ISSUE 1 • 2026 THE OFFICIAL PUBLICATION OF THE UTAH BANKERS ASSOCIATION Utah Bankers Go to Washington
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TABLE of CONTENTS 4 The Bottom Line By Howard Headlee, President and CEO, Utah Bankers Association WASHINGTON UPDATE 5 Fighting on in 2026 By Rob Nichols, President and CEO, American Bankers Association 6 Banker Day at the Utah State Legislature 8 The Hidden Culprit Behind Community Banking’s Enforcement Action Surge By Lee Easton, President & Founder, and Kyle Thorton, Solutions Architect & Sales Engineer, iDENTIFY 9 2026 Ag Outlook & Conference Growing the Partnerships That Power Utah Agriculture 10 When Digital Transformation Doesn’t Deliver Why It Happens and How to Fix It By Joshua Talbert, Head Sherpa (CEO), mysherpas 12 Utah Bankers Go to Washington 14 Cybersecurity Compliance After FFIEC CAT New Expectations for Financial Institutions By Bryan Boam, CEO, Azureity Inc. 16 Bank Kudos 18 Bankers on the Move 19 UBA Endorses Stablecore to Expand Digital Asset Capabilities for Utah Banks 20 Welcome to Our New Associate Members! 21 UBA Associate Members 23 UBA Staff Utah Banker 3
For the second year in a row, we witnessed a historic outcome during the 2026 General Session of the Utah Legislature, most notably with the creation of the Utah Financial Crimes Intelligence Center (Utah FCIC). In a year where revenues were down, legislators responded to the growing scourge of financial fraud and the havoc it wreaks on Utah families by pledging nearly $2 million to establish this new state entity. The Utah FCIC will become the state’s nerve center for the myriad efforts currently underway to prevent, respond to and prosecute financial fraud in Utah. By sharing real-time information on current fraudulent activity, we anticipate being able to more effectively educate the public and prevent fraud. This coordination of real-time information will allow Utah’s financial institutions to rapidly share and receive threat assessments, better positioning them to alert employees and customers to the latest trends in fraudulent activity. When fraud occurs, a rapid response is essential to recover funds. The FCIC will serve as the quarterback, working with sending and receiving institutions and providing the legal foundation to stop the flow of funds and ultimately return them to the rightful owner. In those instances, minutes and hours are critical, and it will be vital for financial institutions and their customers to know exactly where to turn in those desperate moments. Financial fraud is deeply associated with organized crime. Modern criminal networks increasingly use sophisticated scams to generate, move and reinvest illicit profits. Organized crime groups utilize financial fraud both as a primary source of income and as a tool to facilitate other illicit activities. Many criminal syndicates have shifted from traditional activities like drug trafficking toward high-return, lower-risk financial crimes such as cyber-enabled fraud, identity theft and investment scams. Many of these syndicates are transnational and sponsored by foreign nation-states like Iran, North Korea, Russia and China. Fighting back against such sophisticated, well-funded and far-reaching operations requires a “whole of government” approach, with state and federal law enforcement, along with the Departments of Homeland Security, State and Treasury, coordinating with financial institutions, tech, telecom and social media companies. The Utah FCIC will be critical in facilitating this coordination. Over time, the FCIC will be able to help identify changes to current laws and rules that the State Legislature and state agencies will need to adopt to pursue these syndicates, better protect Utahns and catch and punish the criminals engaged in fraud. We know that these criminals follow the path of least resistance. It is our hope that a coordinated focus on financial crime and our developed expertise in fraud investigations and prosecutions will send a loud message to these syndicates: Avoid Utah altogether, because you will be found, prosecuted and put in jail. Utah is just the second state in the nation to establish an FCIC, and I firmly believe that we will point to the 2026 legislative session and the creation of the Utah FCIC as the moment the tide began to turn in our battle against financial fraud. BY HOWARD HEADLEE, President and CEO, Utah Bankers Association The Bottom Line Utah Banker 4
WASHINGTON UPDATE Fighting on in 2026 In just the first few weeks of 2026, the banking industry faced two separate and significant policy challenges. The first was a fight over the future of stablecoins and digital asset regulation, which heated up in late 2025, and lawmakers were considering new market structure legislation. For bankers, this legislation represented an opportunity to close a critical loophole in the GENIUS Act that allowed stablecoin partners and affiliates to offer yield-like rewards, clearly undermining the intention of the GENIUS Act’s ban on issuers paying interest. The threat to the banking sector was clear: Failure to address the loophole could lead to billions of dollars in deposits leaving banks, with severe downstream effects on local lending and economic growth. The second challenge we faced came in early January, when the President expressed support for a 10% cap on credit card interest rates in a social media post. As bankers know all too well, price caps always have unforeseen and costly consequences for consumers, and if such a cap were imposed, as many as 159 million Americans could lose access to credit. In the face of these dual threats, America’s banks sprang into action. Thanks to ABA members and our partners in the State Association Alliance, we sent over 10,000 letters to senators and collected 3,200 signatures on a petition reminding them about the GENIUS Act loophole and its potential impact on families and small businesses across the country. Our Community Bankers Council — which includes community bankers from every state — penned its own letter, and ABA rallied the other community financial institutions trades together, helping the industry demonstrate a united front on Capitol Hill. ABA and our members were also out in front on card issues, issuing a grassroots call to action and quickly publishing new data (available at ratecapreality.com) showing that the proposed 10% rate cap would have a drastic impact on the card industry, threatening up to 85% of open credit card accounts. These policy threats remain very real, and at the time this column was written, ABA was still engaged in an all-out push to ensure that our perspective is being heard by the entire policy community. We’re using every tool in our toolbox, from grassroots calls to action to targeted advertising to in-person lobbying efforts. Even more messaging efforts are planned. The speed at which these issues emerged was a reminder that even as we face a more supportive regulatory environment, major policy challenges remain, and we must be ready to respond. At the same time, it also underscored the strength of our collective advocacy. When bankers come together to elevate the issues that matter, our voices carry significant weight. In these two policy debates, our industry’s response has shifted the momentum, even if the final outcomes remain uncertain. Rest assured, ABA and the state associations are working tirelessly on behalf of the industry, and with your support, I’m confident in our ability to move the needle on major policy challenges, wherever and whenever they arise. But we need your voice. Please consider joining us at next year’s ABA Washington Summit in the nation’s capital. This free event is our best opportunity to show up in person in Washington and show the administration and Congress that the banking industry is strong, united and ready to advocate on behalf of the customers, clients and communities we serve. Email Rob at nichols@aba.com. BY ROB NICHOLS, President and CEO, American Bankers Association Utah Banker 5
Banker Day at the Utah State Legislature Feb. 20, 2026 — Utah State Capitol Utah bankers gathered at the State Capitol on Feb. 20 for this year’s Banker Day at the Legislature, bringing together more than 60 industry leaders from across the state to engage directly in the 2026 General Session. The program featured remarks from State Senator Dan McCay, who provided insight into key issues shaping Utah’s economic and policy landscape, particularly regarding tax revenue. UBA President Howard Headlee also provided an update on other bills relevant to financial institutions this session, including consumer amendments, housing investment and trusts. Following the program, bankers spent the remainder of the morning attending committee meetings, observing floor debate, and connecting with legislators to share the banking industry’s perspective on issues impacting Utah communities. Banker Day remains one of the most meaningful advocacy opportunities of the year, strengthening relationships at the Capitol and ensuring lawmakers understand the vital role banks play in supporting economic growth across our state. Thank you to all who attended this important event. Utah Banker 6
Between 2023 and 2025, regulators issued more than 40 enforcement actions tied to bank-fintech partnerships. Consent orders landed at community banks of all sizes, many of which thought they were doing things right. Compliance programs. Oversight committees. Policies and procedures in place. So why did regulators keep finding problems? In most cases, it wasn’t a missing policy. It was data they couldn’t trust — reports that didn’t match reality, departments working off different numbers and systems that couldn’t produce accurate information on demand. A broken data model. And nobody’s talking about it. WHAT IS A BANK DATA MODEL AND WHY DOES IT MATTER FOR COMPLIANCE? Every time someone pulls a report — delinquencies, deposit trends, board reporting, STACS filings — they’re making decisions about what information they need, where it lives and how it connects. That structure is your data model. Not software. Not a dashboard. The logic that determines whether your data tells you something true. When regulators show up, they’re not just checking your policies. They’re checking whether your numbers are accurate, consistent and traceable to your source data. Five departments pulling the same data five different ways and arriving at five different answers isn’t an operational quirk. It’s the kind of discrepancy that triggers a finding. WHY FRAGMENTED DATA IS A REGULATORY RISK FOR COMMUNITY BANKS Most banks have data models; they’re just fragmented. Accounting pulls their version. Loans have their own. Compliance is working off something else. Somewhere in the middle, someone is manually updating a spreadsheet, emailing it to five departments, waiting for everyone to send it back, and compiling the “final” version. That process feels normal. It’s been working fine for years. But when a regulator asks you to demonstrate that your reporting is accurate and consistent and you can’t trace it back to your core data, “we’ve always done it this way” is not a defense. For sponsor banks, this is urgent. The enforcement actions of the last two years weren’t just about bad fintech partners. They were about banks that couldn’t see inside their own walls clearly enough to catch problems before examiners did. THREE QUESTIONS EVERY COMMUNITY BANK SHOULD ASK ABOUT ITS DATA 1. Can we trace any board report or regulatory filing cleanly back to our core data? 2. Do we have all the data we need, or are pieces sitting in a disconnected system nobody linked up? 3. If a regulator asked us to explain our numbers today, could anyone answer without pulling a spreadsheet together first? If any of those landed hard, you’re not alone, but you’re also not in a position you can afford to stay in. HOW COMMUNITY BANKS CAN FIX THEIR DATA MODEL BEFORE THE NEXT EXAM Start by asking whether your institution can demonstrate that its reporting is accurate, consistent and traceable to a single source of truth. If the answer requires pulling together five spreadsheets and hoping everyone used the same formula, that’s the gap. The goal is simple: When a regulator asks a question, your data should already have the answer. The banks getting there are the ones treating data infrastructure as a compliance issue, not just an IT one. Lee Easton is the president and founder of iDENTIFY, helping community and sponsor banks turn fragmented, siloed data into something they can actually use. For more information, email Lee at lee@goidentify.com. Kyle Thorton is a solutions architect and sales engineer at iDENTIFY with a background in AML compliance, fraud operations and financial crime risk across fintech and traditional banking. The Hidden Culprit Behind Community Banking’s Enforcement Action Surge BY LEE EASTON, President & Founder, and KYLE THORTON, Solutions Architect & Sales Engineer, iDENTIFY Utah Banker 8
2026 Ag Outlook & Conference The 2026 UBA Ag Outlook & Conference brought bankers and industry experts together on Feb. 25-26 in Richfield, Utah, for two days of timely insight and on-the-ground perspective. The program featured an update from Amber Brown, deputy commissioner of the Utah Department of Agriculture and Food, followed by a presentation on crop insurance from Brandon Willis of Ranchers Insurance. Utah State University Extension Specialists Andrew Anderson and Ryan Larsen delivered livestock and crop outlooks, providing practical analysis of market trends and production conditions facing producers across the state. The afternoon included tours of Cedar Ridge Dairy and Cowley Farm and Feedlot, offering attendees a firsthand look at local operations and innovation in action. Day 2 opened with a federal policy update from Ed Elfmann of the American Bankers Association, who shared insights on developments in Washington impacting agricultural banking. State Veterinarian Dr. Amanda Price addressed disease threats to Utah livestock, followed by a state economic outlook from Marilyn Cannon of the Department of Workforce Services. Bret Turpin of Autonomous Solutions Inc. highlighted how robotics and automation are helping keep farms competitive in a rapidly evolving industry. The conference concluded with the story of Burns Saddlery, presented by President Braydan Shaw, along with tours of Burns Saddlery and Redmond Minerals — underscoring the strength, resilience and innovation driving Utah agriculture. From policy to production, the conference reinforced the vital partnership between Utah’s agricultural community and the bankers who help it thrive. Growing the Partnerships That Power Utah Agriculture Utah Banker 9
Across the country, community banks and credit unions have spent years — and millions — pursuing digital transformation. They’ve poured political capital, budget dollars and countless hours into platforms that promised to modernize lending. But many are still waiting for the payoff. Despite their best intentions, lending teams continue to feel stuck navigating disconnected tools, redundant systems and AI that haven’t delivered the promised return on investment (ROI). The problem isn’t a lack of innovation. It’s a lack of alignment between how lenders actually operate and the technology meant to support them. The result? Frustrated staff, slower deals, an inability to truly differentiate the customer experience and missed opportunities. For many institutions, the promise of digital transformation has turned into an operation traffic jam where every process looks automated on paper but feels slower in practice. And for the first time, the real cost of that disconnect is becoming clear. When Digital Transformation Doesn’t Deliver THE EFFICIENCY GAP In a recent analysis of two financial institutions using traditional LOS and core-based lending tools, the data told a familiar but eye-opening story: • Each institution was losing roughly five to six hours per loan due to context switching between multiple technologies and underutilized systems. • Across nearly 6,000 loans annually, that adds up to more than 45,000 hours of lost productivity. • With nearly 4,000 total employees across both companies and an average fully loaded full-time employee (FTE) cost of $105,750 per year, which equates to roughly 20 FTEs or more than $2 million in inefficiency. It’s not a failure of technology. It’s a failure to understand the people using it. When tools aren’t built for the way lending teams work, “digital transformation” becomes digital drag. THE HUMAN SIDE OF BANKING At its core, the business of banking has always been human, built on trust, relationships and a deep understanding of customers and their communities. Technology and process are critical, but they’re meant to support people, not replace them. When leadership teams overlook how relationship-driven lending truly is, it creates a gap between what’s purchased and what’s practical. That disconnect leads to stalled growth, lower morale and technology that feels imposed rather than empowering. Employees stop believing the system will help them, and adoption suffers before results ever have a chance to appear. The result is often misaligned technology and underwhelming ROI. Why It Happens and How to Fix It BY JOSHUA TALBERT, Head Sherpa (CEO), mysherpas Utah Banker 10
The truth: Lenders didn’t fail to adopt the tech. Tech failed to support the lenders. We’re all looking for returns on investments in our business, but the real question is: How do we make sure we get them? Most platforms require lending teams to change the way they work, and the greater the change, the lower the chance of adoption. A second challenge is the false assumption that users will naturally take ownership of adoption and willingly change their behavior. Without a clear plan and hands-on guidance, even the best-intentioned teams fall back on familiar habits. It’s no surprise that most software conversions fail to live up to the hype. True adoption requires more than training and checklists — it demands leadership alignment, user advocacy and visible reinforcement. The best technological partners don’t disappear after go-live. They stay embedded, measuring progress and reinforcing success until new behaviors stick. When evaluating a technology solution to elevate your loan origination process, look beyond features and promises. Seek out vendors who understand your unique way of doing business and are committed to supporting adoption through engagement and ongoing partnership. FROM TECH FATIGUE TO MEASURABLE PROGRESS Institutions using an internal business performance framework are now quantifying (and correcting) those gaps. By mapping the real-world lending journey and eliminating redundant tools, they’re reclaiming thousands of lost hours and reducing operational drag without adding headcount. The goal isn’t more software; it’s smarter alignment: • Centralizing communication instead of toggling between systems • Simplifying document collection for borrowers and staff • Integrating with core and LOS systems that already exist • Measuring adoption as a success metric, not an afterthought When technology begins to mirror how teams actually collaborate, efficiency stops being theoretical and starts becoming measurable. That’s when digital transformation finally earns its name. THE REAL COST OF INEFFICIENCY Lost hours don’t show up as a line item on an income statement and balance sheet, but they’re real. Every extra email, every renamed file, every duplicate data entry, every login to a system that only “sort of” works compounds into a hard-dollar impact. The difference between a lending team that thrives and one that’s merely surviving often comes down to how their technology is adopted, not just what’s deployed. TRUST, ALIGNMENT AND THE PATH FORWARD The most successful institutions aren’t chasing transformation for transformation’s sake. They’re focused on working smarter — adopting tools that reduce friction, empower their people and drive measurable ROI. Understanding the source of inefficiency is only half the battle. The real progress comes when institutions translate those insights into daily action: realigning teams, workflows and technology around measurable adoption goals. It’s not just about saving hours or speeding up loans. It’s about creating a culture where people feel confident, supported and connected to a shared purpose — where technology enhances relationships rather than replacing them. If your lending team feels like they’ve done everything right and still aren’t seeing returns, you’re not alone. Let’s uncover what’s really hindering efficiency and start fixing it together. You can reach me at josh@mysherpas.ai. Institutions need partners who can assess the current state of their lending processes, identify what’s working and define a future where process standardization and technology work together to empower both lenders and borrowers. WHY ADOPTION — NOT INNOVATION — DEFINES ROI Many institutions have invested heavily in platforms that promised efficiency but failed to deliver adoption. Technology exists, but it’s often misaligned with daily lending workflows. Frontline staff reverts to spreadsheets, emails and shared drives, while leadership wonders why the new system is not adopted. Utah Banker 11
Utah Bankers Go to Washington A group of Utah bankers traveled to Washington, D.C., in March for the American Bankers Association’s annual Washington Summit. While there, they met with members of Utah’s congressional delegation to discuss key issues in our industry and across the state. The Summit brought together banking leaders from across the country to hear from policymakers and industry experts shaping the financial services landscape, including Comptroller of the Currency Jonathan Gould, Federal Reserve Vice Chair Michelle Bowman, and FDIC Chairman Travis Hill. During their time on Capitol Hill, Utah bankers met with their congressional senators and representatives to discuss issues spanning from stablecoins to fraud and beyond. The congressional meetings gave Utah’s banking leaders the opportunity to share perspectives from our state and reinforce the critical role banks play in economic growth and community support. Utah Banker 12
FROM ANSWERING QUESTIONS TO PROVING CONTROLS Under the CAT, institutions largely demonstrated compliance by completing structured questionnaires. If you had a backup process, you answered “yes.” If you had vendor management procedures, you marked the appropriate maturity level. The NIST CSF 2.0 model moves beyond self-attestation. Regulators increasingly expect evidence. For example, it is no longer enough to state that backups occur. Institutions should be prepared to show: • The written policy governing backups • The procedures staff follow • System logs proving backups are running as scheduled • Oversight demonstrating management review This evidence-based approach applies across governance, access management, incident response and third-party oversight. It requires documentation, monitoring and accountability at a level many smaller institutions have not historically needed. THE SCALE DIFFERENCE The gap between CAT and CSF 2.0 can feel significant, especially for community institutions. The CAT framework was centered on inherent risk categories and maturity domains. CSF 2.0 organizes cybersecurity into core functions such as Govern, Identify, Protect, Detect, Respond and Recover, with detailed outcomes beneath each. In practical terms, this means: • More controls to map to policies • More documentation to maintain • More technical configurations to monitor • Ongoing evidence collection, not periodic review For IT teams of two or three people, this can feel overwhelming. What once required completing an assessment may now require building a structured control environment with continuous validation. WHAT EXAMINERS ARE LOOKING FOR The good news is that regulators appear to understand that transition takes time. Early supervisory conversations suggest examiners are focusing on preparedness rather than immediate perfection. Institutions should be ready to demonstrate: 1. Framework Selection: A documented decision to transition from CAT to a recognized framework such as CSF 2.0 2. Gap Assessment: An honest evaluation of where current controls fall short 3. Board Oversight: Evidence that directors are informed and engaged in the transition 4. Execution Plan: A timeline with defined milestones and resource planning Cybersecurity Compliance After FFIEC CAT New Expectations for Financial Institutions BY BRYAN BOAM, CEO, Azureity Inc. For nearly a decade, financial institutions relied on the Federal Financial Institutions Examination Council (FFIEC) Cybersecurity Assessment Tool (CAT) as a practical way to measure cyber risk. When it was introduced in 2015, it gave financial institutions a structured starting point. For many organizations, it was the first time cybersecurity had been framed in a way that boards and executives could clearly understand. The CAT worked because it was straightforward. It helped institutions assess inherent risk and answer maturity questions using a structured, mostly yes-or-no format. That simplicity allowed community and regional institutions to improve their cyber posture without building large compliance teams. But the threat landscape has changed. Cyber risks now move faster than static assessment tools can keep pace. Ransomware, cloud migration, third-party risk and regulatory scrutiny have all increased significantly since 2015. In response, the FFIEC announced that the CAT would be retired and encouraged institutions to transition to more comprehensive frameworks, including the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF) 2.0. This shift is more than a paperwork update; it represents a fundamental change in expectations. Utah Banker 14
Board engagement is especially important. Cybersecurity is no longer viewed solely as an IT issue; it is an enterprise risk issue. Examiners increasingly expect board minutes and risk committee discussions to reflect that understanding. WHY THIS MATTERS The move away from CAT is not simply regulatory housekeeping. It reflects a broader shift in how cybersecurity risk is viewed across the financial sector. Customers expect resilience. Regulators expect accountability. Cyber insurance carriers expect documented controls. A framework like CSF 2.0 helps institutions align with all three. While the transition may require investment, whether in staffing, advisory support or monitoring tools, it also creates clarity. Institutions that build structured, documented control environments are better positioned to withstand cyber events and regulatory scrutiny. PRACTICAL NEXT STEPS For institutions beginning this journey, three steps can reduce friction: 1. Start with a structured gap analysis. Compare current CAT-based practices against CSF 2.0 outcomes. Identify what already exists and where documentation or evidence is missing. 2. Develop a phased roadmap. Not everything must be implemented at once. A 12- to 24-month transition plan with board approval demonstrates seriousness and direction. 3. Build evidence habits early. Encourage teams to document processes, retain logs and formalize review cycles. Small changes now prevent large compliance burdens later. The retirement of the FFIEC CAT marks the end of a simpler compliance era. What replaces it is more demanding, but also more aligned with today’s risk environment. For financial institutions, the question is not whether the compliance wave is coming; it is whether the organization is building the structure necessary to meet it with confidence rather than urgency. Bryan Boam is the CEO of Azureity Inc., a managed security services provider (MSSP) specializing in cybersecurity and regulatory compliance for the financial services industry. With more than 20 years of experience, Bryan and his team have supported financial institutions of all sizes with technology strategy, implementation, monitoring and compliance initiatives. Bryan holds a bachelor’s degree in finance from the University of Utah and has served as a technology consultant both nationally and internationally. His work focuses on helping organizations strengthen their security posture while navigating complex regulatory environments. Utah Banker 15
BANK OF UTAH Bank of Utah Named a 2026 Best Company for Community Impact Bank of Utah has been named one of Monitor’s 2026 Best Companies in the Community Impact category for its meaningful, statewide contributions to Utah communities throughout 2025. The bank earned this honor for its hands-on service, financial support and community partnerships, resulting in 2,000 employee volunteer hours, support for 76 nonprofit organizations statewide, $344 million in community development loans and over 30 employees serving on nonprofit and community boards in 2025. Monitor’s annual Best Companies awards recognize lenders, service providers, associations, fintech enablers and other organizations within the equipment finance ecosystem that excel in Community Impact, Culture, Inclusion, Leadership or Innovation. Bank of Utah was recognized in the Community Impact category, which recognizes companies that make a difference by encouraging employees to devote time, talent and resources to causes that promote the welfare of their communities. Bank of Utah Completes 777 Challenge at Ogden Giving Machines Embracing the holiday spirit, Bank of Utah participated in Ogden’s “Light the World” Giving Machine campaign by completing the 777 Challenge. By purchasing one of every item available using the code “777,” Bank of Utah donated $1,320 to support individuals and families in need during the holiday season. Members of Bank of Utah’s marketing team represented the bank at the Giving Machines in Ogden, purchasing one of each charity item available — including hygiene kits, meals, school supplies and livestock — to support a wide range of meaningful causes, including Catholic Community Services, YCC Family Crisis Center, Midtown Community Health, Ogden School Foundation and Weber School Foundation, along with several global organizations. Bank of Utah Supports Santa Flight Benefiting Local Students Bank of Utah was honored to support Angel Flight West’s annual Santa Flight, a tradition that brings communities together to share joy, generosity and hope with children in southern Utah and northern Arizona. Each year, volunteer pilots lift off with planes full of gifts and essentials, creating a holiday moment that reflects the true spirit of caring for our neighbors. On Dec. 10, 2025, a group of 20 volunteer pilots from Angel Flight West’s Utah Wing departed from airports across the state and flew to Colorado City, Arizona. Their planes were filled with donated toys, warm clothing, backpacks, books and school supplies for roughly 500 students at Water Canyon Elementary in Hildale, Utah and Cottonwood Elementary in Colorado City. BANK KUDOS Utah Banker 16
KEYBANK KeyBank Arranges $43.4 Million for Permanent Supportive Housing in Salt Lake City KeyBank Community Development Lending and Investment (CDLI) provided a $27.3 million construction loan on behalf of the Housing Authority of Salt Lake City (HASLC) to finance the rehabilitation and new construction of Permanent Supportive Housing and a subsidized apartment community in Salt Lake City. KeyBank’s Commercial Mortgage Group (CMG) also arranged permanent financing with a $16 million Freddie Mac 9% LIHTC forward commitment. The rehabilitation and new construction will consist of 218 units: • Sunrise Metro: Renovation of existing 100-unit, 4-story structure with the addition of 18 new units to the 2nd floor • Atkinson Stacks: New construction of 100-unit, 6-story structure “We sincerely thank KeyBank for supporting this transformative project,” Daniel Nackerman, executive director of the HASLC, noted. “The new and renovated housing will offer safe, affordable homes along with essential services that uplift residents. By promoting community and stability, we are making notable progress toward improving lives and strengthening neighborhoods in Salt Lake City.” Utah Banker 17
BANKERS ON THE MOVE ALTABANK Altabank has hired two experienced banking professionals for key roles at its new Heber branch, which opened in early April. Ayisha Mitchell will serve as the retail branch manager for Heber. Ayisha has 20 years of retail banking experience, including past roles as a teller, personal banker, relationship banker and branch manager. Most recently, she was the branch manager for KeyBank’s Provo branch. Shawn Gergrich is the commercial relationship banker for Heber Valley. Shawn has over 30 years of experience in banking and finance, most recently as global training architect for Moody’s Financial, where he spent 18 years. Prior to Moody’s, he spent 16 years at KeyBank, beginning as an intern and working his way to the role of Utah district credit officer. BANK OF UTAH Bank of Utah Announces Retirement of Longtime Leaders Frank Browning and Jon Browning Bank of Utah announced the retirement of Frank Browning and Jon Browning, who stepped down from their day-to-day roles at year-end after decades of distinguished service. Both will continue to serve on the bank’s Board of Directors in their current capacities, offering the thoughtful perspective and steady guidance that have shaped the organization for many years. Frank and Jon Browning, brothers and lifelong members of the Weber County community, have each played a significant role in Bank of Utah’s growth, culture and long-standing commitment to community service. Their leadership reflects a family tradition at the bank, one that continues today through Ben Browning’s leadership as vice chairman and CEO. Colby Dustin has been appointed executive vice president, chief financial officer. Dustin steps into the CFO role after nearly 17 years with Bank of Utah, most recently serving as senior vice president, chief risk officer. In his previous position, Dustin led the bank’s enterprise risk management efforts, overseeing regulatory compliance, information security and strategic partnerships. He has played a significant part in building the bank’s risk framework and supporting its growth. Michael Leib has been added as vice president, controller. With more than 12 years of experience across multiple roles in banking and finance, Leib offers expertise in accounting, financial reporting, regulatory work and operational excellence. He began his career in customer service for American Express before moving into accounting at Comenity Bank. Most recently, he served as controller at FinWise Bank. Kelly Hale has been promoted to senior vice president, business development team lead. She brings four decades of banking experience, including 25 years with Bank of Utah. She began her career serving as a teller for 10 years before transitioning to commercial lending, where she has worked for more than 30 years. Hale has completed extensive college coursework and is a graduate of Pacific Coast Banking School. As Hale transitions into her new role, Jared Sellers will assume the commercial lending team lead position at the bank’s Orem branch, ensuring seamless service and continuity for clients and team members. Ayisha Mitchell Frank Browning Kelly Hale Michael Leib Colby Dustin Shawn Gergrich Jon Browning Jared Sellers Utah Banker 18
Bank of Utah also announced the following branch manager appointments: • Mason Brown, Lindon Branch • Ryan Feltner, Bountiful Branch • Quinn McClune, Layton Branch • Marci Hansen, Orem Branch • Brooks Rose, Provo Branch • Brynlee Watts, Brigham City Branch Mason Brown Marci Hansen Ryan Feltner Brooks Rose Quinn McClune Brynlee Watts UBA Endorses Stablecore to Expand Digital Asset Capabilities for Utah Banks The Utah Bankers Association is excited to announce a new endorsement of Stablecore, a platform that enables community and regional banks to offer stablecoins, tokenized deposits and other digital asset products. As an endorsed vendor, Stablecore will serve as a preferred technology provider for Utah’s state-chartered banks, helping institutions remain competitive as digital assets become more integrated into financial services Stablecore simplifies the complexity of digital asset integration by bringing together the key infrastructure needed within a bank’s existing technology stack. This allows financial institutions to offer digital asset products without significant changes to their current systems. Through the platform, banks can offer: • Stablecoin accounts, payments and acceptance with 24/7/365, GENIUS-compliant digital transaction capability • Digital asset accounts with seamless on- and off-ramps • Digital asset-collateralized lending opportunities • Tokenized deposits and other tokenized financial assets such as treasuries, loans and securities • Staking rewards for eligible digital asset holdings These capabilities enable banks to expand services, grow deposits and generate new revenue opportunities while meeting increasing customer interest in digital assets. This endorsement reflects UBA’s continued focus on connecting member banks with trusted, forward-looking solutions that support innovation, efficiency and long-term growth. For more information, contact Alex Treece, CEO & co-founder, at alex@stablecore.com. Utah Banker 19
Welcome to Our New Associate Members! GO ABACUS CORPORATION Contact: Jacob Nolen, Enterprise Solutions Consultant jacob.nolen@goabacus.co goabacus.co Abacus provides secure, on-premises AI infrastructure designed specifically for regulated financial institutions. We work with scores of community, regional and mid-market banks, as well as large national institutions, helping them safely deploy AI, automate complex workflows and unlock real-time intelligence — all while keeping data fully within their own environment. The Abacus platform includes private large language models, a decentralized indexer that connects to existing systems without moving data, and an audited AI assistant that inherits permissioning and produces traceable, exam-ready outputs. With Abacus, banks improve operational efficiency, reduce compliance burden, and modernize internal and customer-facing processes without compromising security or regulatory standards. NAEHAS Contact: Cassie LeBlanc, Senior Director of Marketing cassiel@naehas.com www.naehas.com Naehas believes financial institutions play a pivotal role in helping societies thrive. Six of the top 10 global financial institutions, along with leading banks, credit unions, wealth firms and asset managers, work with Naehas to accelerate value by creating and marketing personalized products and offers at speed. Built on deep expertise in how banks operate, our solutions orchestrate and automate product, pricing, offers and disclosures, enabling institutions to cut cycle times, launch faster and deliver the relevance that builds loyalty. NBID Contact: Tony Karalekas, Head of Business Development & Partnerships tony@nbid.com www.nbid.com NBID (National Bank InterDeposit Company) is the first bank-owned, bank-driven reciprocal deposit network, formed to give community and regional banks direct oversight, transparency and long-term control over a critical piece of their deposit infrastructure. NBID enables banks across the country to offer expanded deposit insurance, retain large depositors and reduce uninsured balances. Through NBID, banks can leverage reciprocal deposits, sweep funds and access funding at materially lower costs than legacy deposit networks, while maintaining full governance oversight. NBID delivers modern, API-driven technology, streamlined operations, dedicated institution support and a profit-share model that returns value directly to participating banks. NCONTRACTS Contact: Rashida Holmes, SVP, Partnerships & Outreach rashida.holmes@ncontracts.com www.ncontracts.com Ncontracts is the financial industry’s leading provider of integrated risk management solutions — trusted by more than 5,000 U.S. financial organizations, including banks. Ncontracts combines powerful, cloud-based software with expert-built content and regulatory insight from real-world practitioners to help banks identify, assess and act on risk across the entire organization — from enterprise risk and third-party relationships to regulatory compliance and business continuity. The result is stronger visibility, smarter decisions and more resilient operations. RUN VENTURES Contact: Barrett Edgington, Principal barrett@run.vc run.vc Run Ventures is a venture capital firm headquartered in Salt Lake City, Utah, investing at the Seed and Series A stages. The firm invests in unrelenting founders who tackle high-stakes, future-defining problems. Run Ventures prioritizes technical teams leveraging AI to scale their businesses and create valuable products for their clients. Beyond generating strong financial returns for limited partners, the firm is focused on investing in companies that will define categories and improve the world in the process. ZEST AI Contact: David Odell, Director of Enterprise Sales dho@zest.ai zest.ai Since 2009, Zest AI has been innovating and perfecting AI technology, with a mission to expand access to lending through smarter, more efficient AI. Serving more than $5.6 trillion in managed assets with over 900 active models, Zest AI has been a proven partner to banks, credit unions and specialty lenders, helping them limit risk and boost growth opportunities throughout the lending process. Zest AI leads the industry, powering thriving lending ecosystems with innovative, intelligent solutions across credit underwriting, fraud detection, lending intelligence and more. This U.S.-based technology-as-a-service company serves its clients with over 50 issued and pending patents across automation, accuracy and performance. 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 Arctic Wolf Networks Inc. 1221 S. Valley Grove Way, Ste. 200 Pleasant Grove, UT 84062 JT Caudill (469) 744-2008 jt.caudill@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 Baker Tilly 601 W. Riverside Ave., Ste. 1800 Spokane, WA 99201 Mike Thronson (509) 747-2600 mike.thronson@bakertilly.com www.bakertilly.com 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 www.bbwest.com BankTalentHQ 3201 W. White Oaks Dr., Ste. 400 Springfield, IL 62704 Ben Jackson bjackson@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 10234 W. State Rd. 84 Davie, FL 33324 Keith Gruebele (954) 263-6399 kgruebele@bhg-inc.com bhgfinancial.com/institutional-network 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 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 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 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., Fl. 21 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 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 Go Abacus Corporation 222 W. Merchandise Mart Plz., #1212 Chicago, IL 60654 Jacob Nolen (619) 608-4784 jacob.nolen@goabacus.co goabacus.co 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 Utah Banker 21
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 Andy Pohlman (703) 292-3301 apohlman@intrafi.com www.intrafi.com isolved 324 S. State St., Ste. 500 Salt Lake City, UT 84111 Brad Rich (801) 664-4454 brich@isolvedhcm.com www.isolvedhcm.com KeyState PO Box 50102 Henderson, NV 89016 Brian Amend (702) 598-3738 bamend@key-state.com www.key-state.com/captive-solutions/ Kobalt Labs 410 W. 23rd St., #3A New York, NY 10011 Kalyani Ramadurgam kalyani@kobaltlabs.com www.kobaltlabs.com MoFi 10 W. Broadway, Fl. 7 Salt Lake City, UT 84101 Dylan Gano (406) 728-9234 dylang@mofi.org www.mofi.org 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 Naehas 3600 W. Bayshore Rd., Ste. 101 Palo Alto, CA 94301 Cassie LeBlanc (337) 718-6957 cassiel@naehas.com www.naehas.com NBID LLC 27 W. 24th St., Ste. 701 New York, NY 10010 Tony Karalekas (239) 248-5764 tony@nbid.com nbid.com Ncontracts 1221 Broadway, Ste. 1900 Nashville, TN 37203 Rashida Holmes (202) 460-2686 rashida.holmes@ncontracts.com www.ncontracts.com Newcleus 411 S. State St., Fl. 3 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 1255 Treat Blvd., Ste. 240 Walnut Creek, CA 94597 Michael Johnson (415) 399-5800 mjohnson@pcbb.com www.pcbb.com Piper Sandler Companies 1251 Avenue of the Americas, Fl. 6 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 (435) 850-9797 ryan.j.dent@pwc.com www.pwc.com R&T Deposit Solutions 1370 Broadway, Fl. 17 New York, NY 10018 Carissa Cancel (866) 237-2752 ccancel@rnt.com rnt.com Raisin 1411 Broadway New York, NY 10018 Iñigo San Martin inigo.sanmartin@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 Run Ventures 95 S. State St., Ste. 1400 Salt Lake City, UT 84111 Barrett Edgington (801) 372-7014 barrett@run.vc run.vc 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 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 UBA ASSOCIATE MEMBERS Utah Banker 22
Howard M. Headlee President & CEO howard@utah.bank Sara Matute Executive Vice President sara@utah.bank UBA STAFF ©2026 Utah Bankers Association (UBA) | MBR Connect, formerly The newsLINK Group LLC. All rights reserved. Utah Banker is published four times per year 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 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 www.springtide.com Stablecore PO Box 190829 Dallas, TX 75219 Alex Treece (469) 269-2648 sales@stablecore.com stablecore.com StrategyCorps 100 Westwood Pl., Ste. 400 Brentwood, TN 37027 Jack Enger (425) 941 8817 jack.enger@strategycorps.com strategycorps.com Tag Systems USA Inc. 2252 S. Presidents Dr. West Valley City, UT 84120 Thomas Grouard (518) 450-9644 tgrouard@tagsystems.net tagsystems.net TCA Compliance 2021 Midwest Rd., Ste. 200 Oak Brook, IL 60523 Michelle Strickland (219) 707-7725 m_strickland@tcaregs.com www.tcaregs.com Tech Legion PO Box 51521 Provo, UT 84065 Lee Weech (801) 935-9923 lweech@techlegion.com techlegion.com The Baker Group 2975 W. Executive Pkwy., Ste. 139 Lehi, UT 84043 Brian Bates (800) 937-2257 bbates@gobaker.com www.gobaker.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 www.vericast.com West Gate Bank Correspondent Mortgage Services 6003 Old Cheney Rd. Lincoln, NE 68506 Clay Blank (402) 853-7026 cblank@westgate.bank tpo.westgate.mortgage Zest AI 3900 W. Alameda Ave., 16th Fl. Burbank, CA 91505 David Odell (617) 633-3284 dho@zest.ai zest.ai 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 UBA ASSOCIATE MEMBERS Utah Banker 23
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