Barnes Bank works to raise more capital

KAYSVILLE (Davis County Clipper) — Barnes Banking Company management is working to raise capital.

That was among items discussed with stockholders during a special meeting last Friday held at the bank’s headquarters, here.

“As a result of the discussions, potential sources for increasing the bank’s capital are being pursued in a unified effort between the bank’s management, directors and shareholders,” said Bank Chairman, President and CEO Curtis H. Harris.

Harris reiterated previous statements that bank deposits are “secure and insured by the FDIC” for up to $250,000.

Last spring, the Federal Reserve and Utah Department of Financial Institutions ordered the bank to formulate a plan to restore its depleted capital reserves within 60 days.

The bank was founded in 1891 and has 10 branches from St. George to Weber County. In the past, the bank has been cited as among the most secure financial institutions in Utah.

Original Article