Community First Bank, the oldest continuously operating business in the city and a landmark for decades, has had a significant impact on the development of the Clearfield area.
First Security is in the process of acquiring the historic bank and its four branches. Harold C. Steed, retired chairman of the board and CEO for Community First, said the bank opened in 1917 just north of what is now 36 S. Main.He said there were no street numbers in those days because Clearfield didn't incorporate until 1922.
"It was it in the heart of downtown Clearfield in those early days," Steed said. "It was a small building."
The bank, originally known as Clearfield State Bank, was the only bank between Ogden and Layton for a long time.
Steed, who worked at the bank for 45 years, said Clearfield initially used the bank offices as a city hall until it obtained its own municipal building. Bank officers also doubled as city officers temporarily.
The bank also had an impact on other cities - even in southern Weber County - and when Roy got started as a city, Steed said Clearfield State Bank was the primary lender because it was the closest financial institution.
Steed said the only time the bank didn't pay dividends was during the Great Depression when government regulations wouldn't allow it.
"It was a very successful bank. . . . It never had a losing year," Steed said. He said the community bank catered to small- to moderate-income customers.
In 1948, the bank opened a new building at 10 S. Main. Its first branch office opened in Sunset in 1963 with a second branch in Syracuse in 1972 and a Clinton office in 1975. The main office moved to 180 S. State in 1977. A third branch office was opened near the Layton Hills Mall in 1980.
The bank changed its name to Community First Bank in 1986.
"It seemed better to have a name that didn't apply to any one city," Steed said.
The agreement with First Security is still subject to approvals by the government regulators and shareholders of both banking companies, but Steed expects it to go through.
"It will bring some new ideas and capability that a small bank can't offer," Steed said of the change to First Security. "But it will pretty much be business as usual."
Community First has assets of $77 million and deposits of $64 million. First Security is a diversified organization with $8.5 billion in assets.