December 18, 2019
The Commissioner of Financial Institutions Conditionally Approves the Bank Charter of Bank of St. George
Salt Lake City – Commissioner G. Edward Leary of the Utah Department of Financial Institutions (UDFI) announced today that he has conditionally approved the application of The Bank of St. George to operate as a Utah State-chartered community bank.
The Bank of St. George has been granted the first Utah de novo banking charter since 2007.
The Bank of St. George’s application to operate as a state-chartered commercial bank headquartered in St. George, Utah was filed on April 12, 2019. The Federal Deposit Insurance Corporation (FDIC) conditionally approved the application for deposit insurance on December 17, 2019.
The bank plans to be a full-service community bank offering products and services to consumers and small-to-medium sized businesses. The Bank also plans to work with local nonprofit agencies to offer banking services to low and moderate income individuals served by those organizations.
The UDFI is the regulator for 21 commercial banks, 30 credit unions, 14 industrial banks and 2 trust companies.
As of September 30, 2019, Utah-chartered depository institutions had combined total assets of $315 billion dollars.
January 10, 2018
OCC Alert: Unauthorized Banking: Bluegate Industrial Bank USA, N.A.
The Utah Department of Financial Institutions received an alert from the Office of the Comptroller of the Currency (OCC) concerning an unauthorized company claiming to be a bank.
For more information about the OCC Alert please click on the following link: OCC Alert: Unauthorized Banking: Bluegate Industrial Bank USA, N.A.
The Department or the OCC have not authorized any bank or industrial bank by this name to conduct business in Utah.
November 20, 2017
People’s Utah Bancorp Completes Acquisition of Utah Branches of Banner Bank
On October 9, 2017, People’s Utah Bancorp, the bank holding company of People’s Intermountain Bank, announced that it completed the acquisition of $250 million in loans and seven branch offices, along with $165 million in deposits, from Banner Bank. The seven branch offices acquired are located in Salt Lake City, Provo, South Jordan, Woods Cross, Orem, Salem, and Springville. The Woods Cross and Orem branch offices have successfully been consolidated into the existing Bank of American Fork branch offices in Bountiful and Orem. The remaining five branch offices will operate under the name of Bank of American Fork, a division of PIB.
People’s Utah Bancorp Announces Completion of the Merger of Town & Country Bank
On November 13, 2017, People’s Utah Bancorp, the bank holding company of People’s Intermountain Bank, announced that it completed the merger of Town & Country Bank, Inc. People’s Intermountain Bank will consolidate its existing Bank of American Fork branch office in St. George into Town & Country Bank’s branch office, and will operate under the name of People’s Town & Country Bank. With the completion of this transaction, People’s Utah Bancorp expects total assets to be in excess of $2.1 billion.
With the completion of these two transactions, People’s Intermountain Bank will have 25 branch locations in Utah, from Lewiston to St. George.
March 3, 2017
The Utah Department of Financial Institutions Takes Possession of Proficio Bank
Salt Lake City B Commissioner G. Edward Leary announced that he took possession of Proficio Bank, a state-chartered commercial bank headquartered in Cottonwood Heights, Utah, today, and immediately appointed the Federal Deposit Insurance Corporation (AFDIC@) as receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with Cache Valley Bank, Logan, Utah, to assume all of the deposits of Proficio Bank.
The Commissioner took possession of Proficio Bank in order to protect depositors and the public, finding, among other things, that the Bank was illiquid and insolvent and not in a safe or sound condition to transact business. The Department of Financial Institutions, as well as the FDIC, have been closely monitoring the Bank and had ordered it to increase its liquidity and capital to a safe and sound level. Efforts by Proficio Bank to raise liquidity and capital were unsuccessful.
On Monday, Proficio Bank will reopen as a branch of Cache Valley Bank during its normal business hours. Depositors of Proficio Bank will automatically become depositors of Cache Valley Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage up to applicable limits. Customers of Proficio Bank should continue to use their existing office until they receive notice from Cache Valley Bank that it has completed systems changes to allow other Cache Valley Bank branches to process their accounts, as well.
This evening and over the weekend, depositors of Proficio Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
Proficio Bank was chartered on January 6, 2007, with its headquarters located at 6985 So Union Park Ctr, Suite 150, Cottonwood Heights. The Bank primarily funded commercial relocation loans and SBA loans. As of February 27, 2017, Proficio Bank had total assets of approximately $64 million and total deposits of approximately $58 million. There are no public funds.
Proficio Bank is the first bank failure in Utah since SunFirst Bank failed on November 4, 2011.