Central Bank of Utah history

With the death of Samuel S. Walker, the brothers surrendered the national charter in 1893 and formed a partnership - Walker Brothers Bankers.

By 1900, deposits in McCornick and Company exceeded $5 million.

The State Bank of Provo was organized in 1902 by 16 men of incredibly diverse backgrounds—sheep farmer, plumber, attorney, you name it—who all wanted to find a safe, stable place to save and borrow money.

After Joseph R. Walker's death, the firm reincorporated in 1903 as Walker Brothers Bankers, with a capital of $200,000.

Cosgriff rechartered the bank in 1909 as the Continental National Bank and Trust Company of Salt Lake City.

The firm was finally incorporated as McCornick & Co. in 1910, one of the leading stockholders being Daniel C. Jackling, "father of Utah copper." McCornick became president of a number of other banks, including the First National banks of Logan and Nephi.

As the result of a partnership agreement between the Eccles and the Browning interests, seventeen banks in Utah, Idaho, and Wyoming were acquired in the 1920s.

His Salt Lake bank was sold to Walker Brothers after his death in 1921.

Zion's Savings Bank & Trust Company celebrated its first half-century in 1923, by which time its resources had grown from $55,876 to $12 million.

The bank expanded gradually until 1924 when the community-focused officers and directors were instrumental in attracting the Columbia Steel Mill to the site between Provo and Springville.

On 15 June 1928 Marriner, his brother George, and Jonathan Browning, along with a few other persons, formed the First Security Corporation, generally regarded as the first multi-bank holding company in the United States.

Collins continued to work with the company while moving up the ladder of responsibilities and authority; his name was added to the company in 1944 as it became Tracy-Collins Trust Company.

In 1960, when its resources were $154 million, the church sold its majority stock to a group of businessmen headed by Leland B. Flint of Salt Lake City.

After more than a century of banking and a series of name changes and acquisitions, it became the Provident National Bank in 1964.

On July 1, 1966, the Springville Banking Company and the State Bank of Provo merged under the new name of Central Bank and Trust.

By 1972 Zions First National Bank had become the second largest banking institution in Utah, with total assets of $396 million.

Walker Bank became part of First Interstate Bank of Utah in 1981.

The Pittsburgh National Bank and the Provident National Bank combined their extensive banking experience in 1983.

In 1984, PNC acquired the Marine Bank of Erie, Pennsylvania.

In 1985, Thomas H. O’Brien replaced the retiring Merle Gilliand as CEO at PNC. At 48, O’Brien was the youngest CEO of any major United States bank.

In 1986, the Hershey Bank joined the group.

In 1987, with the acquisition of Citizen’s Fidelity Corporation of Louisville, PNC grew larger than its rival, the Mellon Bank.

In 1988, PNC acquired the Central Bancorp of Cincinnati, and the First Bank and Trust of Mechanicsburg.

In 1990 First Security was the largest banking system in the Intermountain West, with 186 branches, and $5.3 billion total assets.

Disclaimer: Information on this site was converted from a hard cover book published by University of Utah Press in 1994.