ISSUE 1 • 2025 THE OFFICIAL PUBLICATION OF THE UTAH BANKERS ASSOCIATION BANKER DAY AT THE UTAH STATE LEGISLATURE
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TABLE of CONTENTS 4 The Bottom Line By Howard Headlee, President and CEO, Utah Bankers Association WASHINGTON UPDATE 5 Celebrating a Legacy of Collaboration By Rob Nichols, President and CEO, American Bankers Association 6 Banker Day at the Utah State Legislature By Brian Comstock, Director of Communications & Marketing, Utah Bankers Association 8 The Onus of “On-Us” Checks By Theodore Kelly, JD, MBA, CCEP, Associate General Counsel, Compliance Alliance 10 2025 Ag Outlook & Conference Report By Brian Comstock, Director of Communications & Marketing, Utah Bankers Association 12 Compliance Updates Banking HR Leaders Need to Know By Rachel Barr, SHRM-SCP, Director of HR Services, isolved 14 Next-Gen Fraud Prevention Conference 16 The Sneaky Foe in Cybersecurity By James Fair, Senior Security Architect, Executech 18 Bank Kudos 21 Eric Schmutz Retires as President and CEO of State Bank of Southern Utah 22 Bankers on the Move 24 Welcome to Our New Associate Members! 25 UBA Associate Members Utah Banker 3
Congress must pass tax reform this year, or taxes are going to go up for millions of individuals and businesses in America. To pass tax reform and extend the 2017 tax cuts, Congress must make some tough decisions and find ways to “pay for” extending those cuts. Their job will get even harder if they are going to include some of the president’s campaign promises, like taking taxes off tips or social security payments. Every special interest group that currently enjoys a tax subsidy is panicking, including large, bank-like credit unions that already have little to no justification for their continued subsidy. The credit union lobbyists are ratcheting up their political machine, but the political tactics they have relied on in the past don’t appear to be working in today’s hyper-partisan political environment. No one in D.C. believes for a minute that any voter will change a vote based on whether their multi-billion-dollar credit union can retain profits tax-free. So they are getting desperate. The CEOs of the largest credit unions are pleading with their members to write their members of Congress to demand they preserve their multi-billion-dollar subsidy. But in today’s political environment, they are finding they have to “stretch” the truth a little to even get their members’ attention. First, they are telling members that this effort is being driven by the big banks. That’s flatly not true. If the credit unions are on the hot seat, it's because of what they have done — growing and operating like banks! If anything, they put themselves in this predicament with their historic attempts to purchase banks last year. They can’t blame this one on us. Second, they are telling their members that the credit union will cease to exist if it has to pay taxes. What an outrageous claim! Are they really suggesting that paying taxes on their excess profits, the way every other cooperatively owned business does, would force them out of business? They are basically admitting that the only way they can compete is if the government tips the scales in their favor! Sorry, but that is just pathetic. Third, they are telling their members they have to retain these profits to maintain their basic capital standards. Again, not true. Yes, they must maintain minimum capital standards (just like banks), but they are doing WAY more than the necessary minimum. For example, I read a letter from a credit union CEO who has retained hundreds of millions in excess profits as part of an effort to buy a bank in a neighboring state last year. Do their members know they are paying higher loan rates for that? I doubt it. All in all, this seems like a pretty aggressive ask from a CEO of a $20 billion financial institution that has tripled in size in the last 10 years, who also refuses to disclose his salary to members or the public, like every other nonprofit in America. And that might explain why way less than 1% of their members are answering their calls. In fact, several members have reached out to me after receiving these emails surprised to learn that their credit union doesn’t pay income taxes on their retained profits. They even offered to write letters encouraging Congress to take a closer look at the tax exemption. Tax reform is going to be a huge lift for Congress this year, and it looks like it could get more interesting than even I would have predicted. The Bottom Line BY HOWARD HEADLEE, President and CEO, Utah Bankers Association Utah Banker 4
At the beginning of this year, my travels on behalf of ABA took me to Southern California at a time when deadly wildfires were still raging through many neighborhoods in Los Angeles and the surrounding area. As I sat there in that room full of bankers, friends and colleagues, the sentiment I felt was unmistakable: When the smoke cleared and the dust settled, bankers would be there, ready to serve their communities and support the recovery — just as they have done throughout American history. As I reflect on ABA’s 150th milestone anniversary in 2025, and as I look at where we are as a nation today, I am reminded that bankers have a long and proud tradition of coming together during hard times to work together and find solutions. That certainly was true of ABA’s founding; in 1873, the United States was facing a financial panic and one of the worst recessions in history. Unemployment and bankruptcies were surging, and 300 banks failed. It was on the heels of this unrest that two young bankers — inspired by the women’s suffrage movement and the power of collective action — worked to convene the first-ever meeting of the American Bankers Association in July 1875 in Saratoga Springs, New York. Since then, ABA has provided a forum for bankers to meet and together develop solutions that make the banking sector stronger, safer and more accessible. Just a few examples: We helped mobilize bankers to safeguard bank funds during a string of bank robberies in the 1890s; we pioneered the routing number system that made it easier for customers to move money; and we encouraged bank lending throughout World War II to help finance military operations through bank purchases of government bonds. In more recent times, ABA has supported banks’ role as economic first responders in the wake of major natural disasters (like the recent floods in Kentucky) and a global pandemic, and we have helped bolster their mission of making sure that the American dream is achievable for all Americans, particularly those in historically underserved communities. As we continue to face a climate of unprecedented challenges, from a deeply divided political landscape to heightened economic uncertainty, our nation’s banks remain strong, resilient and ready to respond to whatever comes our way. ABA is standing ready to aid them in their important work. Despite the many things today that threaten to divide us, much like our founders did 150 years ago, I, too, believe that we are stronger together. I hope that in the months and years to come, you’ll continue to be an active part of this organization. Continue sharing your voices, perspectives and ideas as we work to shape the future of banking policy in this country over the next 150 years. Together, we can — and will — achieve more. Email Rob at nichols@aba.com. WASHINGTON UPDATE Celebrating a Legacy of Collaboration BY ROB NICHOLS, President and CEO, American Bankers Association Despite the many things today that threaten to divide us, much like our founders did 150 years ago, I, too, believe that we are stronger together. Utah Banker 5
Banker Day at the Utah State Legislature BY BRIAN COMSTOCK, Director of Communications & Marketing, Utah Bankers Association This year’s Banker Day at the Legislature returned to the Utah State Capitol on Feb. 28. More than 65 bankers from around the state came together to engage in the political process and to learn more about the issues facing our industry during the 2025 General Session. Sens. Stratton and McKell shared overviews of legislation they are sponsoring that will have a direct impact on the banking industry. Then, UBA President Howard Headlee went into more detail about the two bills and shared with the group how they can make their voices heard on these bills and beyond. Bankers then ventured into the Capitol to attend committee meetings, connect with their legislators and observe floor time in both the House and Senate chambers. Banker Day continues to be an impactful day of advocacy for our industry. We look forward to seeing you on the Hill next year! Utah Banker 6
Ray Quinney & Nebeker is one of the region’s top law firms for banks, lease finance companies, and other financial institutions. We have one of the largest and most sophisticated banking and financial institutions practices in Utah, with many of our lawyers having more than 25 years of experience in this practice area. We represent a broad range of financial institutions, equipment leasing companies and other credit providers, both large and small, including Utah, regional and national financial institutions. We have years of transactional experience with commercial, real estate, and consumer transactions as well as in other more specialized lending and leasing areas. We have demonstrated expertise in resolving risk management issues for financial institutions and other clients such as with problem loans and leases, workouts, and bankruptcy representation. RAY QUINNEY & NEBEKER IS A PREMIER LAW FIRM FOR BANKING AND FINANCIAL INSTITUTIONS IN THE INTERMOUNTAIN WEST. UTAH’S BANKING LAW FIRM “Not only is RQN our go-to law firm for outside legal help, but they are a critical and integral part of our team. They take the time to know us, know what matters to us, and help us craft meaningful and value-adding solutions. RQN gives us best-in-class customer service, matched with world-class expertise.” RICHARD H. MADSEN II Banking and Finance Section Chair rmadsen@rqn.com 801.323.3392 www.rqn.com 801.532.1500 CONTACT US - RQN Banking Client
The Onus of “On-Us” Checks BY THEODORE KELLY, JD, MBA, CCEP, Associate General Counsel, Compliance Alliance An “on-us” check is one that is drawn on an account held at the same bank at which it is presented. That is, the bank is both the depository bank and the payor bank. In simple terms, the opposite of an on-us check is a transit check. A transit check is presented at another financial institution and subsequently sent to the payor bank through a clearing process for settlement. On-us checks carry different risks than transit checks, creating distinct responsibilities, particularly regarding wrongful dishonor and funds availability. No federal requirement obliges banks to pay on-us checks “over the counter.” If a non-customer physically presents an on-us check to “Bank of Snow,” there is no explicit requirement for the bank to pay that item (at least from a federal standpoint). Of course, most banks contractually agree to pay duly presented and properly payable items, so refusing an on-us check may incur legal risk from the drawer. That’s not to say the bank is prohibited from dishonoring this type of check for a valid reason, such as insufficient funds in the drawer’s account or failure of the payee to provide reasonable identification; but wrongful dishonor may occur in the absence of a valid reason (UCC 3-501, 3-502 and UCC 4-402). Wrongful dishonor occurs when a bank lacks a valid reason for refusing its obligation to pay an item according to its terms. A bank may be held liable for damages proximately caused by its refusal (UCC 4-402). Further, some states require banks to pay “on-us” checks without regard to whether the payee is a customer (provided the check is properly payable and the payee provides reasonable identification). That is, if the bank would otherwise cash an on-us check for a customer, some states require banks to do the same for non-customers. Further, a bank’s agreement with its customer may not disclaim responsibility for lack of good faith or to limit potential damages. Improper intervention between a customer’s promised payment to another party may evidence a lack of good faith or, worse, increased liability for proximate damages if bad faith can be proved (UCC 4-103). If what has been previously stated isn’t enough to initiate a conversation with bank counsel, my compliance colleagues may want to consider the UDAAP ramifications associated with disparate treatment. Let’s say your bank has a policy of cashing an on-us check for non-customers for $5.00. Simultaneously, the bank requires customers to deposit on-us checks and will only make those funds available according to its Funds Availability Policy. Refusing to pay an on-us check to a customer according to the same terms as a non-customer would likely incur UDAAP risks. For instance, if a customer’s account is overdrawn, but they merely want to cash the on-us check to prevent an offset of those funds, is it “fair” to not provide the same service to customers as the bank does to non-customers? Probably not. A customer could easily endorse the check to a third-party non-customer or deposit it at another financial institution to avoid the bank’s offset of funds. I certainly don’t On-us checks carry different risks than transit checks, creating distinct responsibilities, particularly regarding wrongful dishonor and funds availability. Utah Banker 8
want to be the person trying to explain the “countervailing benefits to consumers or competition” that somehow outweigh the injurious effects of this type of policy. Of course, these analyses are dependent on your bank’s specific policies, agreements and the relevant federal and state authorities — it’s uncertain whether the practices previously described will result in administrative or civil liability. Determination of whether a violation even exists is left to the factfinder (i.e., auditor/examiner or judge/ jury). That said, banks should consider implementing policy changes and other controls to bring any identified risks within the limits of their risk appetite (along with safety and soundness considerations). We always recommend consulting with bank counsel for guidance relating to legal risks. So, we’ve discussed cashing on-us checks. Well, what if a customer deposits an on-us check? There is a question of the appropriate “funds availability” timeline for a deposit versus cashing an on-us check. Regulation CC generally requires a bank to make funds available to their customers as soon as the material risks associated with the type and amount of the check subside. The timelines act as a balance of safety and soundness and consumer protection risks. When a customer deposits an on-us check, the risk is relatively low because the bank can almost immediately determine that the check is authentic and that funds are available in the drawer’s account. When a customer deposits a transit check, the risk is much greater because the check could be altered, fraudulent, stolen, there may be insufficient funds, the clearinghouse or payor bank may have a system issue that delays settlement, etc. Because the risk is much lower, funds from on-us checks must generally be made available no later than the next business day following the banking day of deposit. A final word on funds availability — remember that banks are not permitted to invoke the “holds on other funds” rule when cashing on-us checks for customers. The handling of on-us checks presents unique challenges for banks, particularly regarding wrongful dishonor and funds availability. While federal regulations may not explicitly mandate the payment of on-us checks to non-customers, banks often have contractual obligations to do so. Additionally, state laws and UDAAP considerations may necessitate equitable treatment of customers and non-customers in on-us check cashing policies. Banks should carefully navigate these complexities by establishing clear procedures for on-us check handling and consulting bank counsel and your friendly neighborhood compliance advisors for guidance. Theodore “Theo” Kelly, JD, MBA, CCEP, associate general counsel, supports the Compliance Hub division. He holds a bachelor’s degree in political science from Ohio State University, a master’s in business administration from Franklin University, and a Juris Doctor from Capital University Law School. Utah Banker 9
BY BRIAN COMSTOCK, Director of Communications & Marketing, Utah Bankers Association The Utah Bankers Association held its annual Ag Outlook & Conference at the Hyatt Place in Provo on Feb. 25-26, bringing together bankers, agribusiness professionals and economic experts to discuss the latest trends shaping agricultural finance. The conference featured engaging discussions on economic conditions, agricultural policy, producer-driven efficiency and technological advancements, while experts from Utah State University shared forecasts for the year ahead in cattle, dairy, grain and more. Attendees also had the opportunity to tour agricultural operations in the area, including fruit growers, a cattle ranch and an equipment supplier, seeing firsthand the challenges and opportunities in modern farming. The event — which is the UBA’s longest-running event — continues to underscore the vital connection between banking and agriculture and equips financial professionals with valuable insights to support their agribusiness clients year after year. 2025 Ag Outlook & Conference Report Utah Banker 10
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Compliance Updates Banking HR Leaders Need to Know BY RACHEL BARR, SHRM-SCP, Director of HR Services, isolved For HR professionals in banking, compliance isn’t just a requirement — it’s a critical pillar of risk management. A failure to align with evolving regulations can lead to hefty fines, legal battles and reputational damage, all of which can impact your institution’s bottom line. However, staying on top of compliance changes is time-consuming, especially with shifting federal and state mandates. To help, the following are some key regulatory developments that banking HR professionals should keep on their radar. Utah Banker 12
NON-COMPETE BAN REVERSAL: WHAT IT MEANS FOR FINANCIAL INSTITUTIONS What it is: The Federal Trade Commission’s (FTC) nationwide ban on non-compete agreements — which prevent employees from joining competitors or starting competing businesses — was set to take effect. However, a federal judge blocked the ban, meaning organizations no longer need to comply with it. Why it’s important: Banking institutions frequently use non-competes to protect proprietary financial strategies and client relationships. While the FTC’s ruling is currently blocked, HR leaders and business owners should be aware that the agency is expected to appeal. Additionally, state-level restrictions still apply, meaning financial institutions should ensure compliance with local laws. DOL SALARY THRESHOLD CHANGES: IMPACT ON BANKING COMPENSATION What it is: The Department of Labor (DOL) had planned to increase the salary thresholds for exempt employees, raising it to $58,856 annually — or $151,164 for highly compensated employees. However, a 5th Circuit decision vacated the final rule, reversing this increase. Why it’s important: Many banks had already adjusted salaries or exemption statuses in response to the now-invalidated ruling. HR departments should work closely with legal counsel before rolling back these changes. Also, be aware that some states — including California, New York and Washington — have their own higher salary thresholds that remain in effect. OSHA’S HEAT SAFETY RULE: IMPLICATIONS FOR BANK EMPLOYEES What it is: OSHA has proposed a new rule requiring employers to implement heat safety measures when temperatures reach 80° F for at least 15 minutes in a 60-minute period. Why it’s important: While banking HR leaders may think this rule primarily affects outdoor industries, financial institutions with couriers, drive-through staff or employees working in branches without reliable climate control should prepare. The rule mandates a written prevention plan, training programs and regular safety updates. STAY AHEAD OF COMPLIANCE WITH EXPERT HR SUPPORT Navigating compliance in banking is complex, but proactive HR leaders can mitigate risk by staying informed and seeking expert guidance. Partnering with a compliance-focused HR services provider ensures your institution remains ahead of regulatory changes while reducing legal liability. This is not legal advice. Please consult legal counsel for compliance-related decisions. Rachel Barr, SHRM-SCP, is the director of HR Services at isolved, where she leverages over a decade of experience in human resources best practices to support HR, payroll and benefits professionals. With a background spanning retail, technology and consulting, she has helped thousands of companies enhance their HR compliance, infrastructure and strategic initiatives. At isolved, the most trusted leader in human capital management (HCM) technology, Rachel combines her expertise with innovative solutions to drive better business outcomes. Rachel can be reached at rbarr@isolvedhcm.com for further discussions. Utah Banker 13
Next-Gen Fraud Prevention Conference The Utah Bankers Association hosted “Next-Gen Fraud Prevention: Tools and Tactics for 2025” — in partnership with the Utah Fraud Prevention Coalition — on Feb. 12, 2025, at the Zions Tech Center in Midvale and online via Zoom. This was the first event in a semi-annual fraud prevention conference series, and over 200 professionals from banks, credit unions, law enforcement and local governments came together to hear expert speakers from the Department of Justice, the FBI, AARP and other leading organizations. Utah Banker 14
Patrick Smith from the American Bankers Association opened the conference with an overview of emerging fraud trends, and Traci Lee of the Division of Aging and Adult Services discussed collaborative approaches to address fraud against vulnerable populations. Lee Weech from Executech provided strategies to mitigate email fraud risks, and Adam Colby of the Texas Financial Crimes Intelligence Center highlighted advancements in card skimming techniques and preventive measures. Jennifer Gully from the Department of Justice shared insights into supporting victims, and Mike Montoya from the FBI provided an overview of financial crimes. Jilenne Gunther of AARP concluded the program with guidance to identify and prevent financial exploitation before funds are lost. We look forward to growing this conference to continue equipping bankers and other professionals with the knowledge and tools to combat evolving threats. As financial crimes grow more sophisticated, the UBA remains dedicated to fostering collaboration, innovation and continuous education, esuring that Utah’s financial services sector stays ahead of emerging risks and remains a trusted pillar of security in the industry. DID YOU KNOW? Enjoy your association news anytime, anywhere. Scan the QR code to visit our online publication to stay up to date on the latest association news, share articles and read past issues. utah-banker.thenewslinkgroup.org Utah Banker 15
The Sneaky Foe in Cybersecurity BY JAMES FAIR, Senior Security Architect, Executech In the digital battlefield of cybersecurity, our most unpredictable adversary doesn’t lurk in the shadows of the internet. It’s chilling in our heads. I’m talking about our frontal lobe. It’s the mastermind behind our daily routines and, unfortunately, our cybersecurity lapses. THE BRAIN’S BETRAYAL Our frontal lobe is a marvel, managing everything from deciding to eat that last slice of pizza to automating mundane tasks like checking emails. This efficiency is great until it’s not — especially when “not” means letting down our cyber guard due to complacency. COMPLACENCY Consider the aftermath of an internal phishing drill. Initially, the office is buzzing. Everyone’s double-checking emails, and IT’s inbox is overflowing with queries. Fast forward a few months, and that vigilance has vanished faster than donuts in the break room. The culprit? It’s not laziness. It’s a good old human habit, courtesy of our frontal lobes getting too comfy. A CALL TO ARMS How do we combat this? The answer is continuous, engaging education. Beyond the annual security training, we need to keep the conversation going. We need to be highlighting new threats, sharing best practices and revisiting our incident response plans. It’s about keeping everyone on their toes. RECOGNITION AND ENGAGEMENT Acknowledgment plays a crucial role in keeping complacency at bay. Recognizing individuals who maintain a high level of cyber-awareness can have a ripple effect across the organization. Gamification of security practices, such as awarding badges or other forms of recognition for vigilance against phishing, can foster a culture of continuous learning and alertness. LEADERSHIP MATTERS Ultimately, the battle against complacency starts at the top. I don’t mean with the usual “Cybersecurity is important” spiel, but with genuine engagement. Imagine the CEO dropping by a meeting just to share the latest in password protection. Leadership needs to talk about it, show they care and make it a visible part of our daily work life. It’s about keeping the conversation alive and kicking. CONCLUSION: VIGILANCE IS KEY Our brains are incredible. But when it comes to cybersecurity, they can be a bit too laid-back for our good. Combating complacency requires a mix of continuous education, a sprinkle of competition, and leadership that doesn’t shy away from making security a regular discussion point. Let’s keep our digital defenses active and stay one step ahead of both hackers and our own comfort-seeking brains! Combating complacency requires a mix of continuous education, a sprinkle of competition, and leadership that doesn’t shy away from making security a regular discussion point. Utah Banker 16
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ALTABANK CMO of the Year Award Recipient Altabank Chief Marketing Officer Stan Sorensen received the Silicon Slopes Hall of Fame CMO of the Year for 2024. The award was presented at Slopes Summit in January. Altabank and USU Partner for Clothing Drive Altabank and Utah State University (USU) have partnered on a clothing drive for the William A. Burnard Warming Center in Logan. The month-long drive kicked off at a Utah State Aggies basketball game. This is the second year Altabank and USU have partnered on this initiative. BANK KUDOS BANK OF UTAH Bank of Utah Named the Best Bank in Utah in the GOBankingRates 2025 Best Banks by State Awards In its annual rankings of America’s Best Banks, GOBankingRates researchers conducted a comprehensive review of FDIC data and product offerings, listing Bank of Utah as the Utah Gold Medal Winner and the best bank in the state. Bank of Utah Joins Forces to Provide New Home for Military Family Homeownership became a reality for an exceptional military family thanks to the Have a Heart Home program and the combined efforts of Bank of Utah, Nilson Homes, Clearfield City and other community partners. During a heartfelt presentation, the family — whose youngest child has special needs — was honored for their service and presented with the keys to their new home. The Have a Heart Home program brings together individuals, businesses, builders, lenders and organizations such as the Association of REALTORS® and its affiliates to provide affordable housing for families with unique needs. Altabank Opens 25th Location Altabank opened its 25th location in Utah on Feb. 3. The Cedar City LPO is located at 700 N. 100 W. Justin Barnes, a long-time Cedar City banker who was most recently with State Bank of Southern Utah, joined Altabank late last year to guide Altabank’s expansion into Iron County. Utah Banker 18
KEYBANK People Helping People Receives $75,000 Grant from KeyBank to Support Employment Opportunities for Underserved Women KeyBank awarded a $75,000 grant to People Helping People (PHP) in Salt Lake City, a nonprofit providing employment training and resources to low-income women and single mothers who are working towards financial self-sufficiency through long-term successful employment. PHP offers a four-phased program for underserved females, focused on coaching, mentoring, developing employment strategies and offering continued career development opportunities. PHP’s overall mission is to reduce the number of Utah families living in poverty by helping low-income women, primarily single moms, reach adequate income through sustainable employment. “People Helping People supports vulnerable Utah women with the employment training and resources needed today to help them flourish, thereby strengthening themselves, their families and their communities,” said Drew Yergensen, KeyBank Utah market president. “KeyBank is proud to support this admirable mission to help our neighbors and make our community stronger in the process.” NeighborWorks Salt Lake Receives $225,000 Grant from KeyBank to Support CareerWorks Program KeyBank has awarded a $225,000 grant to NeighborWorks Salt Lake (NWSL), a Utah-based nonprofit organization that strengthens community neighborhoods through housing, resident leadership, youth and economic development opportunities. KeyBank’s grant will bolster NWSL’s CareerWorks program, which creates medical career readiness employment opportunities for diverse populations in the Salt Lake community. CareerWorks offers specialized healthcare career training to lower-income diverse community members so they can secure employment and opportunities for career advancement. “Programs like CareerWorks equip our community citizens with the confidence and skills needed to kickstart successful medical careers, offering sustainable employment and quality medical care for our Utah citizens,” said Drew Yergensen, KeyBank Utah market president. “KeyBank is honored to support this valuable and much-needed community initiative.” BRIGHTON BANK Brighton Bank hosted its 22nd Annual Free Skate Day on Saturday, Jan. 11, at the Cottonwood Heights Rec Center. What a fantastic winter day, spending time with the community! A special thank you to the wonderful staff at the rec center for their continued support and partnership over the years, as well as to Schmidt’s Bakery for their delicious sugar cookies that added a sweet touch to the event. Utah Banker 19
TAB BANK TAB Bank Named a Top 10 Best Online Bank GOBankingRates named TAB Bank as a Top 10 online bank because of its best-in-class products and services, such as checking and savings accounts offering competitive APYs and low minimum opening deposits. TAB Bank Fuels Growth for Farmers with $5 Million Financing Deal TAB Bank closed a $5 million lender finance facility with a Nevada-based company specializing in factoring financing for farmers, agricultural businesses and fresh produce exporters in Mexico. This partnership enables the agriculture finance company to expand its operations and empower small- to mid-size growers globally by supporting their funding needs. TAB Bank Finishes 2024 Loaning More Than $57 Million to Nearly 300 Companies TAB Bank provided nearly 300 companies with more than $57 million in funding in the fourth quarter of 2024. The financing includes factoring, asset-based and equipment loans, small business lines of credit and more for companies in transportation, manufacturing and distribution, e-commerce, maintenance, logistics and other industries. TAB Bank offers vital capital to help companies meet their growth and success goals. ZIONS BANK Zions Bank Honors Women in Leadership at 2025 Sundance Event Ten national and local leaders were celebrated for their work in a variety of fields at the 2025 Sundance Women’s Leadership Celebration, presented by Zions Bank. Honorees included Deb Haaland, 54th secretary of the U.S. Department of the Interior, and local business leader Lavanya Mahate, owner of Saffron Valley and RISE Culinary Institute. This is the 12th year that Zions Bank and Sundance Institute have hosted this event focused on women leaders. Utah Students Deck the Halls at Zions Bank More than 3,000 elementary school students from more than 60 schools throughout Utah, Idaho and Wyoming shared in Zions Bank’s 52-year community “Lights On” tradition. The students created handmade ornaments for Zions Bank branches’ Christmas trees and received cash donations to their schools in return. Along with brightening local Zions Bank branches with their festive decorations, many students also performed holiday songs and received a visit from Santa Claus. Some Zions Bank branches invited students from special-needs classes and Title I schools to decorate the trees in their lobbies. Utah Banker 20
Eric Schmutz Retires as President and CEO of State Bank of Southern Utah With 15 years as president and CEO, and over 35 years of dedicated service, Eric Schmutz has retired from State Bank of Southern Utah. A lifelong resident of Cedar City, Eric’s deep-rooted commitment to the community and the banking industry has left a lasting impact on both. Eric’s journey with State Bank began humbly as a part-time teller, eventually leading him to the top leadership role. Under his guidance, the bank has grown more than threefold in asset size and expanded its workforce by over 200 employees. His leadership has strengthened the bank’s role as a trusted financial institution, deeply embedded in the fabric of Southern Utah. Utah Banker 21
BANKERS ON THE MOVE 1 ALTABANK Angela Price (1) joined Altabank as senior vice president/ director of retail marketing. She is responsible for retail banking across Altabank’s 24 branches. Previously, Angela was vice president of business development at First Community Bank. She also has experience with Zions Bank, Chase and Washington Mutual. She is based in American Fork. BANK OF UTAH Lacey Sansavera (2) has been promoted to executive vice president, chief banking officer. In this role, she will drive the strategic direction, growth and profitability of the bank’s deposit products and operations while developing new revenue opportunities, optimizing the client experience and continuing innovation in banking services. Justin Nalder (3) has been hired as executive vice president, and chief strategy & innovation officer. He will oversee the bank’s strategic planning process and lead innovative cross-departmental initiatives. He will also lead IT, data engineering and advanced analytics, AI, marketing and communications, project management, and information security. Nichole Kennedy (4) has been hired as vice president and trust officer. Kennedy brings over 30 years of financial industry experience to her new role, including an extensive financial planning and trust management background. Rebecca Norman (5), who was the branch manager for the Ogden corporate location, will now lead the Layton office at 717 W. Antelope Dr. Norman has 19 years of banking experience, with 17 as a branch manager for a financial institution in the Brigham City area. Trevor Eschler (6) replaces Norman at the Ogden Corporate location at 2605 Washington Blvd. He’s been in the financial industry for 10 years, with eight years as a branch manager for another institution. His passion is leading and developing high-performing teams through building trust, bringing out the best in his colleagues and improving systems and procedures. Jeff Cummings (7) has been appointed as vice president, SBA business development officer. With 18 years of experience in finance, Cummings is an invaluable asset to the bank’s growing Small Business Administration (SBA) department. 3 5 7 2 6 4 Utah Banker 22
CELTIC BANK Celtic Bank is pleased to announce two additions to its executive team: Ben Johnson as chief commercial finance officer and Josh Hovermale as chief credit officer. Ben Johnson (8) comes to Celtic from Silicon Valley Bank (SVB), where he led three different business divisions over 17 years. In his new role, he’ll build on the success of their Specialty Commercial Finance Group (SCFG), which consists of six different financing units: equipment, asset-based, construction, franchise, renewable and corporate finance. Josh Hovermale (9) joins Celtic Bank from BMO, where he served as managing director and head of portfolio management for its U.S. Diversified Corporate Banking team. He brings over 20 years of financial services experience with a focus on credit underwriting and portfolio risk management. WEBBANK Ken Laudano (10) has been appointed as senior vice president — head of lender finance, where he will lead the bank’s expansion in asset-backed lending. With over two decades of industry experience, Ken will drive growth by providing debt capital solutions to specialty finance originators and fund managers, further strengthening WebBank’s position in the fintech and specialty finance sectors. ZIONS BANK Brad Herbert (11) has been named senior vice president of international banking. Herbert joined Zions Bank in 2006, where he has served as senior vice president of marketing and communications since 2017. 11 10 8 9 Utah Banker 23
CAPITAL MATRIX INC. Capital Matrix is a certified development company (CDC) located in Boise, Idaho. They promote the SBA 504 program and partner with area lenders to provide real estate and equipment financing to small business owners in Idaho, Utah, Montana, Oregon and Washington. Visit capitalmatrix.org or contact Ann Munroe at amunroe@capitalmatrix.org for more information. WEST GATE BANK CORRESPONDENT MORTGAGE SERVICES Their mission is to provide exceptional service and a full suite of loan products to support your mortgage business. When you choose West Gate Bank Correspondent Mortgage Services as your partner, you can expect loyalty, experience, service, value and partnership. Learn more at tpo.westgate.mortgage or by contacting Clay Blank at cblank@westgate.bank. Welcome to Our New Associate Members! TAKE US ANYWHERE! Take the latest association news, information, updates and much more with you anywhere! Place a 1” x 1” QR Code White on Black Here to the main website Place this indd file at 100% and place an image or pdf of THIS ISSUE’S COVER in a frame that is 12p9 by 16p6 (2.125” x 2.75”) to cover this text. Then proportionally resize the whole thing as needed. ISSUE 1 • 2025 THE OFFICIAL PUBLICATION OF THE UTAH BANKERS ASSOCIATION BANKER DAY AT THE UTAH STATE LEGISLATURE Utah Banker 24
UBA ASSOCIATE MEMBERS ABA Insurance Services Inc. 3401 Tuttle Rd., Ste. 300 Shaker Heights, OH 44122 Mike Read (800) 274-5222 mread@abais.com www.abais.com American Security and Privacy 6200 S. Flat Creek Ave. Sioux Falls, SD 57108 Kevin Streff (715) 451-9989 kevin.streff@americansecurityandprivacy.com www.americansecurityandprivacy.com Arctic Wolf Networks Inc. 1221 S. Valley Grove Way, Ste. 200 Pleasant Grove, UT 84062 Justin Klingelhutz (888) 272-8429 justin.klingelhutz@arcticwolf.com arcticwolf.com ASCRIBE 400 N. Tustin Ave., Ste. 402 Santa Ana, CA 92705 Ted Venhorst (714) 872-5858 tvenhorst@triservllc.com www.ascribeval.com B:Side Capital Lisa Adams (303) 657-0010 ladams@bside.org www.bsidecapital.org Bank Marketing Center 95 Old Stratton Chase Atlanta, GA 30328 Neal Reynolds (678) 528-6688 nreynolds@bankmarketingcenter.com www.bankmarketingcenter.com Bankers’ Bank of the West 1099 18th St., Ste. 2700 Denver, CO 80202 Lance Niles (303) 291-3700 lniles@bbwest.com bbwest.com BankTalentHQ 3201 W. White Oaks Dr., Ste. 400 Springfield, IL 62704 Rachel Selvaggio rselvaggio@illinois.bank www.banktalenthq.com Bell Bank 2435 S. Honeysuckle Cir. Mesa, AZ 85209 Tracy Peterson (480) 339-8533 tpeterson@bell.bank bell.bank BHG Financial Institutional Network 201 Solar St. Syracuse, NY 13204 Rachel Varillas (315) 362-4521 rvarillas@bhg-inc.com bhgbank.network/ut BMA 2151 S. 3600 W. Salt Lake City, UT 84119 Adam Weight (801) 887-0103 adam.weight@bmabankingsystems.com bmabankingsystems.com Capital Matrix Inc. 6429 W. Interchange Ln. Boise, ID 83709 Ann Munroe (208) 789-2605 amunroe@capitalmatrix.org capitalmatrix.org Cherrywood Enterprises LLC 12472 Lake Underhill Rd., Ste. 337 Orlando, FL 32828 Craig M. Geisler (321) 247-5066 cgeisler@cherrywoodenterprises.com cherrywoodenterprises.com Compliance Alliance Inc. PO Box 162407 Austin, TX 78716 Scott Daugherty (888) 353-3933 scott@compliancealliance.com compliancealliance.com CrossCheck Compliance 810 W. Washington Blvd. Chicago, IL 60607 Liza Warner (312) 346-4600 lwarner@crosscheckcompliance.com crosscheckcompliance.com Crowe LLP 1801 California St., Ste. 2200 Denver, CO 80202 Sindy Nicholson (303) 831-5000 sindy.nicholson@crowe.com www.crowe.com D.A. Davidson & Co. 8 Third St. N. Great Falls, MT 59401 Chris Lenihan (949) 499-8366 clenihan@dadco.com dadavidson.com Discover Debit 1301 McKinney St., Ste. 2500 Houston, TX 77010 Jim Foster (303) 993-4701 jimfoster@discover.com www.discoverdebit.com Dorsey & Whitney LLP 111 S. Main St., 21st Fl. Salt Lake City, UT 84111 Steve Waterman (801) 933-7365 waterman.steven@dorsey.com www.dorsey.com Eide Bailly LLP 5 Triad Center, Ste. 600 Salt Lake City, UT 84121 Gary Smith (888) 777-2015 gsmith@eidebailly.com www.eidebailly.com Engage fi 5550 W. Executive Dr., Ste. 540 Tampa, FL 33609 Emily Harrington (844) 415-7962 emily.harrington@engagefi.com engagefi.com EVO Asset Consulting 114 S. 140 W. Lindon, UT 84042 Tony Powell (801) 953-8408 tony@joinevo.com www.joinevo.com Executech 10876 S. River Front Pkwy., Ste. 100 South Jordan, UT 84095 Lee Weech (801) 253-4541 lee.weech@executech.com www.executech.com FBBS 1099 18th St., Ste. 2700 Denver, CO 80202 Duane Kerner (720) 709-7613 dkerner@fbbsinc.com firstbankersbanc.com Federal Home Loan Bank of Des Moines 909 Locust St. Des Moines, IA 50309 Zachary Bassett (800) 544-3452 zbassett@fhlbdm.com www.fhlbdm.com FHN Financial 1000 Ridgeway Loop Rd., Ste. 200 Memphis, TN 38120 Trae Winston (901) 435-8757 trae.winston@fhnfinancial.com www.fhnfinancial.com FinPro Inc. 46 E. Main St., Ste. 303 Somerville, NJ 08876 Scott Polakoff (908) 234-9398 spolakoff@finpro.us www.finpro.us Utah Banker 25
Forvis Mazars 510 S. 200 W., Ste. 200 Salt Lake City, UT 84101 Bud Hollenkamp (303) 861-4545 bud.hollenkamp@us.forvismazars.com www.forvismazars.us FPS GOLD 1525 W. 820 N. Provo, UT 84601 Matt DeVisser (801) 429-2126 mattd@fps-gold.com www.fps-gold.com GPS Capital Markets Inc. 10813 S. River Front Pkwy., Ste. 400 South Jordan, UT 84095 Randal Roberts (800) 459-8181 rroberts@gpsfx.com www.gpsfx.com Holland & Hart LLP 222 S. Main St., Ste. 2200 Salt Lake City, UT 84101 Timothy Crisp (801) 799-5800 tscrisp@hollandhart.com www.hollandhart.com Holman Capital Corporation 25231 Paseo De Alicia, Ste. 105 Laguna Hills, CA 92653 Lance Holman (949) 981-0237 lance.holman@holmancapital.com www.holmancapital.com Hunt Financial Group 4810 Ashley Park Ln., Apt. 1419 Charlotte, NC 28210 Thomas Olaimey (980) 335-2285 tolaimey@huntfinancialgroup.net www.huntfinancialgroup.net InterMountain Business Lending 5333 Adams Ave., Ste. B Ogden, UT 84405 Caryl Eriksson (801) 627-1333 ceriksson@im504.com www.im504.com IntraFi 1300 N. 17th St., Ste. 1800 Arlington, VA 22209 Bryan Harper (703) 292-3462 bharper@intrafi.com www.intrafi.com isolved 324 S. State St., Ste. 500 Salt Lake City, UT 84111 Brad Rich (801) 664-4454 brich@isolvedhcm.com isolvedhcm.com KeyState Captive Management LLC PO Box 50102 Henderson, NV 89016 Brian Amend (702) 598-3738 bamend@key-state.com www.key-state.com/captive-management.aspx Kirton McConkie 50 E. South Temple, Ste. 400 Salt Lake City, UT 84111 Gary Winger (801) 328-3600 gwinger@kmclaw.com www.kmclaw.com KPMG 15 W. South Temple, Ste. 1500 Salt Lake City, UT 84101 Kelsey Cassinelli (801) 333-8000 klusso@kpmg.com kpmg.com Moss Adams 601 W. Riverside Ave., Ste. 1800 Spokane, WA 99201 Mike Thronson (509) 747-2600 mike.thronson@mossadams.com www.mossadams.com Mountain West Small Business Finance 2595 E. 3300 S. Salt Lake City, UT 84109 Danny Mangum (801) 474-3232 dmangum@mwsbf.com mwsbf.com mysherpas 257 E. 200 S., Ste. 525 Salt Lake City, UT 84111 Josh Talbert (385) 799-6595 josh@sherpas.ai mysherpas.ai Newcleus LLC 411 S. State St., 3rd Fl. Newtown, PA 18940 Larry Rowley (267) 291-2130 lrowley@newcleus.com newcleus.com ODP Business Solutions 9501 Amberglen Blvd., Ste. 200 Austin, TX 78729 Aaron Pena (512) 729-3732 aaron.pena@odpbusiness.com www.odpbusiness.com OnCourse Learning PO Box 310 Waunakee, WI 53597 www.oncourselearning.com/business/ financial-services/bank/ Parsons Behle & Latimer 201 S. Main St., Ste. 1800 Salt Lake City, UT 84111 Gary E. Doctorman (801) 532-1234 gdoctorman@parsonsbehle.com parsonsbehle.com PCBB 1676 N. California Blvd., Ste. 300 Walnut Creek, CA 94596 Michael Johnson (415) 399-5800 mjohnson@pcbb.com www.pcbb.com Piper Sandler Companies 1251 Avenue of the Americas, 6th Fl. New York, NY 10020 Avi Barak (212) 466-7700 avi.barak@psc.com www.pipersandler.com PULSE, a Discover Company 1301 McKinney St., Ste. 600 Houston, TX 77010 Jim Foster (281) 884-8663 jimfoster@discover.com www.pulsenetwork.com/public/discover-debit/ PwC 201 S. Main St., Ste. 900 Salt Lake City, UT 84111 Ryan Dent (801) 534-3883 ryan.j.dent@pwc.com www.pwc.com R&T Deposit Solutions 1370 Broadway, 17th Fl. New York, NY 10018 Carissa Cancel (866) 237-2752 ccancel@rnt.com rnt.com Raisin 1411 Broadway New York, NY 10018 Shana Hennigan (646) 696-0035 shana.hennigan@raisin.com www.raisin.com Ray Quinney & Nebeker P.C. 36 S. State St., Ste. 1400 Salt Lake City, UT 84111 Richard Madsen (801) 532-1500 rmadsen@rqn.com rqn.com Rocky Mountain CRC 64 E. Winchester St., Ste. 230 Salt Lake City, UT 84107 Christopher Jensen (801) 366-0040 cjensen@rmcrc.org rmcrc.org Utah Banker 26
Howard M. Headlee President & CEO howard@utah.bank Sara Matute Vice President sara@utah.bank Beth Parker Director of Education beth@utah.bank UBA STAFF ©2025 Utah Bankers Association (UBA) | The newsLINK Group LLC. All rights reserved. Utah Banker is published four times per year by The newsLINK Group LLC for UBA and is the official publication for this association. The information contained in this publication is intended to provide general information for review, consideration and education. The contents do not constitute legal advice and should not be relied on as such. If you need legal advice or assistance, it is strongly recommended that you contact an attorney as to your circumstances. The statements and opinions expressed in this publication are those of the individual authors and do not necessarily represent the views of UBA, its board of directors or the publisher. Likewise, the appearance of advertisements within this publication does not constitute an endorsement or recommendation of any product or service advertised. Utah Banker is a collective work, and as such, some articles are submitted by authors who are independent of UBA. While a first-print policy is encouraged, in cases where this is not possible, every effort has been made to comply with any known reprint guidelines or restrictions. Content may not be reproduced or reprinted without prior written permission. For further information, please contact the publisher at (855) 747-4003. Brian Comstock Director of Communications & Marketing brian@utah.bank Amber Meek Administrative Assistant & Bookkeeper amber@utah.bank RSM US LLP 2755 E. Cottonwood Pkwy., Ste. 100 Salt Lake City, UT 84121 Jim Cronauer (385) 342-9341 jim.cronauer@rsmus.com rsmus.com Scalley Reading Bates Hansen & Rasmussen 15 W. South Temple, Ste. 600 Salt Lake City, UT 84101 Darwin Bingham (801) 531-7870 dbingham@scalleyreading.net www.scalleyreading.com Select Bankcard 170 S. Interstate Plz., Ste. 200 Lehi, UT 84043 Pete Mudrow (801) 791-1938 pmudrow@selectbankcard.com www.selectbankcard.com Shred-It 205 Winchester Dr. East Stroudsburg, PA 18301 Kevin Kroboth (917) 528-7940 kevin.kroboth@stericycle.com www.shredit.com/en-us/national-accounts/ state-bankers-association-program Simpson & Company CPAs 5353 S. 960 E., Ste. 102 Salt Lake City, UT 84117 Kenneth Simpson (801) 484-5206 krsimpson@simpson-co.com simpson-co.com Spring Labs 4551 Glencoe Ave., Ste. 330 Marina Del Ray, CA 90292 Nate Schmitt (310) 484-6928 nate@springlabs.com springlabs.com Unitas Financial Services 6543 Commerce Pkwy., Ste. M Dublin, OH 43017 Brian Ruhe (740) 967-1131 brian.ruhe@unitas360.com www.unitas360.com Utah Center for Neighborhood Stabilization 6880 S. 700 W., 2nd Fl. Midvale, UT 84047 Dan Adams (801) 316-9111 dan@utcns.com www.utcns.com Vericast 15955 La Cantera Pkwy. San Antonio, TX 78256 Cristi Vernon (801) 288-2133 cristi.vernon@vericast.com www.vericast.com West Gate Bank Correspondent Mortgage Services 6003 Old Cheney Rd. Lincoln, NE 68506 Clay Bank (402) 853-7026 cblank@westgate.bank tpo.westgate.mortgage Zions Correspondent Banking Group 310 S. Main St., Ste. 1400 Salt Lake City, UT 84101 Phil Diederich (801) 844-7853 phillip.diederich@zionsbancorp.com www.zionscbg.com Utah Banker 27
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