ISSUE 3 • 2026 THE OFFICIAL PUBLICATION OF THE UTAH BANKERS ASSOCIATION UTAH BANKERS MAKE THEIR VOICES HEARD IN D.C.
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TABLE of CONTENTS 4 The Bottom Line By Howard Headlee, President and CEO, Utah Bankers Association WASHINGTON UPDATE 6 The Fraud Fight Continues By Rob Nichols, President and CEO, American Bankers Association 7 Bankers and Business Partners Hit the Links for 10th Annual Golf Classic 8 Utah Bankers Make Their Voices Heard in D.C. 9 Friends of Utah Banking Brings Bankers and Legislative Leaders Together 10 What Does the New Reciprocal Deposit Legislation in the Housing Act Mean for U.S. Banks? By Joe Hooker, Chief Sales Officer, IntraFi 12 The Long Tail of PPP Why Bank Customers Are Being Targeted Again By Jeff Otteson and Adam Dawson, Midwest Bankers Insurance Services 14 2026 Community Reinvestment Act Conference Explores New Ideas and Opportunities 16 How Lenders Can Use the SBA Program for Their Manufacturing Clients By Christopher Myers, CEO, B:Side Capital & B:Side Fund 17 AI-Native Conference Brings Banking and Fintech Leaders to Salt Lake City 19 Bank Kudos 22 Bankers on the Move 24 Welcome to Our New Associate Members! 25 UBA Associate Members 27 UBA Staff Utah Banker 3
BY HOWARD HEADLEE, President and CEO, Utah Bankers Association The Bottom Line The CLARITY Act stalled in the Senate during our annual visit to D.C. in September. The day after the cloture vote failed, Coinbase CEO Brian Armstrong lashed out at the banking industry in frustration. It was strange because we, too, were pushing for passage of CLARITY, with one simple amendment. But one of his comments should raise enormous red flags and illustrates why we have struggled to find agreement. He criticized banks for making loans without their depositors’ approval! To any banker, the suggestion was preposterous! It reflects a serious lack of understanding of our banking system. Bank depositors always maintain access to their funds, with eligible deposits guaranteed by the FDIC, even as banks put those deposits to work through lending. I don’t think he realized it, but his comment revealed the weakness in his argument on CLARITY and the static lens through which he and the crypto lobby see our financial system. If we were to adopt his viewpoint, it would be devastating to the U.S. economy and the dynamism of our banking system. For years, crypto and fintech leaders have viewed banking through a static, tech-focused lens. They develop nifty applications to track and manage people’s money, underwrite loans or facilitate payments, because that’s what they see when they look at a bank. But a bank is much more than the sum of its individual deposit or lending products. One of a bank’s most important roles in the economy is the creation of money through lending. Banking is dynamic in that people who deposit money in a bank maintain the use of those funds even after the bank uses those funds to make a loan. Therefore, with each loan, money is effectively created in the economy. When banks make sound loans that finance productive economic activity, they help expand economic capacity, create opportunities and generate wealth without necessarily fueling inflation. This is called fractional reserve banking. And the U.S. has more banks creating more money and wealth than any other nation, and that’s why our economy is the envy of the world. It’s also why banks are regulated differently from other financial and tech firms. Mr. Armstrong promotes a more static version of our financial system because his products are not dynamic like bank deposits. Each stablecoin is forever tied to a specific group of liquid assets. Those assets give the stablecoin its value, and nothing can be done with those assets as long as the “coin” exists. For Mr. Armstrong to realize his vision of challenging banks, he has to eliminate banking’s dynamic advantage by proposing an end to fractional reserve banking. That result would be good for him, but devastating to the U.S. economy. Members of Congress should pay careful attention to his words because what he proposes would wreak havoc in their congressional districts. It would move us toward a zero-sum economy, where growth is constrained rather than fueled by the creation of new credit and opportunity. In contrast, the dynamic impact of bank deposits allows all boats to rise and fuels upward mobility. Congress got it right in the GENIUS Act, and thanks to clarifying comments like the ones shared by Mr. Armstrong, we are confident they will get it right in CLARITY. Stablecoins are not bank deposits but rather represent a new and important way to make a payment. CLARITY builds on GENIUS by prohibiting anyone involved with issuing or holding stablecoins from offering interest or rewards that would effectively allow them to function as a “store of value” to compete with bank deposits. Congress needs to resist efforts by the crypto lobby to insert loopholes into those safeguards and thereby preserve the dynamic role deposits play in creating credit, wealth and economic growth for America. Utah Banker 4
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The latest fraud stats are sobering: Today, nearly three out of every four Americans have experienced a scam or fraud attempt, and estimated scam losses are sitting at an estimated $68 billion. But here’s the good news: America’s banks are fighting back. At ABA, we’re committed to leading the banking industry’s fight against fraud and financial exploitation. We’re doing this in three key ways. 1. Providing the nation’s banks with the tools, training and resources they need to identify, prevent and respond to fraud and scams. We continue to grow the ABA Fraud Contact Directory — a comprehensive resource for financial institutions to quickly find the appropriate contacts at other institutions to resolve warranty-breach claims for checks, as well as claims for unauthorized and/or fraudulent transfers via wires, ACH, RTP or FedNow. The directory is approaching 2,700 participating financial institutions, representing over half of all U.S. banks and more than 100 credit unions. We also rolled out exclusive member access to the Treasury Check Verification System, enabling ABA member banks to verify the validity of Treasury checks in real time, including payee information for the first time ever. Since launching in June 2025, TCVS has been adopted by more than 700 ABA member banks and has processed over 150,000 Treasury check verification requests, representing more than $2.8 billion. 2. Advocating for policy changes that will reduce the fraud threat. ABA is championing the SCAM Act, a bipartisan bill introduced in both the House and Senate earlier this year, that would require social media companies to take responsible steps to remove fraudulent advertising from their platforms, helping stop countless scams before they start. American voters overwhelmingly support holding social media companies accountable — in fact, a new ABA poll found that nine in 10 voters agree that social media companies need to do more to verify the identity of advertisers on their platforms. A similar number expressed support for the SCAM Act after learning what it does. 3. Helping banks educate bank customers and the public on the latest fraud threats so they can protect themselves and their money. This October, ABA relaunched the latest iteration of our #BanksNeverAskThat campaign, an award-winning consumer education initiative to help the public learn to spot common types of fraud and scams. This year, our campaign focuses on turning everyday consumers into “Scam Slayers” — people who are confident in their ability to spot scams, protect their money and help others fight fraud. We also relaunched the separate #PracticeSafeChecks campaign, which teaches individuals and businesses how to reduce the risk of check fraud when they have no option but to use a paper check. Participation in both campaigns is free for all banks, so please join us and take advantage of these resources. Winning the fraud fight will take our entire industry — as well as others in the public and private sectors — working together. But we need every banker to do their part. So please, join us in our advocacy and help us raise awareness about the risks and red flags of fraud. Together, we can turn the tide in the fight against fraud and stick it to the scammers. Email Rob at nichols@aba.com. WASHINGTON UPDATE BY ROB NICHOLS, President and CEO, American Bankers Association Winning the fraud fight will take our entire industry — as well as others in the public and private sectors — working together. The Fraud Fight Continues Utah Banker 6
Bankers and Business Partners Hit the Links for 10th ANNUAL GOLF CLASSIC Utah’s banking community hit the links on Aug. 6 for the 10th Annual Utah Banks & Partners Golf Classic at Old Mill Golf Course in Salt Lake City. Golfers from across the state came together for a day of golf, networking and friendly competition, set against the scenic backdrop of the Wasatch Mountains. The day began with breakfast before an 8:00 a.m. shotgun start. More than just a golf tournament, the Golf Classic provides an opportunity to connect outside the office and strengthen relationships across the industry. A big thank you to the sponsors who helped make the event possible. From on-course contests and giveaways to food, drinks and creative setups, their involvement helped create a fun atmosphere throughout the day. Following the final putts, golfers gathered for lunch, prize drawings and recognition of the tournament’s top finishers: 1st Place Team Travis Betenson, Talmage Call, Chris Lenihan and Marcus Nield 2nd Place Team Pete Mudrow, Trevor Ashdown, Travis Ashdown and Drew Scrivner 3rd Place Team Phil Diederich, Matt Gibbons, Steven Harbertson and Colby Lewis Thank you to everyone who joined us at Old Mill for another great day on the course. We look forward to seeing you again next year! Utah Banker 7
Utah Bankers Make Their Voices Heard in D.C. A group of Utah bankers traveled to Washington, D.C., on Sept. 15-18 for the annual fall fly-in, joining bankers from California, Colorado, Montana, Nevada and Wyoming for meetings with federal regulators, policymakers and industry leaders. The visit included an ABA briefing and meetings with representatives from the OCC, FDIC and Federal Reserve, followed by meetings on Capitol Hill with members of Utah’s congressional delegation, including Reps. Celeste Maloy, Blake Moore, Mike Kennedy and Sens. John Curtis and Mike Lee. Bankers also participated in a White House economic briefing. The fly-in coincided with key congressional action on banking issues, including the Digital Asset Market Clarity Act and the American Lending Fairness Act, providing a timely backdrop for discussions about how federal policy affects banks and their customers. Along the way, the group had opportunities to connect outside of meetings, including dinners, a Washington Nationals game and a performance of “Come From Away” at Ford’s Theatre. The fly-in provided Utah bankers an opportunity to engage directly with federal officials, share perspectives from Utah’s banking industry, and strengthen relationships with policymakers and banking colleagues from across the West. Utah Banker 8
Friends of Utah Banking Brings Bankers and Legislative Leaders Together Utah bankers gathered at the Alta Club in Salt Lake City on Sept. 21 for the Friends of Utah Banking State Giving Event, an opportunity to strengthen relationships between the banking industry and key leaders in the Utah Legislature. The reception brought member banks together with five legislative leaders: Utah House Speaker Mike Schultz, Senate Minority Leader Luz Escamilla, House Minority Leader Angela Romero, Senate Business & Labor Committee Chair Evan Vickers, and House Business & Labor Committee Chair Cory Maloy. The event provided an opportunity to recognize their service, reinforce the importance of continued engagement between bankers and policymakers, and demonstrate the industry’s appreciation for efforts to maintain a strong environment for banking and economic growth in Utah. The Utah Bankers Association extends its sincere appreciation to the following banks that sponsored the event at the Platinum and Gold levels. PLATINUM SPONSORS Bank of Utah Cache Valley Bank Central Bank Zions Bank GOLD SPONSORS OneMain Financial Sunwest Bank TAB Bank Utah Banker 9
What Does the New Reciprocal Deposit Legislation in the Housing Act Mean for U.S. Banks? BY JOE HOOKER, Chief Sales Officer, IntraFi The recently enacted 21st Century ROAD to Housing Act marks a significant shift in how U.S. banks can use reciprocal deposits — an established but increasingly important tool for deposit growth and local lending. WHAT THE LAW CHANGES The new law amends the Federal Deposit Insurance Act to expand the amount of a bank’s reciprocal deposits that can be classified as “nonbrokered,” a designation that generally reflects more stable, relationship-based funding. Under the previous framework, reciprocal deposits counted as nonbrokered were capped at the lesser of 20% of a bank’s total liabilities or $5 billion. This one-size-fits-all limit often constrained banks’ ability to fully leverage reciprocal deposits, even when those funds were tied to long-term customer relationships. The 21st Century ROAD to Housing Act replaces that flat cap with a cumulative, tiered model based on the amount of a bank’s liabilities. Under the new formula, reciprocal deposits can be excluded from brokered deposit treatment up to: • 50% of the first $1 billion in liabilities, plus • 40% of liabilities between $1 billion and $10 billion, plus • 30% of liabilities over $10 billion • With a cap of up to $30 billion that can be counted as nonbrokered For example, under the previous law, a bank with $1.5 billion in liabilities could count $300 million of reciprocal deposits as nonbrokered. The new law increases that number to $700 million. For a bank with $18 billion in liabilities, the amount of reciprocal deposits considered nonbrokered increases from $3.6 billion under the previous law to $6.5 billion now. Scan the QR code to try the calculator for your bank’s specific numbers. https://hub.intrafi.com/reciprocal-legislation-2026 WHY RECIPROCAL DEPOSITS MATTER Ever since IntraFi invented reciprocal deposits 25 years ago, reciprocal deposits have enabled banks to offer customers access to aggregate FDIC insurance on large balances — while maintaining a single banking relationship. When reciprocal deposits are placed across a network of participating banks in increments below the standard $250,000 insurance limit, the placing bank receives matching deposits back. For customers, this structure provides enhanced safety without operational complexity. For banks, it helps attract more large, stable deposits from businesses, municipalities, nonprofits and high-net-worth individuals. Reciprocal deposits are particularly valuable because, as nonbrokered deposits, they behave more like “core” funding — sticky and relationship-driven — rather than rate-sensitive brokered deposits. Policymakers and industry groups have increasingly recognized this distinction, especially after the bank failures of 2023 highlighted the risks associated with uninsured deposits. IMPACT ON BANKS AND COMMUNITIES By expanding the reciprocal deposit limit, the new law gives banks greater flexibility to strengthen their balance sheets and retain high-value customer relationships. In practical terms, a bank can now hold substantially larger volumes of reciprocal deposits as nonbrokered. Utah Banker 10
This has direct implications for local economies. Reciprocal deposits are widely understood to help keep funds within the communities where they originate, supporting lending to small businesses, homeowners, and local organizations. Lawmakers have emphasized that the goal of the legislation is to keep deposits local and the new law spurs banks — particularly community and regional institutions — to grow local depositor relationships and deploy more capital within their markets rather than passing on large deposits and losing them to larger institutions or alternative cash management solutions. A SHIFT TOWARD FLEXIBILITY AND RESILIENCE The move to a tiered system reflects a broader regulatory shift toward aligning deposit rules with the realities of modern banking. The prior cap was set at the same limit for all banks regardless of size, while the new framework scales with institutions’ balance sheets. As a result, banks can now use reciprocal deposits at a scale proportionate to their total liabilities, protecting more customers’ large cash balances, improving their competitiveness, and aiding liquidity management. The law also extends eligibility to a wider range of well-capitalized banks, further broadening access to this funding source. THE BOTTOM LINE The 21st Century ROAD to Housing Act is a considerable step forward in deposit regulation. By expanding the amount of reciprocal deposits that can be treated as nonbrokered, the law strengthens banks’ ability, in greater volume than before, to: • Attract and retain large, safety-conscious depositors • Enhance funding stability • Support increased lending in local communities At a time when deposit competition remains intense and customers are increasingly focused on safety, reciprocal deposit services have become a critical tool for banks. This legislation ensures they can use that tool more fully — unlocking greater flexibility, stronger relationships and more capital directed toward local economic growth. As the inventor and largest provider of reciprocal deposits, and with the highest per‑depositor and per-bank capacity, IntraFi stands ready to help banks of all sizes use reciprocal deposits to strengthen their balance sheet and grow local, loyal customer relationships. Deposit placement through ICS and CDARS is subject to the terms, conditions and disclosures in applicable agreements. IntraFi is not an FDIC-insured bank, and deposit insurance covers the failure of an insured bank. A list identifying IntraFi network banks appears at intrafi.com/network-banks. Certain conditions must be satisfied for “pass‑through” FDIC deposit insurance coverage to apply. Utah Banker 11
Businesses that received Paycheck Protection Program (PPP) loans are now being targeted through highly personalized bank-impersonation schemes. Using publicly available PPP loan information, criminals can identify a business, its loan amount and, in many cases, the financial institution associated with the loan. That information gives a fraudster enough credibility to make an unexpected call, text message or email sound legitimate. This is not simply another generic phishing campaign. It is a targeted social engineering attack built on real information and a trusted banking relationship. HOW THE SCAM WORKS The Small Business Administration maintains a public, loan-level dataset covering disbursed PPP loans. Fraudsters can combine that data with business websites, social media and other public records to develop a convincing profile of a potential victim. A fraudster may know: • The business’s legal name and address • The amount of its PPP loan • The lender associated with the loan • The names of owners, executives or accounting employees • The bank’s treasury management or fraud department terminology The criminal then contacts the business while impersonating an employee of its bank. Caller ID may be spoofed so the call appears to originate from the bank’s actual telephone number. Emails and text messages may use the bank’s name, logo and branding. The purported reason for the contact can vary. The customer may be told that: • A suspicious ACH or wire transfer is pending • Someone attempted to access the company’s online banking account • A check or electronic payment must be verified • The account must be frozen to prevent additional fraud • A security update is required • The bank needs to confirm the customer’s credentials • A one-time passcode is needed to stop or reverse a transaction The fraudster creates a sense of urgency and positions himself as the one trying to protect the customer. In reality, the criminal may already possess the customer’s username and password. The call is designed to obtain the final piece needed to defeat multifactor authentication: the customer’s one-time security code. The FBI has specifically warned about account takeover schemes in which criminals impersonate financial institution support personnel. Once the customer provides the requested code, the fraudster may gain access to the account, establish a new device, change contact information or initiate unauthorized ACH and wire transfers. WHY THESE CALLS ARE SO CONVINCING Traditional fraud-awareness training often tells customers to look for spelling mistakes, unfamiliar senders or vague messages. Those warning signs may not be present here. The caller may correctly identify the customer’s bank, PPP loan and business information. The telephone number appearing on the caller ID may match the number printed on the back of the customer’s debit card or listed on the bank’s website. The criminal may even transfer the victim between several supposed departments to create the appearance of a legitimate financial institution. The use of accurate information does not make the caller legitimate. It only demonstrates that the criminal has done research. Bank customers should understand that caller ID is not a reliable authentication method. A person who receives an unexpected banking call should hang up and The Long Tail of PPP Why Bank Customers Are Being Targeted Again BY JEFF OTTESON AND ADAM DAWSON, Midwest Bankers Insurance Services Utah Banker 12
contact the bank using a telephone number the customer knows to be correct — not one provided by the caller or contained in an unsolicited message. WHAT BANKS SHOULD BE TELLING THEIR CUSTOMERS Banks should communicate directly with business customers, particularly customers identified in public PPP data. The message should be simple and specific: The bank will never call and ask a customer to disclose a password, authentication token or one-time security code. Customers should also be reminded that a multifactor authentication code is not merely an identification number. It may authorize access, approve a new device or permit a transaction. Providing that code to another person can be the digital equivalent of handing over the account key. Additional customer guidance should include: • Never provide usernames, passwords, PINs, tokens or one-time passcodes in response to an incoming call, email or text. • Do not click an online-banking link contained in an unsolicited message. • Access online banking through the bank’s official website or mobile application. • Hang up and call the bank using a known, independently verified telephone number. • Require dual control for ACH and wire activity. • Establish transaction and daily exposure limits that reflect the company’s actual needs. • Review new users, authorized devices and changes to account contact information. • Enable alerts for password changes, new-device enrollment and outgoing transactions. • Report suspicious communications immediately, even if no money appears to have left the account. Prompt reporting can help prevent or limit a loss. Customers should not wait until the next business day if they believe credentials or authentication codes have been disclosed. BANKS MUST ALSO EXAMINE THEIR OWN PROCEDURES Customer education is only one part of the response. Banks should review how employees handle calls involving compromised credentials, new device enrollment, changes to telephone numbers or email addresses, and requests to add new treasury management users. A fraudster who has compromised a customer’s email account may attempt to add a supposed new CFO or controller to the customer’s wire agreement. The request may come from the customer’s legitimate email address, but that does not establish authorization. Material changes to authorized users, callback numbers, transaction authority or security procedures should be independently verified with an existing authorized person using previously established contact information. Employees should not rely on the telephone number or contact information in the request to verify. The bank should also confirm that its written wire-transfer agreement clearly identifies: • Who is authorized to request wires • The predetermined telephone number to be used for callbacks • The PIN or passcode the requester must verify during the callback • The procedures for changing authorized persons or callback information Having a written agreement is only the beginning. Employees must consistently follow the security procedures contained in it. A callback to a number provided in the fraudulent request is not effective. Similarly, completing a callback without requiring the agreed-upon PIN or passcode may undermine the protection the procedure was designed to provide. THE INSURANCE QUESTION IS MORE COMPLICATED THAN IT APPEARS When an account-takeover loss occurs, the customer, bank and their respective insurers may all examine who was compromised, who authorized the transaction and which security procedures were followed. Coverage is highly dependent on the specific facts and policy language. A bank’s Financial Institution Bond may distinguish between a direct compromise of the bank’s systems and a loss resulting from a customer voluntarily providing credentials or authentication codes. Computer fraud, funds transfer, fraudulent instruction and social engineering provisions may contain materially different definitions, exclusions and authentication requirements. The customer’s cybercrime policy may also be relevant, particularly when the customer’s employee was deceived into disclosing credentials or approving a fraudulent transaction. However, the existence of insurance should never be assumed to eliminate the potential dispute between the customer and the bank. Banks should review both their operational procedures and insurance coverage before a loss occurs. That review should address customer credential compromise, account takeover, new device authorization, fraudulent changes to authorized users and the failure to follow agreed callback or authentication procedures. THE TAKEAWAY FOR COMMUNITY BANKS PPP data has created a lasting roadmap that criminals can use to identify businesses and their banking relationships. The immediate scam may target the customer, but the resulting financial loss, customer dispute and reputational damage can quickly reach the bank. Community banks are particularly well-positioned to respond because they know their customers and can communicate with them directly. A timely warning from a trusted relationship manager may be more effective than a general fraud notice posted on a website. Banks should not treat the end of the PPP lending period as the end of PPP-related risk. The loans may have been forgiven, but the publicly available information remains — and criminals are finding new ways to use it. Utah Banker 13
2026 Community Reinvestment Act Conference Explores New Ideas and Opportunities From economic trends and community development to AI and collaboration, the UBA’s 2026 Community Reinvestment Act Conference brought bankers to Draper on Sept. 17 for a wide-ranging look at the issues and opportunities shaping CRA efforts today. The program featured perspectives from bankers, regulators, community organizations and other industry experts. Sessions explored community development investment strategies and emerging ways banks could incorporate artificial intelligence into their CRA efforts, along with an economic update from Phil Dean of the Kem C. Gardner Policy Institute. Giving back was also a central part of the day. Attendees participated in a community-building activity supporting Life Start Village and heard from United Way of Salt Lake about opportunities for collaboration. The conference concluded with an open mic session, providing an opportunity for attendees to exchange ideas, ask questions and share experiences. The annual conference continues to provide a valuable forum for Utah bankers to connect with peers and community partners, exchange ideas and explore new ways to strengthen the communities they serve. Utah Banker 14
BY CHRISTOPHER MYERS, CEO, B:Side Capital & B:Side Fund If you lend to manufacturers, you already know the tension. These are exactly the clients you want: real assets, real revenue, real staying power. They are also the clients whose needs can strain a conventional credit box. The equipment is expensive and specific. The working capital need arrives in lumps, usually right when the biggest order in company history lands. Growth outruns the balance sheet, and you are left choosing between stretching policy and watching a 20-year relationship walk to a larger institution. This year, two changes at the SBA rewired that math. 504 RULES GIVE MANUFACTURERS MORE FLEXIBILITY The $5.5 million manufacturing provision is not new. Small manufacturers have long been eligible for up to $5.5 million in SBA 504 debenture financing for a qualifying project, and SBA has allowed multiple 504 loans when each loan is tied to a distinct project. What changed July 4 is the relationship between the 7(a) and 504 programs; a borrower’s 7(a) balance no longer reduces the maximum 504 financing available, allowing eligible borrowers to access up to $5 million through 7(a) and up to $5 million through 504, subject to each program’s requirements and limits. SBA also clarified that a 504 project may include multiple eligible assets that are financed simultaneously. For small manufacturers, that can be particularly useful when an expansion involves more than one major fixed asset — for example, purchasing a facility while also acquiring a production line. Rather than treating this as a single project, the clarification provides greater flexibility to structure it as two 504 projects, allowing up to $5.5 million for each. ZERO FEES, BUT THE CLOCK IS TICKING For fiscal year 2026, as part of its Made in America push, the SBA waived both the upfront guaranty fee and the annual service fee on SBA 504 loans to small manufacturers (NAICS Sectors 31 through 33) and eliminated the upfront fee on SBA 7(a) manufacturing loans of $950,000 or less. On a $2.5 million facility purchase, that is roughly $5,000 saved at closing and about $37,400 saved over the life of the loan. The oldest objection in SBA lending is that the fees make it expensive. For manufacturers this year, that objection does not exist. And here’s the part that matters for your pipeline: The current fee waiver is scheduled to run through fiscal year 2027. We don’t yet know what SBA’s fee structure will look like after that, so manufacturers with projects in the pipeline may want to take advantage of the current program while these savings are available. THE STRUCTURE WORKS AS HARD FOR YOU AS IT DOES FOR THEM None of this requires charity from your credit committee. On an SBA 504 project, your institution holds a first lien at roughly 50% loan-to-value on collateral that would otherwise give policy fits, the client puts down as little as 10%, and the debenture covers the rest at a long fixed rate — 25-year or 20-year terms on real estate and 10-year terms on equipment to match the life of the assets, instead of fighting it. On the SBA 7(a) side, the guaranty covers the ground conventional underwriting cannot reach: projection-based expansion and the working capital that turns new capacity into filled orders. You keep the deposits, the treasury business and the relationship. Manufacturers are being asked to grow faster than their balance sheets allow, and, for once, Washington has made financing easier rather than harder. Neither change should be treated as permanent. The fee waiver has a hard deadline; the expanded limit is policy, and policy moves. The lenders who act while the window is open will own these relationships for decades. That is where we come in. Bring us the deal early and B:Side Capital will handle the SBA mechanics alongside you, providing eligibility, structure and a speedy timeline. Reach out to our team to talk through your next manufacturing deal by emailing client-relations@bside.org or calling (303) 657-0010. How Lenders Can Use the SBA Program for Their Manufacturing Clients Utah Banker 16
AI-Native Conference Brings Banking and Fintech Leaders to Salt Lake City Bankers, fintech leaders, regulators and technology experts gathered at Rice-Eccles Stadium in Salt Lake City on Sept. 29 for the third annual AI-Native Banking & Fintech Conference, hosted by the Utah Bankers Association and Spring Labs. Focused on the rapidly evolving role of agentic AI in financial services, the conference moved beyond the hype to explore how banks and fintechs are employing AI today. Sessions covered practical applications across small-business lending, customer experience, compliance, cybersecurity, risk management and governance, as well as strategies for moving AI projects from experimentation to production. The program opened with a keynote conversation on AI oversight featuring former Acting Comptroller of the Currency Michael Hsu and American Fintech Council CEO Phil Goldfeder. Throughout the day, speakers from banks, fintech companies, technology providers and advisory firms shared real-world experiences with AI, including what is working, where challenges remain and how institutions are managing emerging risks. In addition to main-stage discussions, attendees participated in hands-on workshops focused on deploying AI, financial crime and compliance, cybersecurity, and controls, while a demo stage showcased emerging AI tools. In its third year, the conference once again brought together banking, technology and regulatory leaders for practical conversations about how AI is reshaping financial services and how institutions can prepare for what comes next. Photo credit: Austen Diamond Photo + Film (austendiamond.com) Utah Banker 17
Established in 1980, Bankers’ Bank of the West has been serving community banks for over 45 years as a trusted, non-competing partner, grounded in strong relationships, industry expertise, and a long-term perspective. As the financial landscape continues to evolve, we remain focused on helping our partners stay relevant and competitive through purposeful innovation, operational efficiency, and responsive, experienced support, while staying true to the core values that have guided us since the beginning. EXPERT LOAN REVIEW SERVICES • Independent loan reviews. • Strategic growth consulting. • Helping banks strengthen credit quality, manage risk, and plan confidently for expansion and succession. • Community banks deserve a partner as dependable and resilient as the communities they serve. • Assessing wire transfer risks • Delivering compliant backup solutions. • Trusted support, expert guidance, and service every step of the way. BUSINESS CONTINUITY OPTIONS ASK US ABOUT BRIDGE! Our secure online portal for ACH, wires, reporting, OFAC screening, anomaly detection, SFTP, file transfers, and seven-year archiving. Bill Mitchell BBWest, CEO & Vice Chair Jim Swanson President, Bank Strategies, LLC. Anne Benigsen President, CivITas Bank Solutions, LLC. EST 1980 OVER 45 YEARS OF EXPERTISE We Champion Community Banking! 800-873-4722 | NE: 888-467-5544 | www.bbwest.com • Vulnerability scans. • Penetration testing. • Phishing simulations and IT consulting. • Plus, monitoring and training. • Policy reviews. • Board advisory support to strengthen your bank’s security posture. COMPREHENSIVE CYBERSECURITY SERVICES
BANK KUDOS BANK OF UTAH Bank of Utah Named to Utah Business Fast 50 Bank of Utah has been named one of Utah’s fastest-growing companies, ranking No. 35 in the 2026 Utah Business Fast 50. The annual Fast 50 awards recognize companies contributing to Utah’s strong economy through sustained growth. Honorees are ranked based on total five-year revenue and compound annual growth rate. Bank of Utah Expands to Lehi as It Opens New Full-Service Branch Bank of Utah cut the ribbon on a full-service branch at 2292 W. 1930 N. in Lehi. Bank of Utah leadership joined city and county officials, local businesses, residents and visitors in officially opening the new office. The branch is the bank’s fifth location in Utah County, with other locations in Lindon, Orem, Provo and Spanish Fork. The bank’s Spanish Fork branch opened in July. Bank of Utah representatives presented Ronald McDonald House with a $1,000 check during the ceremony. The Lehi branch offers personal and business banking, home loans, treasury management, wealth management and investment services. Bank of Utah Summer Internship Program Prepares Next Generation of Community Banking Leaders Bank of Utah recently concluded its 2026 Summer Internship Program, providing seven college students with experience in community banking through hands-on projects, professional development and community service. Throughout the summer, students from Utah State University, Weber State University, Brigham Young University and the University of Utah were introduced to careers in community banking through mentorship, collaborative projects, professional development opportunities and community involvement. Interns gained practical experience while contributing to projects that support the bank’s mission of serving customers and strengthening communities throughout Utah. This year’s internship class included Adam Bendall, Ethan Evans, Ben Lamoreaux, Hope Mickey, Coleman Vickers, Amelia Santelli and Ashton Harrow. Utah Banker 19
Wallet Found in Bank of Utah’s 4th Annual Where’s the Wallet Cash Quest The Where’s the Wallet Cash Quest invites treasure hunters from across Utah to follow a series of clues leading to a hidden wallet at a mystery location somewhere in the state. The first participant to find the wallet receives $10,000 in cash and chooses a Utah-based charity to receive an additional $10,000, for a total prize of $20,000. After five weeks of clues, side quests and statewide treasure hunting, Aiden Jonkman of Utah County found the hidden wallet at Alien Tower Trail at the Point of the Mountain between Draper and Alpine. Jonkman took home $10,000 in cash and had the opportunity to donate an additional $10,000 to The Family Place, a nonprofit organization that has worked to strengthen families and protect children for more than 40 years. The Family Place serves families in Cache, Franklin and Rich counties. CENTRAL BANK Central Bank Brings New Life to Historic S.O.S. Drug Store in Springville Central Bank has purchased the historic S.O.S. Drug Store on Springville’s Main Street and plans to reopen it in November 2026 under a new name, S.O.S. On Main. The reopening has created plenty of excitement in the community, as residents look forward to once again enjoying old-fashioned sodas, ice cream, coffee and the nostalgic atmosphere that made the location a longtime gathering place in Springville. Central Bank will own and operate S.O.S. On Main as a nonprofit, with proceeds benefiting local schools, charitable organizations and community causes. “Springville has such a rich history, and we’re excited to see Main Street embrace those roots and traditions again,” said Mark Packard, president of Central Bank. “Between reopening S.O.S. On Main and rebuilding our historic Central Bank building, this is about preserving something meaningful while creating new memories for the community.” BANK KUDOS Utah Banker 20
STATE BANK OF SOUTHERN UTAH SUU to Rename Event Center as State Bank Arena Under Landmark 15-Year Agreement Southern Utah University and State Bank of Southern Utah announced a 15-year sponsorship, reinforcing a legacy of cooperation and a shared vision for Southern Utah’s success. As part of the agreement, SUU’s event center will be renamed State Bank Arena, with the transition taking effect in 2027. “We are incredibly excited about this collaboration with State Bank of Southern Utah, which reflects our shared values and commitment to the Southern Utah community,” said SUU President Mindy Benson. Decades of teamwork between SUU and State Bank will continue to expand through this agreement. State Bank will maintain its role as the presenting sponsor of the Utah Summer Games Opening Ceremony, the title sponsor of the State Bank Business Challenge and a platinum sponsor of the One Utah Summit. “As a graduate of Southern Utah University, this partnership is especially meaningful to me,” said Trevor Andersen, CEO and president of State Bank of Southern Utah. “This truly is a win-win for our community. State Bank has long benefited from SUU graduates who now serve as our customers and employees across Southern Utah — in fact, more than half of our employees are SUU graduates. Through this agreement, we are proud to continue giving back in the region we all call home.” TAB BANK TAB Bank Hosts Ogden Rescue Mission Charity Golf Tournament TAB Bank hosted and served as the title sponsor for the 25th Annual Ogden Rescue Mission Charity Golf Tournament, which took place on Friday, Sept. 11, at Wolf Creek Resort in Eden, Utah. All proceeds went to the Ogden Rescue Mission to help individuals experiencing homelessness in Northern Utah access shelter, food, clothing, hygiene services, 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 over $600,000 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.” BANK KUDOS Utah Banker 21
BANKERS ON THE MOVE BANK OF UTAH Sarah Carver has been named banking manager of the Ogden-Corporate branch. Carver has been with Bank of Utah for 12 years, beginning as a part-time teller and advancing through roles including account manager and banking manager at three bank locations, as well as a role in treasury management. Sean Morrison has been promoted to executive vice president — chief strategy and people officer. Morrison has led Bank of Utah’s human resources department for nearly two years and previously held senior HR leadership roles at Mountain America Credit Union, Procter & Gamble, PepsiCo, Guckenheimer and The Church of Jesus Christ of Latter-day Saints. Jory Norton has been promoted to senior vice president — chief risk officer, overseeing the bank’s enterprise risk management program, compliance and information security programs. Norton joined Bank of Utah in 2024 as vice president of strategic risk and compliance and previously spent 11 years at CCBank, ultimately serving as executive vice president and chief risk officer. Brooks Rose has been named banking manager of Bank of Utah’s new Lehi branch. Rose previously served as banking manager at the bank’s Provo branch and brings four years of financial services experience, including previous roles at Merrill Lynch and Bank of America. Austin Bills has been appointed treasury management officer, based in Salt Lake City. Bills brings 12 years of experience in merchant services, treasury management and strategic cash flow planning, including nearly seven years as merchant program manager at Mountain America Credit Union and previous treasury management roles at Zions Bank. Jacklyn Garcia has been named treasury management officer, serving commercial clients throughout Weber and Davis counties. Garcia brings more than 12 years of banking experience, including roles at Zions Bank in customer service, training, implementation, technical support, portfolio management and treasury management sales. Michael Gordon has been named banking manager of the Provo branch. Gordon brings 15 years of banking and financial services experience, including roles as a bank teller, mortgage assistant, mortgage loan officer and assistant branch manager. Lane Deason has been named branch manager of Bank of Utah’s new Spanish Fork branch. Deason has nearly a decade of financial services experience, including eight years as a mortgage loan originator and one year as a banker at Bank of Utah. Joseph Valle has been named banking manager of Bank of Utah’s new Spanish Fork branch. Valle brings five years of banking experience with a background in relationship management, consumer lending, private banking and business development. Sarah Carver Sean Morrison Jory Norton Brooks Rose Austin Bills Jacklyn Garcia Michael Gordon Lane Deason Joseph Valle Utah Banker 22
TAB BANK TAB Bank is pleased to welcome Dustin Green as head of marketing. Dustin is based in Ogden and oversees all marketing efforts for TAB. CENTRAL BANK Central Bank welcomes Jaron Sheppard as a loan officer, bringing 19 years of banking experience to the team. His focus is on helping clients experience the personal service and local approach that define true community banking. He is currently enrolled in the Utah Bankers Association’s Executive Development Program (EDP). Central Bank welcomes Erik Tadje as a loan officer. Erik brings 24 years of banking experience, with a focus on building strong relationships in the community and helping business owners find banking solutions that fit their needs. He is a 2017 graduate of Pacific Coast Banking School. Jason Morrell has joined Central Bank as office manager of its new Nephi location, bringing 26 years of banking experience. He is a graduate of Pacific Coast Banking School and the UBA’s EDP and Commercial Lending Development Program. Jason is committed to helping build and support the community he loves to call home. Hector Mancia has joined Central Bank as merchant services officer. Beginning his career as a teller, Hector has worked in a variety of banking roles for over 13 years, gaining practical experience that helps him understand clients’ needs and find solutions to support their financial goals. Central Bank welcomes Heidi Udall as Manager of S.O.S. On Main, the bank’s new community-focused soda fountain and ice cream shop in downtown Springville (see Bank Kudos). Heidi brings extensive experience in community programming, operations, retail and customer service, having served as superintendent of the Clyde Recreation Center for Springville City and co-owning a home-goods boutique. Jaron Sheppard Erik Tadje Jason Morrell Dustin Green Hector Mancia Heidi Udall Utah Banker 23
Welcome to Our New Associate Members! CGI TECHNOLOGIES INC. Chad Bowman chad.bowman@cgi.com (385) 505-2826 cgi.com CGI is one of the world’s largest independent IT and business consulting firms, helping financial institutions transform operations, modernize technology and deliver secure, customer-focused digital experiences. We partner with banks and financial services organizations to solve complex business challenges through consulting, systems integration, managed services, AI, cloud, cybersecurity and data analytics. Our financial services expertise spans core banking modernization, payments, fraud prevention, regulatory compliance, risk management, digital banking and operational resilience. By combining deep industry knowledge with innovative technology solutions, CGI helps clients improve efficiency, reduce costs, strengthen security and accelerate innovation while meeting evolving regulatory requirements. LENDERPAY Weston Wride weston.wride@lenderpayments.com (801) 318-6190 lenderpay.com LenderPay has been an industry-leading debt repayment solution for over a decade. LenderPay revolutionizes loan servicing for financial institutions at zero cost while enhancing borrower convenience. Banks can collect auto, home, boat, personal and business loan payments via debit card, ACH and more. Our platform integrates with any core system, enabling seamless online, app and text-based loan payment services that delight borrowers and empower collections teams with next-gen digital transactions. MIDWEST BANKERS INSURANCE SERVICES Jeff Otteson jeffo@mbisllc.com (608) 217-5219 mbisllc.com Midwest Bankers Insurance Services (MBIS) is an independent insurance agency dedicated exclusively to serving community banks throughout the Midwest. MBIS provides specialized expertise that general insurance agencies cannot match. We partner with leading insurance carriers to deliver customized professional, property & casualty, and lending-related insurance solutions designed specifically for the unique risks facing financial institutions. Beyond insurance placement, MBIS provides complimentary risk consultations, policy language reviews, coverage benchmarking, internal controls evaluations and risk management guidance to help banks strengthen their protection while controlling costs. PELION VENTURE PARTNERS Katy Schoenfeld katy@pelionvp.com (801) 365-0262 pelionvp.com Pelion Venture Partners is an early-stage venture capital firm based in Salt Lake City. Since 1986, Pelion has partnered with exceptional entrepreneurs building category-defining technology companies across enterprise software, AI, fintech, cybersecurity, digital health, cloud infrastructure and consumer technology. Pelion’s investment platform includes funds with Small Business Investment Company (SBIC) licenses, enabling the firm to partner with banks and other institutional investors in supporting high-growth U.S. small businesses. For eligible bank investors, investments in Pelion’s SBIC funds may also support Community Reinvestment Act (CRA) objectives, in addition to providing access to a diversified portfolio of innovative, venture-backed companies. SARIS Leigh Kloss leigh.kloss@saris.ai (414) 234-1417 saris.ai Saris builds workflow agents for banks, automating the document-heavy, repetitive back-office work that consumes staff time: quality control, loan processing, underwriting support, document review, account onboarding and email-driven tasks like proof of insurance or dispute handling. We are a bank-first company. Unlike generic AI tools, Saris agents are trained like new employees on each bank’s specific systems and procedures. They sit on top of the existing core, LOS and email, so teams keep working exactly as they do today with no change management. WOLF & COMPANY PC Drew Coveney dcoveney@wolfandco.com (617) 439-9700 wolfandco.com Wolf & Company is a nationally recognized accounting and consulting firm offering advisory, assurance, digital and tax services, serving clients since 1911. We partner with clients to deliver practical, data-driven solutions that improve efficiency, strengthen compliance, accelerate growth and support sustainable long-term success. Utah Banker 24
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