Barnes closing: It was a part of my life that is gone

KAYSVILLE (Davis County Clipper) — “It was a part of my life that is gone.”

So spoke a longtime customer of Barnes Banking Company, and Kaysville resident, of the 119 year-old bank’s closure, Friday night.

As news accounts have widely reported, one of the state’s oldest banks was shuttered by the Utah Department of Financial Institutions (UDFI) and control handed to the Federal Deposit Insurance Corporation (FDIC).

It reopened Saturday morning as the Deposit Insurance National Bank of Kaysville (NINB). It will operate as such, mostly to “take care of business,” through Feb. 12, information from the UDFI and FDIC said.

“The commission (UDFI) took possession of Barnes Bank to protect depositors and the public, finding, among other things, that Barnes Bank was insolvent and not in a safe and sound condition to transact business,” said Commissioner G. Edward Leary.

He recounted how the UDFI and Federal Reserve Bank of San Francisco had been “closely monitoring” the bank and had “ordered it to increase its capital to a safe and sound level,” with efforts by the bank to comply unsuccessful.

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