Bank of Utah

Bank of Utah is a federally-insured community bank, with corporate headquarters in Ogden, Utah. It is a member of the Utah Bankers Association (UBA),[1] the American Bankers Association (ABA), and the Federal Deposit Insurance Corporation (FDIC).[2] Branden P Hansen is president of Bank of Utah, as of January 2023.[3]

Bank of Utah
IndustryBanking
FoundedDecember 1, 1952 (1952-12-01)
HeadquartersOgden, Weber County, Utah
Key people
Frank W. Browning (Chairman)
Branden P Hansen (President)
ProductsFinancial services
Number of employees
317 (2016)
DivisionsPersonal Banking
Home Loans
Business Banking
Treasury Management
Commercial Loans
Wealth Management
Private Banking
Personal Trust
Corporate Trust
WebsiteBankofUtah.com

The company ended 2022 with just over $2.4 billion in assets, which places it in the top 11 percent of banks in the nation for total assets.[4]

Bank of Utah is committed to being a well-capitalized institution with a sound financial base. This is reflected by Bauer Financial, Inc. (a national financial company that rates banks' financial statements), which has given Bank of Utah its highest possible rating — 5 out of 5 stars. The Bank's financial decision making has served the company well during times of economic downturns, stability, growth.[5]

Bank of Utah has over 400 employees helping customers from 18 full-service branches throughout Utah, additional trust offices in Ogden and Salt Lake City, and additional mortgage offices in Logan, Price and St. George.[6][7][8][9][10][11][12] A digital team also ensures that customers can conveniently, quickly and safely open accounts online and manage their money.

History

Ogden businessman Frank M. Browning founded Bank of Utah on Dec. 1, 1952, with just 16 employees and less than $1 million in assets. His vision was to create a financial institution based on “relationship banking,” one that would be “friendly, innovative and available to all.” Today, the bank remains locally owned and operated, and the Browning family remains involved in the bank with Frank W. Browning as chairman of the board, Benjamin F. Browning as vice chairman of the board and CEO, and Jonathan W. Browning as secretary to the board.

Historically, Bank of Utah became the first bank in the state to issue a credit card, called the "Cred-O-Matic Shopping Plan." It was also the first Utah bank to become a "motor bank" by adding a drive-up teller window to its building.[13]

Since its creation, Bank of Utah has acquired the following banks: Bank of Ben Lomond (1974), Bank of Brigham City (1978), Bank of Northern Utah (1978), First Commerce Bank (1999) and American Bank of Commerce (AmBank) (2018).[14]

Business

Personal Banking

Offering a complete range of products for individuals and families, from checking and savings accounts, to CDs, to debit and credit cards. The bank also provides robust digital services, including online and mobile banking, financial management tools and the ability to open accounts online.

Business Banking

Offering a comprehensive suite of products to support business needs, including checking and savings accounts, debit and credit cards, treasury management services and merchant services.

Home Loans

Offering a variety of financing for homebuyers and homeowners, including loans to buy a home, build a home or purchase a lot; options to refinance an existing home loan; home equity lines of credit; and reverse mortgages.

Consumer and Personal Lending

Offering financing to make special purchases, cover expenses or consolidate debt, including auto loans, RV loans, CD- and savings-secured loans, and unsecured loans.

Commercial Lending

Offering commercial real estate loans, business lines of credit and equipment loans to help businesses identify and create opportunities for growth, and meet short- and long-term goals.

Personal Trust and Investments

Offering fiduciary expertise to help customers administer a variety of trusts, estates and conservatorships, to secure wealth in retirement and complete the safe transfer of assets when the times comes.

Corporate Trust

Offering a broad spectrum of services, including escrows, owner trusts, security trusts, indenture trusts, life settlements, paying agent and collateral agent roles. The bank is one of the largest providers of aircraft owner trusts in the world, a commonly used, Federal Aviation Administration-compliant method of registering aircraft in the U.S.[15]

Community Efforts

As a community bank, Bank of Utah has a longstanding tradition of partnering with customers, local businesses and organizations to strengthen local communities. Many bank employees serve on local boards and in leadership and advisory capacities for community development organizations across Utah. Bank of Utah also donates to, and volunteers with, a number of community agencies and events, from school foundations and nonprofits, to economic development and housing committees, to local concerts and community races, parades and fairs. Two of Bank of Utah’s largest annual community support events are the Warm Bodies, Warm Souls clothing drive and Scouting for Food canned food drive.

Bank of Utah started Warm Bodies, Warm Souls in 2012. Over the years, Bank of Utah, along with community partners, has expanded the reach of the event through more locations and advertising support, and it is now one of the largest warm clothing drives in Utah. An online cash fund was added in 2021, to provide an additional way to give.[16]

Since 2021, Bank of Utah has teamed up with the Boy Scouts of America (BSA) and other agencies for Utah’s Annual Scouting for Food Drive. This food drive always happens in February —a critical time when supplies at food banks and pantries need replenishing following the holiday season. Bank of Utah branches serve as donation sites throughout the food drive. In 2023, the bank created an online cash fund as a new way to give and supplement the drive.[17]


References
  1. "UBA Bank Directory". UBA.
  2. "FDIC Bank Directory". FDIC.
  3. "Bank of Utah announces changes in leadership titles and roles". Utah Business. 10 Dec 2022.
  4. "Banks Ranked by Total Assets". U.S. Bank Locations.com.
  5. "Bauer Financial Star Ratings". Bauer Financial, Inc.
  6. "Membership Directory". Ogden Weber Chamber of Commerce.
  7. "Membership Directory". Salt Lake Chamber of Commerce.
  8. "Membership Directory". Cache Valley Chamber of Commerce.
  9. "Membership Directory". Carbon County Chamber of Commerce.
  10. "Membership Directory". St. George Chamber of Commerce.
  11. "Membership Directory". Davis Chamber of Commerce.
  12. "Membership Directory". Utah Valley Chamber of Commerce.
  13. "First With Most in Banking & Still Offering More". Standard-Examiner, Oct. 12, 1975, Advertising Supplement.
  14. "Bank of Utah to Acquire American Bank of Commerce". Utah Business. 14 Sep 2018. Archived from the original on 14 Sep 2018. Retrieved 14 Sep 2018.
  15. "What Are Non-Citizen Trusts? A Routine, Well-Regulated Way to Register Aircraft". National Business Aviation Association. 30 Nov 2017. Archived from the original on 6 December 2017. Retrieved 4 December 2017.
  16. "Warm Body, Warm Souls program collects winter clothing for Utahns in need". KSL.com.
  17. "Scouting for Food". Boy Scouts of America Crossroads of the West Council.
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