ISSUE 2 • 2025 THE OFFICIAL PUBLICATION OF THE UTAH BANKERS ASSOCIATION 117th Annual UBA Convention Recap
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TABLE of CONTENTS 4 The Bottom Line By Howard Headlee, President and CEO, Utah Bankers Association WASHINGTON UPDATE 5 Cutting Through the Noise — And the Regulatory Red Tape By Rob Nichols, President and CEO, American Bankers Association 6 117th Annual UBA Convention Recap By Brian Comstock, Director of Communications & Marketing, Utah Bankers Association 8 Introducing the 2025-26 UBA Board of Directors 10 George Daines Honored with 2025 Distinguished Banker Award 10 2025 ABA Washington Summit Wrap-Up 11 UBA’s Women in Banking Conference Recap 12 The Growing Threat of AI-Driven Fraud and Deepfakes By Matt Jones, Compliance Advisor, Compliance Hub 14 8 Reasons Why Banks Should Go Bananas By Neal Reynolds, President, BankMarketingCenter.com 16 The SBA 504 Loan Program A Game-Changer for Small Business Growth By Caryl Eriksson, InterMountain Business Lending 18 Bank Kudos 22 Bankers on the Move 24 Welcome to Our New Associate Members! 25 UBA Associate Members Utah Banker 3
Utah has built the greatest ecosystem for economic success in the nation. Over decades, we have wisely invested billions in education and transportation infrastructure, carefully managed our natural resources, and established laws and a legal framework that support and encourage hard work, reasonable risk-taking, saving and charitable giving. As a result, Utahns are well educated, hardworking, happy and generous, all while enjoying upward mobility and the strongest family structures in the country. But there is a growing threat to our economic freedom that we must acknowledge and address immediately — fraud. Every day, every Utahn is confronted by the worst criminal organizations worldwide. If this were happening on our streets, we would be outraged and unified in our efforts to eradicate it. Instead, it’s happening on our phones and computers, and tragically, Utahns are falling prey every single day. Some lose everything they have studied, worked, saved and sacrificed to achieve. We have entire government agencies established to promote economic opportunity in Utah, but we have yet to rally our resources against this rapidly growing threat. Three years ago, the State of Texas established the Financial Crime Intelligence Center (FCIC) to focus and coordinate state and local resources on preventing and responding to fraud. It has already prevented hundreds of millions in fraud losses for Texans and has become one of the lead forces in tracking and facilitating the prosecution of financial criminals, domestic and foreign. Financial fraud happens at the speed of a keystroke. Once it occurs, time is of the essence. Knowing who to call and how to act immediately is often critical in averting a financial catastrophe. Just last month, I got a call from the attorney general, who got a call from a former elected official, who got a call from a neighbor who realized his small business had been scammed out of $3 million. By the time I called an expert at the American Bankers Association, who called the bank that could have held the transaction, more than 36 hours had passed. The money was long gone! To steal a popular slogan, we need to establish a 24/7 “one call, that’s all” process when it comes to financial fraud in Utah. We also need the resources to track the latest criminal trends and deliver warnings to Utahns on the devices that are being used to perpetrate these frauds. It shouldn’t be hard for the good guys to deploy AI on every smartphone that would actively prevent fraud. American freedom is at stake. When someone loses their economic freedom due to fraud, they lose a corresponding portion of their personal freedom. That’s why the banking industry has invested billions in technology, processes and educational efforts to identify and prevent fraud, but we can’t do it alone. In many cases, these fraud schemes are being organized and supported by foreign nation states like North Korea and Iran, with the purpose of attacking American freedom and funding their terrorist and nuclear development activities. They are sophisticated, determined and constantly changing and improving their tactics. The only chance we have to protect the economic and personal freedom of Utahns is to get every industry and every level of government and law enforcement working together to prevent and disrupt these schemes. Considering all the resources our government deploys to protect our personal freedom and promote economic opportunity, it’s time we follow the lead of states like Texas. We must organize our state and local efforts to more effectively protect Utahns from financial fraud and preserve the freedoms we have all worked and sacrificed to achieve. BY HOWARD HEADLEE, President and CEO, Utah Bankers Association The Bottom Line Utah Banker 4
We are more than halfway through 2025, and while there have been several significant developments — from the escalation of geopolitical tensions abroad to economic uncertainty at home — there’s a positive message I want to send to bankers: Our agenda is moving forward. With the help of tireless advocates here in Washington and at the state associations, ABA is continuing our steadfast work with the administration and like-minded lawmakers in Congress to advance the policy priorities that are most important for our members, as outlined in our “Blueprint for Growth.” We have the tools, resources and people in place to make it happen. In early June, Federal Reserve Gov. Miki Bowman was sworn in as the new vice chair for supervision, which we consider an incredibly positive step for our industry. Her first speech shortly after her confirmation gave a strong signal that we could soon see a return to tailored regulation that will help banks unlock economic growth and better serve their customers, clients and communities while still managing risks. Gov. Bowman is one of many policymakers now occupying key positions in Congress and at the banking agencies who understand just how vital it is that we have a strong, thriving banking sector in this country. We’ve also had a number of wins in the past few months alone that again signal a return to a more rational regulatory framework. Congress came together to pass a bipartisan bill rejecting the CFPB’s misguided overdraft rule — which would have taken a vital credit option off the table for thousands of Americans who rely on it to manage their finances responsibly — and it was signed by President Trump earlier this past spring. This action not only scraps the overdraft rule, but it also blocks the CFPB from issuing a substantively similar rule in the future. ABA played a significant role in completing the CRA resolution, working to educate lawmakers and their staff on the harm this rule would cause if allowed to take effect. Some in our industry didn’t think we could get this done, but ABA and our members pushed hard, and our industry is stronger for it. We continue our advocacy on Capitol Hill in support of longstanding ABA priorities like the Access to Credit for our Rural Communities Act, or ACRE — which was reintroduced with strong bipartisan support in this Congress — as well as bills that would encourage de novo formation and support the important work of community development financial institutions and minority depository institutions. On the regulatory side, we’ve seen rollbacks of several misguided rules or policy statements, and the banking agencies have signaled forthcoming changes to the 2023 Community Reinvestment Act final rule, as well as changes to rules implementing Sections 1071 and 1033 of the Dodd-Frank Act. And — after sustained advocacy by ABA — the CFPB rescinded a package of “guidance” documents that we felt set new regulatory expectations while circumventing the rule-writing process. Coupled with several recent victories in court — including favorable settlements with the CFPB over their appeal of our UDAAP win and late fee final rule — it seems that a regulatory recalibration is well underway. We continue to hear commitments from Treasury Secretary Scott Bessent about working constructively with our sector to cut through the red tape. While they might not be making national headlines, these changes are happening, and they are incredibly meaningful, not just for banks but for the American economy. Email Rob at nichols@aba.com. WASHINGTON UPDATE Cutting Through the Noise — And the Regulatory Red Tape BY ROB NICHOLS, President and CEO, American Bankers Association Utah Banker 5
117th Annual UBA Convention Recap BY BRIAN COMSTOCK, Director of Communications & Marketing, Utah Bankers Association The 2025 edition of the UBA Convention returned to Sun Valley on June 22-25, with more than 450 bankers, business partners and guests gathering for a week of connection, insights and inspiration. The first day may have started with snow on the ground, but the event heated up from there and captured the magic of the idyllic surroundings. Registration in the Exhibit Hall continues to be a unique UBA experience, with nearly 50 exhibitors pulling out all the stops to delight bankers and their families with claw machines, stuffed animals, spin-to-win cash games and plenty of sweets! Monday morning saw the beginning of the business proceedings, with a trio of expert speakers: Robert Spendlove (Zions Bank) provided an economic update in light of recent developments, Acting FDIC Chair Travis Hill offered his vision for the agency and Susan Dye shared how to lead through change with neuroscience. The afternoon breakout sessions covered a range of topics, from AI and stablecoin to fraud and payments. With the day’s business taken care of, it was time for UBA Bingo. Nearly 600 participants of all ages packed the inn’s Limelight Ballroom to compete for awesome prizes like massagers, fire pits, hoverboards, Legos, wireless speakers, gift cards and more. Tuesday was the traditional Activities Day, with attendees and family members partaking in a fun run, rafting trip, UTV off-road rides, golf, trap shooting and pickleball. That evening, bankers and guests gathered for the Chairman’s Reception & Dinner to honor UBA Chair Mark Packard (Central Bank) and ABA Chair John Asbury (Atlantic Union Bankshares Corporation). The evening’s program recognized several bankers for their service to the UBA and the industry, including three recipients of the 40 Year Service Award: • Bruce Ashcroft, Brighton Bank • Cynthia Bradshaw, Utah Independent Bank • Terry Grant, Altabank UBA Immediate Past Chair Andrea Moss (Edward Jones Bank in formation), UBA Board Members Bruce Ashcroft (Brighton Bank), and Joel Cannon (Regions) and Emerging Bank Leaders Chair Mike Van Roosendaal (Zions Bank) were also thanked for their contributions. The evening’s program closed with the presentation of the Distinguished Banker Award to Cache Valley Bank Chairman George Daines. (See page 10 for more.) The group hot-stepped it over to the Sun Valley Pavilion to sing along and dance the night away to massive hits performed by Hotel California, the original Eagles tribute band. Utah Banker 6
Wednesday’s Business Session brought the convention to a close, but it was not light on impactful content, featuring updates from ABA Chair John Asbury and EBL Chair Mike Van Roosendaal. UBA President Howard Headlee moderated two excellent panels, first discussing fraud with Utah Attorney General Derek Brown and Paul Benda, EVP of Risk, Fraud and Cybersecurity for the American Bankers Association. The trip laid out some of the threats out there, and how we can all work together to coordinate efforts to stifle the bad actors. The next panel highlighted the needs for advocacy, featuring Paul Burdiss (president & CEO, Zions Bank), Mark Packard (president & CEO, Central Bank), and Carson Lappetito (president & director, Sunwest Bank). Then it was time for the assembled bankers to elect the 2025-26 UBA Board of Directors, voting Todd Boren (president & COO, Celtic Bank) in as chair along with a strong group to the board. (See page 8 for the complete list.) Boren introduced Mark Robinson to close the convention, and his skillful mix of magic, comedy and leadership insights were a perfect conclusion to a magical week, as attendees hit the road with smiles and actionable items to take back to their institutions. Mark your calendar! The 118th Annual UBA Convention will once again return to Sun Valley on July 28-July 1, 2026. Utah Banker 7
Introducing the 2025-26 UBA Board of Directors Chair Todd Boren Celtic Bank President & COO Salt Lake City Vice Chair Shelly Holt First Community Bank President & CEO Layton 2nd Vice Chair & Treasurer Paul Burdiss Zions Bank President & CEO Salt Lake City Immediate Past Chair Mark Packard Central Bank President & CEO Provo President Howard Headlee Utah Bankers Association President & CEO Salt Lake City Chair, Regional Bank Advisory Council Leo Gutierrez JPMorgan Chase Market Executive Salt Lake City Chair, Community Bank Advisory Council John Jones Cache Valley Bank CEO Logan Chair, Industrial Bank Advisory Council Jason Price WEX Bank President & CEO Sandy Board Members Trevor Andersen State Bank of Southern Utah President & CEO Cedar City Brady Bagley American Express Vice President & Controller Salt Lake City Jan Bergeson Ally Bank Utah Market Leader Sandy Matt Bloye Wells Fargo Region Executive for Utah and Idaho Salt Lake City Bruce Bowman Comenity Capital Bank President Draper Michael Ferguson BMW Bank President & CEO Salt Lake City Amy Foulks First Utah Bank Executive Vice President & COO Salt Lake City Lew Goodwin Square Financial Services CEO & President Sandy Terry Grant Altabank President & CEO American Fork Branden Hansen Bank of Utah President Ogden Gary Harding Milestone Bank CEO & President Salt Lake City Kevin Krohn U.S. Bank Senior Vice President, Market Leader Ogden Carson Lappetito Sunwest Bank President & Director Sandy Kisty Morris Morgan Stanley Bank Executive Director Salt Lake City Mori Paulsen Bank of America President of Bank of America Utah Salt Lake City Sherrie Rees First Electronic Bank CEO & President Salt Lake City David Stahl Hillcrest Bank President Bountiful Drew Yergensen KeyBank Utah Market President Salt Lake City Utah Banker 8
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George Daines Honored with 2025 Distinguished Banker Award George Daines, chairman of Cache Valley Bank, was recognized as the 2025 Distinguished Banker at the 117th Annual UBA Convention on June 24, 2025. The Distinguished Banker Award — first presented in 1985 — is given periodically to a Utah banker who makes a lasting impact on his or her institution, community and the banking industry. Daines — who accepted the award with his wife, Mindy — is the 29th recipient of the UBA’s highest honor. During his 40+ years guiding Cache Valley Bank, Daines has driven incredible growth, expanding the bank throughout the state and into Idaho, while also leaving an indelible mark on his beloved Cache Valley. 2025 ABA Washington Summit Wrap-Up In April, a group of Utah bankers flew to Washington, D.C., to attend the ABA Washington Summit and to meet with the Utah Congressional Delegation to discuss key issues affecting our industry today. Utah Banker 10
UBA’s Women in Banking Conference Recap More than 150 banking professionals gathered in downtown Salt Lake City — with many more tuning in via Zoom — for the UBA’s 20th Annual Women in Banking Conference on April 16, 2025. Themed “Finding Your Own Path,” the event offered a powerful mix of leadership insight, personal storytelling and practical career development. The day began with Sherrie Rees from First Electronic Bank sharing strategies for navigating challenging workplace dynamics. A standout panel featuring leaders from diverse sectors inspired attendees with their stories of resilience and reinvention. Katy Blommer encouraged participants to take ownership of their careers, while experts from the University of Utah helped attendees shape their professional narratives. After lunch, UBA Chair Mark Packard delivered leadership insights before a moving presentation from Jamie MoCrazy, whose story of recovery and redefinition captivated the room. The conference concluded with a timely look at fintech’s growing role in financial services, led by Sarah Grotta of FinWise Bank. From start to finish, the event was a celebration of growth, connection and the power of forging your own path. Utah Banker 11
The Growing Threat of AI-Driven Fraud and Deepfakes In the evolving world of financial crime, few developments have emerged as swiftly and alarmingly as the risk of deepfakes. Deepfakes are pieces of synthetic media, generally in the form of video, audio or images, that are digitally created using AI to replicate a person’s appearance, voice or even supporting identification documentation. AI allows fraudsters to produce incredibly convincing impersonations for the purpose of identity fraud, social engineering and bypassing identity verification systems. AI-driven deepfakes have ushered in a new era of fraud, making it easier than ever for bad actors to impersonate individuals and manipulate financial systems. The implications of deepfakes pose a unique threat to identity verification and fraud detection, requiring banks to modernize their control environments to keep pace. In a speech delivered on April 17, 2025, Federal Reserve Vice Chair for Supervision Michael S. Barr highlighted the escalating threat that generative AI (Gen AI) poses to the financial sector, particularly through the proliferation of deepfakes. He noted a staggering “twentyfold increase over the last three years” in deepfake-related attacks. Gov. Barr underscored the stark juxtaposition between the low-cost, rapidly deployed synthetic media used by fraudsters and the resource-intensive, slow-to-implement controls required of financial institutions. While synthetic media can be created and circulated with minimal cost and effort, financial institutions must invest in careful review, rigorous testing and layered controls. Barr also acknowledged the challenges smaller institutions face and emphasized the need for banks to adopt scalable, thoughtful steps that can meaningfully reduce exposure to AI-driven fraud. To address this growing risk, banks should begin by evaluating and enhancing their existing controls in a manner proportionate to their size and complexity. Scalable solutions do not necessarily require high-end technology. Training front-line staff to identify red flags of synthetic identity misuse (such as unnatural movements in video calls or inconsistencies in submitted documentation) can go a long way in mitigating risk. Adding out-of-band verification (e.g., call-back procedures) for high-risk transactions, reinforcing manual identity reviews during the onboarding of a new customer, and implementing dual-authorization for account changes can also serve as practical, low-cost defenses. Some vendors now offer BY MATT JONES, Compliance Advisor, Compliance Hub Utah Banker 12
affordable, modular fraud detection tools, including basic liveness detection or media forensics capabilities, which can be used to supplement traditional customer due diligence. In addition to internal controls, a key risk area lies in the oversight of third-party relationships. As banks increasingly partner with vendors and fintechs to deliver services, it is essential to evaluate not only the vendor’s performance but also how AI is used in the services they provide. Does the vendor rely on AI models for customer verification, risk scoring or fraud detection? If so, what guardrails are in place to detect misuse, synthetic identities or deepfakes? Banks must remember that they remain ultimately responsible for the actions and outputs of their third-party vendors, even when those services are outsourced. This includes ensuring vendors operate within the bank’s risk appetite and regulatory expectations. To meet this obligation, banks should enhance their third-party risk management programs to include specific due diligence around AI model governance, data integrity and fraud control capabilities. Period reviews, contract clauses that require transparency, reporting on AI performance and fraud detection effectiveness are all steps that a bank may consider taking to ensure it maintains oversight of these third parties. The risks highlighted by Gov. Barr certainly aren’t new to the regulatory landscape. In November 2024, FinCEN issued an alert (FIN-2024-ALERT004) that serves to help financial institutions identify fraud schemes associated with the use of deepfake media and generative AI in fraud. The alert is part of the U.S. Department of the Treasury’s initiative to address the challenges posed by AI in the financial sector. It offers foundational awareness of the threat of deepfakes. Additionally, the alert serves as guidance for banks to review and update their risk-based procedures to address the specific challenges posed by deepfakes. The alert also provides specific red flags to help institutions identify potential deepfakes, including but not limited to anomalies in submitted images or videos, discrepancies between known customer data and new applications and unusual transaction behavior following new account openings. Further provided is SAR filing guidance, directing institutions to use the key term “FIN-2024-DEEPFAKEFRAUD” when reporting suspected activity. Banks should incorporate these indicators into their fraud programs and consider whether their current systems are sufficient to capture synthetic identity activity in a timely manner. As banks increasingly rely on AI to combat fraud, it is crucial to also recognize and manage the new risks associated with Gen AI. A robust strategy involves more than just implementing protective technologies; it requires a shift in culture and operations to effectively handle the rising sophistication of synthetic identities, the potential misuse of deepfakes to circumvent security measures, and the vulnerabilities that may arise from third-party vendors utilizing AI tools. Establishing strong AI governance, designing scalable controls and ensuring proper oversight of third-party partners are essential steps in mitigating these threats. Although the danger posed by deepfakes is significant and escalating, with careful planning and adaptation, even smaller community banks can substantially lower their risk and bolster their resilience in this evolving AI-driven landscape. Utah Banker 13
No, I’m not referring to the bananas you’ll find in the grocery store, but the kind you’ll see on a baseball diamond! Have you tried to catch a Savannah BananasTM ballgame recently? I have, and that experience is what prompted me — in part, anyway — to write about them. Let’s face it, Jesse Cole, owner of the Savannah Bananas, hasn’t just built a baseball team. He has created a cultural phenomenon. From what I’ve seen and read, his approach in doing so was driven by a singular thought that reimagined everything about the traditional baseball experience. After all, when we think of baseball and baseball teams, we rarely think of masterful marketing or any kind of breakthrough experience. But Cole’s Savannah Bananas have flipped that script using bold and creative, totally non-risk-averse thinking; a fan-first philosophy; and a community focus that any business can learn from, including community banks. “Imagine what the best possible fan experience is and do that. Don’t settle for the way things have been done before.”1 — Jesse Cole, Owner, Savannah Bananas 1. PUT CUSTOMERS (AND EMPLOYEES) FIRST The Bananas’ winning formula starts with prioritizing people. They tossed out ticket fees, bundled food and drink into one flat ticket price, and rejected sponsorships to keep the experience pure and affordable. Cole asked himself: “What’s wrong with this thing? How can it be improved?” His answer? “We are not trying to sell anything … Our goal is to entertain and create attention. We believe attention beats marketing 1,000% of the time.”1 Bank Takeaway: Community banks can take a page from this playbook by simplifying service and fees, and focusing on creating enjoyable, memorable interactions. Whether it’s offering bundled checking services or simpler, transparent, less costly fee structures, reducing friction wins trust and loyalty. 2. BUILD A CULTURE OF ENGAGEMENT AND EMOTION From choreographed dances and “Banana Nanas” on-field entertainment to personalized thank-you videos when customers buy tickets, the Bananas create emotional connections at every fan touchpoint. Bank Takeaway: Community banks can and should — if not already — cultivate genuine engagement by delighting customers in unexpected ways. After all, a customer is a kind of “fan.” Once again, taking a page from Cole’s playbook, this could take the form of a personalized video when someone opens a new account or hosts financial education events that feature local experts and snacks. Doing so goes a long way in building brand loyalty. 8 Reasons Why Banks Should Go Bananas BY NEAL REYNOLDS, President, BankMarketingCenter.com 3. SHARE STORIES AND PEOPLE BEHIND THE BRAND The Bananas introduced viewers to their staff through their popular, 30-episode podcast series “Bananas Unpeeled,” making every team member part of the brand story, and covering topics such as “Every team needs characters” and “What’s wrong with baseball?” Suddenly, fans didn’t just come for baseball; they knew the backstory, got to know the players and came to cheer for personalities they knew and loved. Bank Takeaway: Community banks can further personalize services by showcasing the real people that customers encounter when they visit a branch. Whether through staff spotlights or employee profiles on social media, bringing humanity to their products and services builds genuine connections and trust. 4. EXPERIMENT BOLDLY AND LEARN FAST The Bananas refuse to stick with “what’s always worked.” They try something new every game, such as new skits, promotions and fan interactions; anything to stay fresh and fun. And, as their success has proven, the experimentation has been well worth the risk. Bank Takeaway: Banks can borrow this mindset by piloting small-scale initiatives — like fintech partnership kiosks, financial podcasts or under-the-radar community events — and scale what works. An iterative approach encourages innovation, enhances customer experience and allows flexibility. Utah Banker 14
5. CREATE SHAREABLE MOMENTS With over 8.8 million TikTok followers and ingenious short-form videos featuring dancing players, unexpected moments and heartfelt surprises, the Bananas focused on shareable content rather than direct selling. These viral hits boost awareness, trust and brand equity in ways traditional ads never can. Bank Takeaway: Banks can embrace shareable storytelling, perhaps with a video series introducing long-time customers or funny, friendly deep dives into financial advice. The goal? Foster the goodwill and social engagement that attract and retain new customers. 6. CREATE SEAMLESS, FRICTIONLESS EXPERIENCES The Bananas eliminate hidden fees, simplify pricing and acknowledge every fan from ticket-buying to post-game celebrations. They cover taxes, convenience fees and parking, all of which are part of a seamless, friction-free experience Bank Takeaway: Community banks can follow suit by auditing their customer journey and removing any pain points they encounter along the path by simplifying account opening, refining their online and mobile banking processes, and eliminating any stumbling blocks or barriers. From intuitive online banking to clear fee disclosures, minimizing friction keeps customers happy and loyal. 7. INVEST IN EMPLOYEE HAPPINESS TO SERVE BETTER The Bananas invest in their staff, sending them to Ireland, to concerts, and giving them VIP perks. They’re highly motivated to do their jobs with passion. Bank Takeaway: Community banks should view employees as internal customers. As Richard Branson, British entrepreneur and founder of the Virgin Group, once said, “Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.” Offer professional development, healthy work environments, flexible policies and opportunities for staff to thrive. Happy employees equal better service and higher customer satisfaction. 8. LEAD WITH A VISION AND AUTHENTIC CULTURE Savannah Bananas isn’t about wins and losses. It’s about joy, belonging and entertainment pursued joyfully and unapologetically. They’ve built a fan-first culture that transcends baseball and now draws an audience that can fill Clemson’s Memorial Stadium, which has a capacity of 81,000. Bank Takeaway: Banks should articulate a people-first mission, whether it’s empowering families, boosting local businesses, participating in local events or improving financial wellness. A genuine mission — one built on a customer-first culture — attracts loyal customers and guides every service decision. A HOME RUN FOR BANKS The Savannah Bananas may play baseball, but their real game is people. They’ve built a brand rooted in fun, empathy and a customer-oriented experience. That formula can work off the field and in the bank branch. For community banks, this means shifting your mindset and using marketing to create more meaningful moments. Swiftly address customer pain points, personalize relationships, foster staff pride and dare to step outside the (batter’s) box with innovative thinking. By “going Bananas” — with entertainment and empathy — community banks can stand out, build deeper connections, and grow their assets and a fan-worthy brand. We’re Bank Marketing Center, the leading, subscription-based provider of automated marketing services to community banks. Our goal is to help bank marketers with topical, compelling communication with customers that builds trust, relationships and revenue. And we do this through automating critical bank marketing functions, such as content creation, social media management and digital asset management, as well as regulatory and brand compliance. Do you want to learn more about what we can do for your community bank and your marketing efforts? You can start by visiting bankmarketingcenter.com. Then, feel free to contact me directly by phone at (678) 528-6688 or via email at nreynolds@bankmarketingcenter.com. As always, I welcome your thoughts. 1. ThrivePoint. The Power of Questions: How the Savannah Bananas Revolutionized the Fan Experience. August 20, 2024. Utah Banker 15
The SBA 504 Loan Program A Game-Changer for Small Business Growth BY CARYL ERIKSSON, InterMountain Business Lending For small business owners looking to expand, purchase real estate or invest in heavy equipment, securing affordable financing can be a daunting challenge. Traditional bank loans often require high down payments and come with stringent requirements, making it difficult for entrepreneurs to grow their businesses. Enter the Small Business Administration (SBA) 504 loan program — a powerful yet underutilized financing tool designed to help small businesses thrive while fostering economic development in local communities. The SBA 504 loan program provides long-term, fixed-rate financing for major business assets such as land, buildings and equipment. Unlike conventional financing options, which often require large upfront capital, the 504 program allows businesses to access affordable loans with as little as a 10% down payment. This makes it an attractive choice for businesses looking to preserve cash flow while making significant investments in their future. A key advantage of the SBA 504 loan is its unique structure. It is a partnership between a Certified Development Company (CDC), a bank or private lender and the business owner. Typically, the bank provides 50% of the loan amount, the CDC funds 40% through an SBA-backed loan, and the business owner contributes the remaining 10%. This shared risk approach incentivizes lenders to provide financing to businesses that may not qualify for traditional loans while offering favorable terms such as below-market interest rates and repayment periods of up to 25 years. For participating lenders, the SBA 504 loan program offers significant benefits as well. By financing only 50% of the total loan amount, banks and private lenders reduce their risk exposure while still earning interest on their portion of the loan. Additionally, because the SBA-backed portion of the loan is subordinate to the lender’s share, lenders have a first lien position, providing added security. These advantages make the program an attractive option for financial institutions looking to expand their small business lending portfolio while minimizing risk. The benefits of the 504 loan program extend beyond individual businesses. By enabling companies to invest in infrastructure, the program creates jobs, strengthens local economies and revitalizes communities. The SBA estimates that for every $65,000 in 504 loan funding, one job is created or retained. Given this multiplier effect, the program plays a crucial role in fostering economic stability and sustainable growth. Businesses that meet certain criteria, such as being rural-based, woman-owned, minority-owned, small manufacturers or focused on energy efficiency, may be eligible for additional benefits. Despite its advantages, the SBA 504 loan remains underutilized. Many small business owners are unaware of its existence, while others hesitate due to perceived complexity in the application process. While it is true that SBA loans require thorough documentation, the benefits far outweigh the bureaucratic hurdles. Working with an experienced lender or a CDC can simplify the process and ensure that businesses maximize the advantages of the program. Another challenge is the misconception that SBA loans are only for struggling businesses. In reality, the 504 loan is designed for financially sound businesses looking to expand. Whether it’s a manufacturer purchasing a new facility, a doctor opening a new practice or a retailer investing in modernized equipment, the program provides a cost-effective solution for businesses poised for growth. As the economy continues to recover and evolve, the SBA 504 loan program stands out as an essential tool for small business development. Policymakers and financial institutions should work together to raise awareness and streamline access to this valuable resource. By doing so, they can empower entrepreneurs, drive job creation and build stronger communities for the future. Take a closer look at the SBA 504 loan program. With its low-interest rates, long repayment terms and minimal down payment requirements, it is one of the most effective ways to finance expansion. For small businesses with growth ambitions, the path to success may be just one 504 loan away. Caryl Eriksson is the CEO of InterMountain Business Lending and brings nearly 30 years of SBA lending experience to the table. For more information about SBA 504 Lending, contact Chase Carver at ccarver@im504.com or (801) 897-4937. Utah Banker 16
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
BANK KUDOS ALTABANK Lindsay Berndt, vice president/retail branch manager at Altabank’s flagship American Fork Branch, has been named to Utah Valley BusinessQ Magazine’s 40 Under 40 for 2025, an honor recognizing individuals who demonstrate leadership and professional accomplishment. As the leader of Altabank’s largest branch, Lindsay manages a team of 12 front-line bankers who work with some of the bank’s longest tenured customers. She has been with Altabank for 16 years. BANK OF UTAH Bank of Utah Named Title Sponsor of PGA TOUR’s Utah Event The PGA TOUR and Black Desert Resort welcome Bank of Utah as the title sponsor of the TOUR’s Utah event, renamed the Bank of Utah Championship. Following its historic debut in 2024 — the first PGA TOUR tournament held in Utah in more than 60 years — the championship will return to Southern Utah’s Greater Zion region from Oct. 23-26, 2025. “After celebrating a successful return to Utah last year, the PGA TOUR is pleased to introduce Bank of Utah as the title sponsor of our event at Black Desert Resort, which received rave reviews from TOUR players and families following the inaugural 2024 tournament,” said Tyler Dennis, PGA TOUR chief competitions officer. “The Bank of Utah Championship is staged in one of the most unique settings found on the PGA TOUR schedule, and we are eager to welcome a proud Utah company into the fold ahead of the second rendition later this fall.” “Utah is an iconic place of striking beauty and innovative spirit — and Black Desert Resort captures both,” said Branden P. Hansen, president of Bank of Utah. “As Utah grows into a premier destination for professional sports, we’re proud to invest in events that elevate our state, strengthen local economies and create meaningful experiences for our clients and communities. This partnership is more than a sponsorship — it celebrates what makes Utah exceptional and serves as a powerful platform to drive long-term impact across the state.” Bank of Utah Racks Up Best Bank Awards Bank of Utah was honored with two major recognitions in the 2025 Best of Northern Utah Awards: Gold for Best Bank and Silver for Best Mortgage Lender in Cache Valley. The bank also won Gold for Best Mortgage Lender and Silver for Best Bank in the 2025 Best Southern Utah Awards. Over the past four years, Bank of Utah has earned a total of four gold and two silver Best of Northern Utah Awards, a testament to the strength of its customer relationships and commitment to community banking. Bank of Utah Board Chairman Frank Browning Honored with Brent Richards Legacy Award Frank Browning, chairman of the board at Bank of Utah, was honored with the Brent Richards Legacy Award by the Ogden Rotary Club on Wednesday, May 28, 2025, at the Ogden Eccles Conference Center. The award recognizes Browning’s decades-long dedication to serving the Weber County community. A lifelong resident of Ogden, Browning has quietly and consistently made a difference through hands-on volunteerism, particularly in mentoring youth. He has served in a variety of leadership roles in the Boy Scouts of America, including scoutmaster and president of the Trapper Trails Council, and has spent countless hours coaching youth basketball and soccer. Utah Banker 18
CCBANK CCBank Launches Ag Lending Group CCBank launched its agriculture lending group, expanding the bank’s community lending program to meet the specialized capital needs of farmers, ranchers and ag-related businesses in the Mountain West. The team is locally based in Spanish Fork, Utah, and is ready to serve the financing needs of the ag industry. “Producers feed our families, protect open spaces and anchor rural economies,” said Matt Field, president of CCBank. “But they can’t focus on their important role in our communities without reliable, affordable capital delivered by a community bank such as ours. Our ag lending group understands the agriculture industry, and we are pleased to offer industry-leading products and services along with national expertise. Our new ag lending team ensures that the know-how and important access to capital is delivered in a thoughtful, personalized way to this critical industry.” Learn more at ccbank.com/agriculture. CENTRAL BANK Central Bank to Rebuild its Historic 1892 Bank Building in Downtown Springville Central Bank announced the construction and revitalization of its historic downtown Springville location to match the original 1892 building. Under the vision and leadership of Bank President Mark Packard, the bank is embarking on a historic project to rebuild its original bank building on Main Street, first constructed by the Packard family in 1892. “Central Bank has always been deeply rooted in the community, and this project is a testament to our commitment to preserving our heritage while preparing for the future,” said Packard. “Our goal is to honor the past by revitalizing Main Street and creating a landmark that reflects the history and spirit of Springville. We are excited to see this dream come to fruition and to provide a beautiful, functional space for our employees, customers and the city of Springville where Central Bank began.” D.L. EVANS BANK D.L. Evans Bank donates $25,000 to Davis Arts Council D.L. Evans Bank, in partnership with the Federal Home Loan Bank of Des Moines, donated $25,000 to the Davis Arts Council (DAC). The DAC is a nonprofit organization serving the community with a mission to enrich and strengthen Davis County through a wide range of high-quality arts experiences. They offer diverse performances and free programs designed to foster joy, inclusion and cultural growth, ensuring accessibility for everyone. D.L. Evans Bank applied for the FHLB Des Moines Member Impact Fund, which matches up to $1.50 to every $1 of the D.L. Evans Bank donation. This matching grant program will result in FHLB Des Moines awarding over $6 million in funding to support affordable housing and community development in Hawaii, Utah and Guam. FIRST COMMUNITY BANK First Community Bank, Division of Glacier Bank Awards Good Grades Pay Scholarships As part of a new program at First Community called Good Grades Pay, the bank awarded 11 scholarships to local students in northern Utah totaling $7,500. Students could either enter the scholarship drawing by visiting their local branch or by submitting their report cards through enrollment in the Good Grades Pay Program. Enrolled students also earn $3 for every A or A- on their report card every term as well as the potential for a $5 bonus for 4.0 GPA. This program has been a successful tool in helping students learn about financial literacy skills in action as well as a way to give back to our local communities. Utah Banker 19
TAB BANK TAB Bank CIO Tami Fisher Honored with Utah Business Executive Excellence Award Tami Fisher, chief information officer at TAB Bank, was named a winner of the Utah Business Executive Excellence Awards for her leadership in driving the bank’s digital transformation and aligning IT strategy with business objectives. The Executive Excellence Awards is an annual event celebrating the highest achievements in Utah’s business community. This event highlights members of executive teams for their strategic vision, resilient leadership and profound influence on improving the business landscape and quality of life in the state of Utah. Fisher developed and initiated a clear roadmap for the bank’s digital transformation, focusing on operational efficiency, optimizing internal expertise and accelerating innovation to enhance the customer experience. She has prioritized the transition to more modular and flexible services, allowing for faster technology integration and greater adaptability to stay ahead of industry trends and exceed customer expectations. TAB Bank Named “Best Community Bank” in the Utah Best of State Awards For the third consecutive year, TAB Bank has been named “Best Community Bank” in the 2025 Utah Best of State Awards. They were honored at the Best of State Gala on Tuesday, June 10, at the Salt Palace Grand Ballroom in Salt Lake City. Best of State celebrates Utah’s most outstanding individuals, businesses and organizations that demonstrate excellence in their fields, embrace innovation and contribute to the state’s quality of life. TAB Bank was recognized by Best of State judges for its commitment to community and social responsibility and for delivering exceptional financial products and solutions to businesses, families and individuals nationwide. TAB Bank recently unveiled a refreshed vision: “Building value in all we do.” With this renewed focus, the bank aims to advance its mission of “Unlocking dreams with bold financial solutions that lift and empower.” ZIONS BANK Zions Bank Employees Brighten Up Nonprofits and Homes During Annual Paint-A-Thon Zions Bank employees traded in balance sheets for paint brushes during the bank’s 33rd annual Paint-a-Thon. More than 1,100 volunteers tackled 15 projects across the state, from Brigham City to Bicknell. This year’s Paint-a-Thon projects benefit more than 13,000 Utahns, with projects ranging from Head Start preschools to affordable and adaptive housing units. “Paint-a-Thon is a chance to give back to the nonprofits and individuals who give so much to our communities,” said Zions Bank President and CEO Paul Burdiss. “It’s one of many ways Zions Bank is focused on investing in the communities we serve.” Launched in 1991, Zions Bank’s Paint-a-Thon began as a volunteer project for a dozen homes along Utah’s Wasatch Front. Over the past three decades, Zions Bank employees have painted 1,316 homes and nonprofit facilities throughout Utah, Idaho and Wyoming. Utah Banker 20
| Bank Stock Loans | Loan Participations | ATM/Debit | International Services | | Cash Management | Securities Safekeeping | Merchant Services | 800-873-4722 | NE: 888-467-5544 | www.bbwest.com Where community banks bank Est. 1980 – 45 years of service to community banks “As a service provider exclusively focused on community banks, Bankers’ Bank of the West is here to help strengthen our clients and the communities they serve.” Across the western states and Great Plains, we’re the place where community banks bank. That’s because we provide the services, technology, and expertise to help you extend your resources, deliver for your customers, and stand out in your market. 5 reasons to partner with us BBW - President and CEO - Bill Mitchell 1. You can unlock efficiencies and cost savings. We can provide sophisticated solutions and economies of scale because we’re powered by hundreds of community banks across our region. 5. Our priorities are aligned with yours. 2. You can expand your capabilities. 4. We’ll never compete for your customers. 3. You can count on prompt, reliable service. • Independent loan review • Loan and credit administration consultation • Strategic planning facilitation • Management, staffing, & succession planning • Acquisition & expansion • BSA/AML compliance • Regulatory risk consultation President, Jim Swanson President, Anne Benigsen • Consulting • Phishing Tests • Vulnerability Management • Security Monitoring Cyber/information security, strategic planning, independent loan review, AND MORE. Consulting Services $ 8.45B assets under management $ 1.9B daily transaction value processed/settled Serving more than 60% of community banks across 7 states
BANKERS ON THE MOVE 1 ALTABANK Shea Bettencourt (1) joined Altabank as a mortgage loan officer serving Cache Valley. He brings 14 years of experience in the Cache Valley region, including mortgage roles with Bank of Utah, Intercap Lending and People’s Mortgage Company. Altabank has hired Craig Peterson (2) as a relationship manager, based in the Murray branch. He is a 25-year Utah banker — most recently from Umpqua Bank — with prior experience with community, regional and national banks. Aaron Gardner (not pictured) joined Altabank as a relationship manager in the bank’s Murray branch. Aaron is a seasoned business banker with 25 years of experience, most recently at BMO Business Bank. Ann Ormond (3) has been appointed a consumer loan officer in Altabank’s Preston, Idaho, branch. She joined Altabank in 2022 as a relationship banker in Preston. Brent Harwood (4) recently joined Altabank as a treasury management officer, where he will work with corporate and business clients. Brent previously worked at Visa for eight years as a partner account executive, and he also has 14 years of experience in the payment and fraud management technology industry. BANK OF UTAH Wendy Gray (5) has been hired as branch manager III of the Bountiful branch. With over 30 years of financial services industry experience, Gray brings client-centered solutions that will strengthen Bank of Utah’s mission to “unlock the potential of its team members, clients and community.” Jason Steenstra (6) has been added as the new branch manager of the Lindon branch. With over 15 years of banking leadership experience, Steenstra brings a strong background in strategic growth, business development and community engagement. Justin Shaw (7) and Jason Wagner (8) have been appointed as mortgage loan officers, serving the Layton and Salt Lake City — Redwood Road locations, respectively. With 10 years of experience in the finance industry, Shaw brings his expertise and dedication to helping customers achieve their homeownership dreams. Wagner has previous experience as a mortgage broker and small business owner. He received his bachelor’s degree in finance from Ohio State University. 4 7 8 6 2 5 3 Utah Banker 22
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