The Payson Exchange Savings Bank was opened in April of 1890 in a new two-story building located on the southeast corner of Main Street and Utah Avenue. Since the bank did not have the proper license to operate at that time, it was forced to close until the following year. It was not granted a license to operate until January 1891. The bank advertised that it could transact a general banking business, forward money to any part of the United States, Mexico, or Europe at the lowest possible rates.
In 1924, after more than thirty years in business, the Payson Exchange Bank failed and closed its doors. In 1927, Payson City purchased the building and established a city office complex. The City Library was moved from the Hancock Building located a block north of the old bank building. The library occupied the main west portion of the bank. The City Council Chamber was located on the second floor above the library
The City Offices were moved from the old City Hall across the street west of the City Park to the east rooms of the bank building. The offices had their own entrance located on Utah Avenue. The city police and a jail were located adjacent to the city offices. R. W. McMullin, attorney-at-law occupied the rooms above the city offices.
The bank building housed the library and city offices until the early 1980’s when they were moved to the new city complex located in the newly remodeled Payson City Hospital building located on West Utah Avenue.(*)
It is now Eli’s Old Fashioned Ice Cream and Soda Shop, an awesome place that not only has great food and ice cream but is fun to sit in and look around at the old bank vault, windows, woodwork and more.