for annual shareholders' meeting; affidavit of mailing of notice of annual meeting of shareholders; certified list of stockholders; oath of inspectors of election of A.I.D. Financial Corp.; Report of Inspectors of Election; articles of incorporation of A.I.D. Financial Corp.; by-laws of A.I.D. Financial Corp.; proxy statement; ballot for directors, 1982

6

15-17

Combined Minutes of AID Financial Corporation, Western Heritage Thrift and Loan and Western Heritage Leasing Board Meetings; 8 March 1982 - 17 December 1982; Executive Meetings, 27 April 1982 - 28 September 1982

6

18

Western Heritage Thrift & Loan Co., Financial statements with accompanying information; years ended 30 June 1982 and 1981 (and Report of Certified Accountants)

6

19

Report of condition, 30 June 1982

6

20

A.I.D. Financial Corporation and Subsidiaries, Financial Statements with accompanying information; years ended 30 June 1982 and 1981 (and Report of Certified Accountants)

6

21

Re-application for permission to increase ratio of thrift and debt to capital, 27 September 1982

6

22

Western Heritage Thrift and Loan, Policies and Procedures Manual, 1983-1986

7

1

(continued from above)

7

2

Analysis of other Thrift--3 year summary, 1983-1985

7

3

Combined Minutes of A.I.D. Financial, Western Heritage Thrift and Western Heritage Leasing, Board Meeting, 8 April 1983

7

4-6

Minutes of Western Heritage Thrift and Loan Board Meetings, 14 June 1983 - 15 October 1985

7

7

Main Hurdman Audit Report & Financial Statement, 30 June 1983

8

1

Western Heritage Thrift & Loan Co., Financial Statements with accompanying information, years ended 30 June 1983 and 1982 (and Report of Certified Public Accountants)

8

2

Western Heritage Thrift and Loan, Management Report by Main Hurdman, 29 November 1983

8

3

A.I.D. Financial Corporation and Subsidiaries, Consolidated Financial Statements with accompanying information; six months ended 31 December 1983 (compilation) and year ended 30 June 1983

8

4

Western Heritage Thrift and Loan Co., Statistical Report to the Commissioner of Financial Institutions, 1 January 1984 to 30 June 1984

8

5

Western Heritage Thrift and Loan Areas of Discussion, 12 April 1984

8

6

Western Heritage Thrift & Loan Co., Financial Statements with accompanying information, years ended 30 June 1984 and 1983 (and Report of Certified Public Accountants)

8

7-8

Western Heritage Thrift & Loan Co.; State of Utah, Department of Financial Institutions, Reports of Examination, 30 June 1984

8

9

Western Heritage Thrift & Loan Co., Main Hurdman Projected Financial Statements, 30 November 1984

8

10

Western Heritage Thrift & Loan Co., Complaint, Western Heritage vs. James Munsee, et al., 4 September 1986

8

11

Western Heritage Thrift & Loan Co., Depositions, Western Heritage Thrift & Loan vs. Burgon, et al., 26 April 1988

8

12

Western Heritage Thrift & Loan Co., Robbery Response Notification, n.d.

Utah Thrift Liquidation

8

13

Documents Supporting Allegations Against Third Parties; 1988