Holladay Utah History
In 1866, the Holladay Overland Mail Express Company expanded its service from Atchison, Kansas, to Salt Lake City, Utah, a few miles north of the city. In the 1900s, an area between Hollady and Cotonwood began as Lakewood Farm. A few homes in the Salt Lake Valley came under the control of a local rancher and his son-in-law, John H. Holladay.
For many years it was the only Mormon commercial bank in Utah and, with occasional support from the Mormon Church, it successfully weathered the crises of 1873, 1891, 1893 and 1932. Hussey and Dahler were assured that the completion of the transcontinental railway would provide sufficient justification for expansion. The bank was supposed to promote thrift, facilitate immigration to Utah, and mobilize savings in areas in which the LDS church was interested. They cooperated to meet the financial needs of the local population and other businesses in the Salt Lake Valley.
In the 1960s, when its resources exceeded $154 million, the church sold its majority stake to a new group of investors led by former LDS Church president Joseph Smith Jr. and his wife Mary.
Cosgriff has renamed the bank Deseret National Bank of Utah, a subsidiary of the Church of Jesus Christ of Latter-day Saints. It was also founded by outsider B.M. DuRell, who founded the First National Bank of Idaho in Boise in 1867. The first Mormon bank to be established in Utah was the Deseret National Bank, and it was merged with the Salt Lake City institution in 1922.
He moved to Salt Lake City to be associated with A.W. White, who had founded a small private bank in Salt Lake City and bought White's shares to find a way to become Utah's largest private bank.
Hussey, who ran a business in Salt Lake, Montana, quickly built up his bank and founded Utah Savings and Trust in 1889. In 1890, a wool producer took control of several small banks in Wyoming, and Husseys Bank was founded as First National Bank. The LDS Church acquired a significant stake in First National Bank in 1915, but its charter dates back to 1890 and its bank formed an LDS Church Bank. Zion merged with LDS Bank of Utah, then Utah's largest private bank, in 1903 to form Zions FirstNational Bank, which was bought by a group of wool producers who in 1890 bought a small bank, Utah and Wyoming Savings & Trust, founded in 1888.
After concluding that Salt Lake City was a strategic distribution and financial center, DuRell left the Boise Bank to found a Utah bank with $100,000 in paid-in capital. Rich ores, especially gold and silver, have been found in the Great Basin, and there have been other discoveries in Colorado. According to the rich finds made and proven in 1862-63, 1864 seemed to be a boom year for the mining region of Northwest Utah. With the established infrastructure of the banks of Utah and Wyoming, and the presence of a large number of wool producers, it became the center of a growing empire in the interior that included Utah, eastern Nevada, Idaho and Montana.
The Salt Lake City skyline still houses some of the most impressive buildings in the United States, such as the Capitol and the US Courthouse.
When the first pioneers died in Holladay in 1848, a cemetery on a hill southeast of here overlooking the then meandering Big Cottonwood Creek was chosen as the cemetery of the community. The area was first called "Bigottonwood," and Cotonwoods and the surrounding settlements were always associated with "Holladay Burgh." Today, the cemented waterway is visible at the site of the Lower Church Canal, which was supposedly dug in 1849 to bring water to land that had been cleared for harvesting. Looking east, it is the same canal that was dug in 1847 to get water from Salt Lake City.
Holladay is the oldest continuously inhabited settlement in Utah, since Salt Lake City was abandoned in 1857 when the city was occupied by the Johnston Army. Although Holladay traces its roots back to the earliest days of Utah's history, it was not officially incorporated as a city until 1858.
It was home to the first National Bank of Utah, established on 3 March 1866. Zion's First National Bank, which became Utah's second-largest bank in 1972 with a balance sheet of $396 million. First National, rated by the Federal Deposit Insurance Corporation (FDIC) and the Securities and Exchange Commission (SEC) as one of the ten largest banks in the United States, seemed to be profitable.
In the Utah Territory, seventeen banks were established or acquired between 1864 and 1880 in Utah, Idaho and Wyoming. Three were founded by non-Mormon interests and became important to Utah's expanding economy and the development of the state banking system.
Deseret National Bank was the largest bank in the state and one of the most important in Utah history. The bank was founded by Hooper Eldredge and was the first of a number of major private banks to be established in early Utah.