Why Community Banking Matters

Bank of Utah has provided $124,800 in grants to 12 nonprofits across Utah, including the YCC Family Crisis Center.

By Ben Browning, CEO Bank of Utah, Vice Chair Board of Directors

Bank of Utah has been in the local banking industry since 1952 —the Bank of Utah name doesn’t just say “finances and accounts,” it signifies “familiarity, trust and service” — three hallmarks of the community banking industry.

As a community bank, Bank of Utah works to understand and know our customers so we can provide products and services that truly meet our customers’ needs. We work to make strong, solid financial decisions so we can re-invest in local communities. As local businesses ourselves, we work to become experts in the local business landscape, so we can help community businesses thrive.

The Human Connection
As community bankers we know our customers. We live, work, and raise our families in the same cities and towns. We focus on meeting immediate needs, anticipating future needs, and educating customers on products, services and innovations that will help you achieve your financial dreams.

Equally as important, community bankers are accessible. Because we are local, we can deliver exceptional experiences across all our platforms, including branches, online and mobile banking, and telephone. Bank of Utah’s call center, for example, usually takes over 14,000 phone calls a month, every one of which is answered by a Utah-based employee.

The Local Economy Connection
Many times, larger banks take deposits in one state and lend them out in others. Bank of Utah invests our deposits in the neighborhoods where our depositors live and work. This creates opportunities for economic prosperity and job creation in the communities our customers care about.

One of Bank of Utah’s recent loans to a local municipality went toward the building of a new library. This created construction jobs, and provided computer and internet access for all members of the community specifically making a positive impact on the low- to moderate- income populations in the area.

As a community bank — especially having been in business for a long time — we are active partners in these types of community development efforts because we see just how impactful they are.

The Community Connection
We are deeply involved in the areas we serve. We donate funds to support local nonprofits and charitable organizations, and employees volunteer with local groups and make a difference by serving on boards. This year, Bank of Utah is honored to have received grant money from the Federal Home Loan Bank of Des Moines Member Impact Funds, which has allowed the bank to increase its 2023 giving. The grant matches up to $3 for every dollar of Bank of Utah’s donations to 12 local nonprofits, so we can serve even more needs in communities across Utah — Weber and Davis counties included.

According to a recent survey by Independent Community Bankers of America (ICBA), 70 percent of Utah adults say it’s important to choose a bank based in their local community and 77 percent say it’s important that lending decisions be made by local, community banks.

The Bank of Utah remains fully committed to our customers and communities. The Bank of Utah name and brand is here to stay. So is the bank’s mission to leave a meaningful and lasting mark on the Beehive State.

Go to bankofutah.com to learn more about accounts for businesses and individuals, or visit your local Bank of Utah branch.

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