In late 1981 the Payson City Library moved from the old Payson Exchange Bank Building after calling it home from 1927 until 1981 a total of 54 years. Payson City had purchased the building in 1927 after the bank closed. The building contained the City Library in the west end of the building. To the east could be found the city offices and the Police Department. The library occupied an area of 800 square feet on the main floor and a junior library was built downstairs in the basement area of the building.
In late 1981 the library was moved to the remodeled City Building that was the former Payson Hospital facility. In the new location they had about 12,000 square feet to utilize for the library. It remained here until it was moved to the remodeled J. C. Penney Building on Payson Main Street where we find it today.
The library area of the old building is now occupied by the Book Vault in the basement and Eli's Ice Cream Shop on the main level.