CENTRAL BANK & TRUST COMPANY v. Brimhall

CROCKETT, Justice:

Plaintiffs, Utah Valley Bank and the Central Bank & Trust Company, appeal from a judgment of the district court which sustained the findings and order of the State Bank Commissioner 1 granting the First Security Corporation a charter to establish a bank in Springville, Utah. The position of the plaintiffs is that the application of First Security to establish the new bank was in fact a subterfuge to disguise its real purpose of establishing a branch bank in Springville which it could not lawfully do.

The statutory provision pertinent here is Section 7-3-6, U.C.A.1953, which…