ISSUE 3 • 2025 THE OFFICIAL PUBLICATION OF THE UTAH BANKERS ASSOCIATION A Day on the Links Bankers and Business Partners Tee Off in Support of Utah Banking Community Reinvestment Act Conference Strengthens Banker Engagement Unlocking the Full Potential of CRA Funds How Banks Can Maximize Community Impact with CDFIs
Discover® Debit Gives You The Advantage. When it comes to your debit program, you should always have the upper hand. Discover® Debit puts you in control of the board with superior economics, marketing support, and personalized service. Checkmate. Debit that’s here for you.® Find out more at DiscoverDebit.com/Win Stay One Move Ahead of the Competition
TABLE of CONTENTS 4 The Bottom Line By Howard Headlee, President and CEO, Utah Bankers Association WASHINGTON UPDATE 5 Shaping the Future of Stablecoins By Rob Nichols, President and CEO, American Bankers Association 6 A Day on the Links Bankers and Business Partners Tee Off in Support of Utah Banking 8 Why You’re Probably Not Ready for the Next Wave of Synthetic AI Fraud By Steve Lenderman, CFE, Head of Fraud Prevention, isolved 10 Community Reinvestment Act Conference Strengthens Banker Engagement 12 Unlocking the Full Potential of CRA Funds How Banks Can Maximize Community Impact with CDFIs By Christopher Jensen, President & CEO, RMCRC 14 How Credit Stress Testing Can Help Build Resilience By Michael Johnson, SVP & Southwest Regional Manager, PCBB 16 Bank Kudos 17 Fall Washington, D.C., Visit 18 Bankers on the Move 20 Welcome to Our New Associate Members! 21 UBA Associate Members Utah Banker 3
BY HOWARD HEADLEE, President and CEO, Utah Bankers Association The Bottom Line Economic growth in the U.S. is driven by thousands of independent banks that are uniquely empowered to create money. When that process is undermined, the economic success of every American is eroded. Policy makers in Congress demonstrated their understanding of this important process during the recent debate on the GENIUS Act. The goal of the act is to establish rules and regulations around the creation of payment stablecoins — digital tokens backed by a specific value of liquid assets. Stablecoins are valuable because they are easy to exchange and track on a blockchain. In order for payment stablecoins to play a productive role in our economy, consumers must be sure that a $50,000 payment stablecoin is actually backed by $50,000 of liquid assets. The GENIUS Act does that. However, in addition to ensuring that payment stablecoins could be safely used as a “means of payment,” Congress also took bold action to ensure that payment stablecoins would never threaten our banking system and the creation of money by becoming a “store of value.” They did this by prohibiting payment stablecoin issuers from paying interest to the coin holders. This prevents the coin itself from becoming a “store of value,” competing with bank deposits and undermining the U.S. banking system and economic growth. The issuers of payment stablecoins were frustrated by this provision. They know that they can sell more payment stablecoins if they can provide interest or rewards. So they immediately circumvented this prohibition by entering into agreements with third party exchanges where these coins are stored. The issuers pay fees to the exchanges, and the exchanges pay yield or rewards to the owners of the coins — which violates the law. This scheme subverts the intent of Congress and undermines the U.S. banking system and the creation of money and economic growth by converting payment stablecoins from a “means of payment” into a “store of value.” Here’s how. Bank deposits are “dynamic” stores of value. When money is deposited into a bank, it is insured, it earns interest, and the depositor has access to that money 24 hours a day, seven days a week. But while that money is safely in the bank, bankers can use it to make loans, thus injecting new money into the economy. Depositors have access to their deposit, but now a borrower also has access to a loan. The money has effectively doubled in the economy! Money stored outside of a bank is a “static” store of value. While it is invested, the depositor cannot access it. When the depositor needs to access the money, the investment must be liquidated. The last thing our economy needs right now is the movement of wealth out of dynamic stores of value in banks into static stores of value. That is exactly why Congress prohibited the issuers of payment stablecoins from paying yield on payment stablecoins. They wanted to make payment stablecoins safe and reliable, but they didn’t intend to eliminate funding for small business loans in communities throughout America. Failure to enforce this law as written by allowing stablecoin issuers to pay yield through third parties will dramatically slow the creation of money, wealth and economic growth in our economy. Utah Banker 4
WASHINGTON UPDATE Shaping the Future of Stablecoins BY ROB NICHOLS, President and CEO, American Bankers Association Earlier this summer, President Trump signed into law the GENIUS Act, a long-awaited bill that will kickstart the development of a new regulatory framework for stablecoins in the U.S. Stablecoins like Tether, Circle and others, currently have a market cap of about $275 billion — a relatively small fraction of the total money supply in the U.S. Nonetheless, interest in stablecoins has grown rapidly in recent months. In simple terms, stablecoins are digital assets designed to maintain a stable value over time and that are pegged to a reference asset like the U.S. dollar on a one-to-one basis. They can function as both a store of value and a means of payment, and several potential use cases are starting to emerge, from cross-border payments to integration into smart contracts. ABA has been closely following the conversations around the future of stablecoins, and we were engaged on behalf of our members as lawmakers debated and refined the GENIUS Act prior to its passage. Our input, which included feedback from bankers and our state association alliance partners, helped shape a better legislative outcome for the banking industry, though, as with most pieces of legislation, there remain areas we’d like to see improved. Among our top priorities was ensuring that banks are not disintermediated by stablecoin issuers incentivizing customers to hold their money in the form of stablecoins instead of bank deposits. We also advocated for a framework that would ensure that America’s banks have the freedom to participate in the stablecoin ecosystem if they choose. With the GENIUS Act now law, bank and credit union subsidiaries, along with national trusts and nonbanks, can apply to become stablecoin issuers. However, lawmakers included a key exclusion for non-financial public companies to maintain an important firewall between banking and commerce — a principle ABA has long supported. The law also includes several key prohibitions applied to payment stablecoin issuers that ABA supports, including those preventing pledging of stablecoin reserves, paying interest or yield to holders of payment stablecoins and the misrepresentation of insured status of payment stablecoins, among other things. As I write this, we are actively engaged on the Hill, trying to strengthen some of these provisions through separate but related digital asset legislation focused on market structure. The GENIUS Act places rulemaking authority in the hands of the banking agencies, which means that banker engagement will continue to be critical in the months ahead as these rules are crafted, as more than a dozen rulemakings are expected related to this new law. ABA is continuing to engage through its Digital Assets Working Group — a banker-driven advisory panel that convenes ABA members from across the country, led by our Office of Innovation. We have also made a comprehensive suite of resources — including a full summary of the GENIUS Act and associated rulemakings — available for our members at aba.com/stablecoin. More than 2,100 bankers participated in a recent ABA webinar on the topic. As we work to shape the future of stablecoin regulation, ABA remains committed to helping banks responsibly meet customer demand for digital assets, including stablecoins and other cryptocurrencies, while mitigating the risks these emerging products and technologies may pose to consumers and the broader financial system. Our goal will always be a fair and level playing field on which banks and other financial service providers can compete. Email Rob at nichols@aba.com. Utah Banker 5
WINNING TEAMS 1st Place Team: Don Poulton, Wade Albers, Travis Betenson and Justin Haley from Medallion Bank 2nd Place Team: Matt Bloye, Adam Bucholz, Dallen Atwood and Matt Tripp from Wells Fargo 3rd Place Team: Matt Fankhauser, McCoy Willey, Guy Watts and James Lee from Optum Bank A Day on the Links Bankers and Business Partners Tee Off in Support of Utah Banking The banking community came together for another unforgettable day at the Utah Banks & Partners Golf Classic, blending camaraderie, competition and community spirit — all in support of the banking industry across our state. Hosted at South Mountain in Draper, one of Utah’s most scenic and challenging courses, the tournament provided the perfect backdrop for bankers and business partners to build relationships while enjoying some great golf. From the crisp morning check-in to the last putt dropping, the day was filled with energy, laughter and plenty of friendly competition. The tournament wouldn’t have been possible without the support of generous sponsors. Their creativity shone throughout the day with on-course promotions and giveaways that kept players fueled, hydrated and smiling. From branded swag to contest holes and interactive setups, sponsors brought a festive energy that made the event more than just golf — it was an experience. As the final scores were tallied, players gathered for a well-earned lunch, prize drawings and recognition of the day’s top performers. Utah Banker 6
LET RAISIN DO THE WORK Access a turnkey digital solution that delivers stable retail deposits with the efficiency of wholesale funding. Raise insured retail deposits from US consumers nationwide - all on one platform. Book a demo at raisin.com/partnerships No minimums No set up cost No IT integration
The landscape of synthetic identity creation is evolving rapidly, driven by unprecedented advancements in AI tools that are both more powerful and widely accessible. While automation in identity fraud and its prevention isn’t new, today’s developments dramatically shift the paradigm. What strategies can we adopt to respond effectively? Banks have allocated significant tools and resources to fight fraud, but these efforts have only achieved partial success. Despite their initiatives, fraud losses continue to climb, with synthetic identity fraud now emerging as the leading contributor. It has surpassed traditional forms of fraud like credit card fraud and identity theft. Notably, a 2023 TransUnion report identified synthetic identity fraud as the fastest-growing form of fraud worldwide. Synthetic identity fraud is fundamentally a manipulation of data — blending fragments of genuine personal information with fabricated data to bypass systematic controls and alerts. The focus is shifting away from established schemes such as card fraud, account takeover, impersonation and application fraud involving fake identities and documentation. More sophisticated fraud models like authorized push payment schemes are surging, where legitimate customers initiate payments themselves. This approach simplifies the process of circumventing security measures, making detection and prevention increasingly challenging. Why You’re Probably Not Ready for the Next Wave of Synthetic AI Fraud BY STEVE LENDERMAN, CFE, Head of Fraud Prevention, isolved Most banks are not equipped to tackle a new AI-fueled era of synthetic identity fraud, writes Steve Lenderman, CFE, an expert in fraud and synthetic identities and head of fraud prevention at isolved. Utah Banker 8
Four changes are at play here that open new doors to threat actors: 1. Synthetic identity quality now meets quantity. New generative AI tools dramatically ramp up both the quantity as well as the quality of synthetic identity creation — for example, using generative AI to fill in the gaps in identity creation by creating plausible supporting identity content, employment documentation, social media content, images and voices at mass scale. 2. Building and deploying synthetic IDs now takes minutes, not days. AI tools also deliver extreme speed. Viable synthetic identities may have taken several days or weeks to build in the past, requiring significant manual effort. They can now be built in minutes and deployed almost immediately. 3. “Off-the-shelf,” easy-to-use tools are widening the pool of bad actors. Readily available tools, once only hidden deep on the dark web, are now widely accessible through everyday social channels — whether those are generative AI tools focused on creating synthetic identities or code for malicious attacks. This is “de-skilling” synthetic identity fraud, making it a transactional process that many more bad actors can manage, with tools either specifically developed for this purpose or more generic GenAI tools put to that purpose. 4. Orchestration and coordination are on the rise globally. Large, organized groups of bad actors are harnessing these tools, increasingly at an international scale across borders, to create and manage hundreds if not thousands of identities. So, how do industry leaders manage dynamic hidden threats? The good news is that you likely have all the puzzle pieces you need for your systems to answer questions like “Is the person’s application I’m dealing with really the person I think they are?” or “Is this a legitimate transaction request from this long-standing customer?” Banks hold vast amounts of data related to customers, devices, behaviors, transactions and networks. When combined, this data paints a comprehensive picture, incorporating elements like customer and account information, counterparty and transaction details, alert histories, watch lists and negative news screenings. These datasets form the foundation for robust fraud risk management and power analytical models designed to prevent, detect or investigate fraud. However, many banks operate within a fragmented ecosystem of platforms, tools and models, often functioning in isolated silos. Separate operational teams may also focus on distinct fraud types, hindering seamless collaboration and slowing information sharing during investigations. This siloed approach is insufficient to address the sophisticated challenges posed by advancing technology. To combat emerging threats, banks must adopt innovative learning processes and tools that offer a unified, advanced perspective on data. Tackling synthetic ID-driven fraud demands connecting internal and external datasets to enrich insights, enabling a deeper contextual understanding of customers, transactions and relationships. Yet, the challenge is not solely about integrating these datasets — it’s about delivering critical insights at speed and scale. Accurate fraud detection and minimizing false positives must occur in real time to keep pace with faster payment systems and shrinking detection windows. Banks no longer have the luxury of extended decision-making timeframes as fraudsters exploit the rapid expansion of new payment rails. The solution lies in constructing a contextual view of customers, counterparties and their interconnected relationships that goes beyond analyzing individual transactions. Incorporating context into data is pivotal. Achieving this requires a strong data foundation that merges internal and external datasets with intelligence about the relationships between entities — people, organizations and places — at scale, fostering a holistic understanding of risk. This represents the next evolution of fraud risk management — a unified framework that spans fraud types, channels and products, leveraging advanced data and analytics. As fraud volumes increase and synthetic identities become more prevalent, banks can no longer rely on existing systems alone for accurate decision-making. A shift to powerful, cutting-edge technology is essential to address and prevent these risks effectively. Steve Lenderman has over 25 years of experience in the financial crimes sector and currently serves as the head of fraud prevention at isolved, a human capital management (HCM) technology leader that helps organizations deliver a better work experience by streamlining payroll, HR, benefits and talent management. Prior to isolved, he was the head of fraud solutions North America at Quantexa, where he used AI to aid clients in combating fraud, financial crimes and regulatory compliance. His previous roles include SVP of fraud prevention and investigations at Bank Mobile Technology (BMTX), director of strategic fraud prevention at ADP and fraud operations lead for PayPal Business Loans. At Barclaycard US, he managed major investigations, internal investigations, bust-outs, credit abuse and synthetic identities. A recognized industry expert, Lenderman co-chairs the Bust Out Synthetic Identity (BOSI) working group, is president of the ACFE Delaware Chapter and regularly speaks at fraud conferences and trainings. He holds a criminal justice degree from the University of Delaware and is a certified fraud examiner. Utah Banker 9
Community Reinvestment Act Conference Strengthens Banker Engagement Bankers and community leaders gathered in Draper for the UBA’s Community Reinvestment Act Conference on Sept. 25, 2025, a day focused on sharing ideas, building connections and advancing strategies to strengthen Utah communities The program featured two experts from the Kem Gardner Policy Institute: Phil Dean provided an economic update, and Nate Lloyd gave an overview of the organization’s recently published Needs Assessment report. A banker panel provided insights into effective Community Reinvestment Act (CRA) outreach. The conference concluded with an open mic session, which allowed attendees to pose questions, share successes and voice challenges in their CRA programs. In addition to the sessions, participants assembled baby kits for Catholic Community Services, underscoring the spirit of giving back that defines community reinvestment. Some community partners and nonprofits were also in attendance, representing fields ranging from housing to education to healthcare, and bankers were able to engage with them throughout the day. As always, the conference was an excellent reminder that when banks and communities work together, real impact happens. Utah Banker 10
| 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
Unlocking the Full Potential of CRA Funds How Banks Can Maximize Community Impact with CDFIs BY CHRISTOPHER JENSEN, President & CEO, RMCRC During a recent visit to a newly completed development in Tooele, Utah, I had the opportunity to meet a young man with special needs who had just moved into his new apartment. He welcomed us in, excitedly showing off his space — his furniture, his neatly arranged belongings and the view from his window. His pride in having a place to call his own was evident. This wasn’t just housing; it was dignity, security and a foundation for his future. Stories like his underscore the importance of investing in housing solutions that offer more than just shelter — they provide stability, independence and opportunity. HOW BANKS CAN LEVERAGE CRA FUNDS FOR AFFORDABLE HOUSING Banks can use CRA funds to support affordable housing initiatives in several ways. Financing multifamily housing developments, providing capital for nonprofit housing organizations and funding low-interest mortgage programs are all effective strategies. INVESTING IN AFFORDABLE HOUSING: A STRATEGIC AND SOCIAL IMPERATIVE The Community Reinvestment Act (CRA) was designed to ensure that banks and financial institutions invest in low- and moderate-income (LMI) communities. However, while compliance with CRA requirements is mandatory, financial institutions have an opportunity to go beyond regulatory obligations and drive meaningful impact. Community development financial institutions (CDFIs) offer a proven way for banks to deploy their CRA funds efficiently while making a tangible difference in communities. WHY AFFORDABLE HOUSING INVESTMENTS MATTER Stable, affordable housing is foundational to economic security, improved health outcomes and community stability. However, the affordable housing crisis continues to grow, leaving many individuals and families struggling to find a safe place to live. Banks have a unique opportunity to make a real impact by directing CRA funds toward affordable housing initiatives through CDFIs, ensuring their investments help address this critical issue. CDFIs serve as essential partners in structuring these investments to reduce financial risk while maximizing community impact. By working with CDFIs, banks can engage in pre-vetted, compliant housing projects that align with CRA requirements while ensuring sustainable development in LMI communities. CDFIs specialize in managing these initiatives, allowing financial institutions to participate in housing solutions without taking on undue risk. THE GROWING NEED FOR AFFORDABLE HOUSING The demand for affordable housing continues to rise. Approximately 34% of U.S. households are renters, and a significant portion of the population will likely remain renters long-term. The wealth gap is widening, and economic disparities are becoming more pronounced.
meet CRA obligations by forming strategic partnerships with CDFIs while fostering sustainable economic growth in underserved communities. The most effective banks don’t just comply with CRA requirements — they leverage them as a tool for meaningful community transformation through affordable housing. Affordable housing investments don’t just support individuals — they strengthen entire communities. When essential workers and families have stable housing, they can focus on their work and well-being, which in turn benefits society. Studies show that building 100 affordable rental homes can generate approximately $11.7 million in local income, $2.2 million in taxes and other revenue for local governments, and create 161 local jobs in the first year alone. By investing in affordable housing through CDFIs, banks fulfill their CRA obligations and contribute to the long-term economic vitality of the communities they serve. Financial institutions looking to maximize their CRA impact should consider working with experienced CDFIs to ensure their investments create long-term, measurable benefits. By working with CDFIs, banks can move beyond compliance and become true partners in building stronger, more sustainable communities through investments that provide safe, stable and affordable housing for those who need it most. Christopher Jensen is the president and chief executive officer of RMCRC. He has over 30 years of executive leadership experience in mortgage banking. Since joining RMCRC, he has been instrumental in shaping the organization’s strategic direction, fostering a strong culture and expanding its national footprint. As CEO, Christopher drives RMCRC’s vision of increasing access to credit and financing for affordable housing projects that serve low- to moderate-income households. He cultivates broad-based relationships with external stakeholders, ensuring RMCRC remains a trusted leader in community reinvestment. His leadership is rooted in a passion for creating meaningful impact — expanding access to affordable housing and fostering a dynamic, collaborative work environment that upholds RMCRC’s core values of integrity, teamwork and innovation. Christopher holds a bachelor’s degree in political science from the University of Utah and an MBA from the Thunderbird School of Global Management. Originally from Denmark, he appreciates global perspectives and enjoys traveling to understand the world better. Connect with Christopher on LinkedIn at www.linkedin.com/in/christopher-k-jensen. A 2024 report found that 69% of Americans are concerned about housing costs, and the U.S. currently faces a shortage of more than 7.3 million affordable rental homes for extremely low-income households. These figures underscore the urgent need for targeted housing and community development investments. BREAKING MISCONCEPTIONS: WHO BENEFITS FROM AFFORDABLE HOUSING? Affordable housing is often misunderstood. It’s not just for those experiencing homelessness or extreme poverty — it serves a broad spectrum of individuals, including working professionals who contribute to their communities every day. Teachers, police officers, firefighters, healthcare workers and other essential personnel often struggle to find housing near their workplaces due to rising costs. Research shows that two-thirds of renter households led by essential workers earn at or below 80% of the area median income (AMI), yet many lack access to affordable rental options. CONCLUSION: A CALL TO INVEST IN AFFORDABLE HOUSING Banks do not have to navigate CRA requirements alone. CDFIs provide a proven, scalable and high-impact solution for reinvestment. Financial institutions can Utah Banker 13
How Credit Stress Testing Can Help Build Resilience BY MICHAEL JOHNSON, SVP & Southwest Regional Manager, PCBB Recent banking crises and economic shocks have highlighted vulnerabilities in the financial system, prompting increased regulatory stress testing and stricter capital requirements — particularly for larger banks. However, regulatory guidance encourages all institutions, including community banks, to conduct some level of stress testing or scenario analysis to proactively manage risk and enhance financial resilience. WHY CREDIT STRESS TESTING MATTERS FOR COMMUNITY BANKS While stress testing can apply to all areas of your bank — including liquidity, interest-rate sensitivity and operations — credit stress testing is particularly crucial for community banks, given their challenges with quickly acquiring capital or funding. Simulating extreme market scenarios helps institutions assess the potential impact of economic disruptions on loan portfolios, providing insights that strengthen risk management and inform strategic decision-making. By proactively identifying vulnerabilities, community banks can refine lending criteria, adjust capital planning and integrate stress test results into their broader risk management framework. Regular testing, combined with well-defined policies and procedures, strengthens institutional resilience against market shocks and economic downturns. For example, using the results from credit stress testing, community banks can adjust lending criteria or diversify their portfolios to reduce exposure if they have concentrations in high-risk sectors. In another scenario, they may increase their capital buffers or secure additional funding if stress testing reveals the potential for significant losses or strained liquidity in certain adverse conditions. COMMON CREDIT STRESS TESTING SCENARIOS Community banks can apply credit stress testing to evaluate how adverse economic conditions could impact their loan portfolios. Common scenarios include: • Macroeconomic Shocks: Stress tests often assess the impact of shifts in key economic factors, such as rising inflation and interest rates, recessions, declines in GDP and surges in unemployment. These conditions can increase loan defaults, erode asset values and negatively affect borrower repayment capacity. • Market Disruptions: Community banks may also analyze the effects of stock market declines, housing market crashes, commodity price volatility or foreign currency fluctuations to determine how these external factors might impact credit portfolios and overall financial stability. DIFFERENT APPROACHES Community banks are able to flexibly customize — or even combine different types of — credit stress tests to suit their specific characteristics, market areas and strategic needs. This will help ensure they are effectively able to identify their unique risks and weaknesses. Two approaches that are well-suited to community banks and can be combined are: 1. Portfolio-Level Testing: This top-down approach estimates potential losses on loan portfolios in adverse conditions by aggregating loan-portfolio data based on shared characteristics. Utah Banker 14
It can provide a high-level overview of portfolio vulnerability, assess capital adequacy, liquidity and profitability, and identify key concentration risks. 2. Transaction-Level Testing: This bottom-up approach evaluates individual key loan relationships and aggregates the results. This detailed approach provides granular insights, assists with the early identification of high-risk loans, estimates potential losses on a loan-by-loan basis and allows for more targeted risk management strategies. With global and economic conditions changing rapidly, conducting regular and tailored stress tests enables community banks to identify and respond to vulnerabilities, make informed decisions to prepare for adverse scenarios and demonstrate a commitment to sound risk management. By integrating credit stress testing into their risk management strategies, community banks can not only meet regulatory expectations but also safeguard their long-term financial stability in an unpredictable economic landscape. To continue this discussion or for more information, please contact Michael A. Johnson at mjohnson@pcbb.com. Dedicated to serving the needs of community banks, PCBB’s comprehensive and robust set of solutions includes cash management services such as settlement and liquidity for the FedNow Service, international services, lending solutions and risk management advisory services. PCBB was recognized by American Banker as one of the “Best Banks to Work For” in 2024. Stay up to date from your couch, office or even the moon! TAKE US ANYWHERE! Place a 1” x 1” QR Code White on Black Here to the main website Scan to read the most recent publication. Utah Banker 15
BANK KUDOS CELTIC BANK Celtic Bank works hard to meet community members where they are through its CRA program. Women of the World is an organization serving refugee and forcibly displaced women in the Salt Lake Valley. They asked for the bank’s help in creating basic financial education in a format that is friendly to women from multiple countries and several translators operating in the same room. Together, we created classes that used simple pictures and group discussions to teach basic financial concepts. The bank also provided small financial incentives to complete a personal budget, understand and track credit scores, and save money for the future. The students requested more classes, and our employees loved participating! We look forward to helping Women of the World do more amazing work on behalf of their important clients. KEYBANK To celebrate 200 years of KeyBank’s service to communities across the nation, the KeyBank Foundation recently awarded a $200,000 philanthropic grant to the Community Development Corporation of Utah. This is part of Key’s special bicentennial grant program designed to strengthen Community Development Financial Institutions (CDFIs) and foundations that play a critical role in advancing affordable housing and small business development. It was awarded during KeyBank’s Bicentennial Celebration in Salt Lake City, attended by KeyCorp Chairman and CEO Chris Gorman and KeyBank teammates. Community Development Corporation of Utah helps the community thrive by empowering people on their path toward financial security, housing stability and access to affordable homes. This grant funding from the KeyBank Foundation will support the Community Development Corporation of Utah’s KEYS (Knowledge, Equity & Your Success) program. “KeyBank is committed to helping our community thrive through investments that promote neighbors, education and workforce,” said Drew Yergensen, Utah market president of KeyBank. “We are not only here to serve our clients, but to invest in neighborhoods where we live and work, providing opportunities and making a difference in people’s lives.” TAB BANK TAB Bank hosted and served as the title sponsor for the 24th Annual Ogden Rescue Mission Charity Golf Tournament on Sept. 5 at Wolf Creek Resort in Eden, Utah. All proceeds support the Ogden Rescue Mission in helping individuals experiencing homelessness in Northern Utah communities receive shelter, food, clothing, hygiene, friendship and placement in living-wage jobs and affordable housing. The Ogden Rescue Mission is a faith-based 501(c)(3) nonprofit organization established in 1964 to help the homeless and restore broken lives. Since 2001, the tournament has raised $570,000 for the Mission. “At TAB Bank, we are always looking to partner with meaningful organizations and programs that lift and empower individuals and families through their hard times,” said Trevor Morris, director of marketing at TAB Bank. “We’re proud to support the Ogden Rescue Mission and contribute to one of the year’s signature fundraising events.” Utah Banker 16
ZIONS BANK Zions Bank celebrated Women’s Equality Day on Aug. 26 by unveiling a refreshed version of the “Utah Women 2020” mural, located on the Dinwoodey Building in downtown Salt Lake City. Originally commissioned by Zions Bank and first revealed in 2020, the five-story mural is a towering tribute to Utah women, both past and present. It was created by Jann Haworth, co-creator of the iconic The Beatles’ Sgt. Pepper’s Lonely Hearts Club Band album cover — along with artists Alex Johnstone and Liberty Blake. The mural features 280 stencil portraits painted in community workshops led by the artists, who then photographed, sized and digitally arranged them into a cohesive design. Due to weather-related fading, Zions Bank had the mural’s 11 panels reprinted and reinstalled to restore its vibrancy. To mark the unveiling, Zions Bank’s Women’s Business Forum hosted a panel discussion featuring Haworth and Blake, and several women depicted on the mural. Fall Washington, D.C., Visit A group of Utah bankers traveled to Washington, D.C., in September to meet with regulators from the OCC, FDIC, Treasury and Federal Reserve, and the state’s Congressional delegation and even took in a ballgame at Nationals Park. Utah Banker 17
BANKERS ON THE MOVE BRIGHTON BANK Heather Johnson has been hired as a commercial portfolio manager at the South Salt Lake branch. She brings over 23 years of banking experience, with a strong focus on commercial lending since 2007. Heather is passionate about helping businesses at every stage and values the lasting relationships she has built with her clients. D.L. EVANS BANK Nicole Smart has been promoted to assistant branch manager at the Brigham City branch, where she will oversee the operations of the branch while managing resources and staff, developing and attaining sales goals, delivering customer service, and growing the location’s revenues. TAB BANK Traci Crabtree has been appointed vice president of business development, expanding the bank’s presence in Southern California. Crabtree brings more than 20 years of experience in corporate finance and leadership in middle-market direct lending. ZIONS BANK Zions Bank has promoted Heidi Prokop to executive vice president of its marketing, communications and community relations division. Prokop joined Zions Bank in 2001 and most recently served as senior vice president and communications group manager. TAB Bank has added Sam Cirelli as vice president of business development, to strengthen the northeast lending team. Based in New York, Cirelli has spent over 30 years as a corporate lender and advisor to small and mid-sized companies. Utah Banker 18
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
Welcome to Our New Associate Members! SPRINGTIDE VENTURES Contact: Austin Walters, Managing Partner austin@springtide.com springtide.com SpringTide Ventures funds the future of health as a U.S.-based Series Seed financing lead investor. Springtide specializes in early-stage financings for tomorrow’s greatest healthcare companies. With a clear mission to elevate human health while delivering top-quartile returns, SpringTide specializes in financing disruptive healthcare innovators, companies building integrated solutions that expand access, improve outcomes and drive efficiency across care delivery, diagnostics, digital health and deep tech. Backed by a network of strategic LPs, health systems and operators, SpringTide brings operator DNA, conviction investing and relentless founder support to those reimagining healthcare. TCA Compliance A Better Way for Banks to Manage Compliance TCA COMPLIANCE Contact: Michelle Strickland, Co-President/Managing Partner m_strickland@tcaregs.com tcaregs.com TCA provides “A Better Way” for institutions to manage compliance. “A Better Way” is more than a corporate motto to us — it’s at the core of TCA and embodies who we are, what we do, and how we do it. Top products/services we offer: BSA/AML audits and reviews, consumer compliance reviews, managing fair lending and CRA risk, outsourced compliance support through our Virtual Compliance Management Program … and more. TECH LEGION Contact: Lee Weech, Sales Director lweech@techlegion.com techlegion.com Tech Legion is the Intermountain West’s trusted outsourced IT partner, providing tailored IT solutions for organizations of all sizes — from small teams to large enterprises — delivering the expertise of highly skilled technologists without the burden of long-term contracts. Our team offers proactive support, strategic guidance and flexible service plans designed to safeguard operations, enhance productivity and reduce technology stress. With a focus on dependable service and lasting partnerships, Tech Legion helps clients navigate today’s complex IT landscape with confidence. Utah Banker 20
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 Sam Irvin (612) 718-7579 samuel.irvin@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 Azureity 585 W. 500 S., Ste. 210 Bountiful, UT 84010 Bryan Boam (801) 677-2499 bboam@azureity.com azureity.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 Banking Systems 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 Celero Commerce 100 Westwood Pl., #200 Westwood, TN 37027 Jeff Mullen (800) 866-1881 jeffm@celerocommerce.com celerocommerce.com 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 Convergint 2211 W. 2300 S. Salt Lake City, UT 84119 Christopher Rawson (801) 336-0704 christopher.rawson@convergint.com www.convergint.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 www.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 Mariah Knopp (801) 253-4541 mariah.knopp@executech.com www.executech.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 21
Forvis Mazars 250 E. 200 S., Ste. 1200 Salt Lake City, UT 84111 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.fpsgold.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 iDENTIFY 110 S. Hartford Ave., Ste. 2509 Tulsa, OK 74120 Lee Easton lee@goidentify.com www.goidentify.com InterMountain Business Lending 5333 Adams Ave., Ste. B Ogden, UT 84405 Caryl Eriksson (801) 627-1333 ceriksson@im504.com im504.com IntraFi 1300 N. 17th St., Ste. 1800 Arlington, VA 22209 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/captivemanagement.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 Kobalt Labs 410 W. 23rd St., #3a New York, NY 10011 Kalyani Ramadurgam kalyani@kobaltlabs.com kobaltlabs.com KPMG 15 W. South Temple, Ste. 1500 Salt Lake City, UT 84101 Kelsey Cassinelli (801) 333-8000 klusso@kpmg.com kpmg.com MoFi 10 W. Broadway, 7th Fl. Salt Lake City, UT 84101 Dylan Gano (406) 728-9234 dylang@mofi.org www.mofi.org Moss Adams, Now Baker Tilly 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 www.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/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 REPAY 3060 Peachtree Rd. NW, Ste. 1100 Atlanta, GA 30305 Brad Call (877) 607-5468 bcall@repay.com repay.com RMCRC 64 E. Winchester St., Ste. 230 Salt Lake City, UT 84107 Christopher Jensen (801) 366-0040 cjensen@rmcrc.org rmcrc.org 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 Savory Fund 1557 W. Innovation Way, #150 Lehi, UT 84043 Taylor DeHart (801) 642-3800 tdehart@savoryfund.com savoryfund.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 Utah Banker 22
Howard M. Headlee President & CEO howard@utah.bank Sara Matute Executive Vice President sara@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. Beth Parker Director of Education beth@utah.bank Brian Comstock Director of Communications & Marketing brian@utah.bank Jackson Last Deputy Chief of Staff jackson@utah.bank 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-bankersassociation-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 www.springlabs.com SpringTide Ventures 50 W. Broadway, Ste. 333, PMB 32923 Salt Lake City, UT 84101 Austin Walters (801) 822-2544 austin@springtide.com springtide.com StrategyCorps 100 Westwood Pl., Ste. 400 Brentwood, TN 37027 Jack Enger (425) 9418817 jack.enger@strategycorps.com strategycorps.com TCA Compliance 2021 Midwest Rd., Ste. 200 Oak Brook, IL 60523 Michelle Strickland (219) 707-7725 m_strickland@tcaregs.com tcaregs.com Tech Legion PO Box 51521 Provo, UT 84065 Lee Weech (801) 935-9923 lweech@techlegion.com techlegion.com Unitas Financial Services 6543 Commerce Pkwy., Ste. M Dublin, OH 43017 Brian Ruhe (740) 967-1131 brian.ruhe@unitas360.com www.unitas360.com Upgrade Inc. 275 Battery St., Ste. 2300 San Francisco, CA 94111 Nik Vukovich (415) 940-7688 nvukovich@upgrade.com www.upgrade.com/institutions Vericast 15955 La Cantera Pkwy. San Antonio, TX 78256 Amber McCollum (509) 953-7245 amber.mccollum@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 23
www.thenewslinkgroup.orgRkJQdWJsaXNoZXIy MTg3NDExNQ==