ISSUE 1 • 2024 BANKER DAY AT THE UTAH STATE LEGISLATURE RECAP
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TABLE of CONTENTS 4 The Bottom Line By Howard Headlee, President and CEO, Utah Bankers Association 5 WASHINGTON UPDATE The Real Losers in the Reg II Fight By Rob Nichols, President and CEO, American Bankers Association 6 Banker Day at the Utah State Legislature Recap By Brian Comstock, Director of Communications & Marketing, Utah Bankers Association 8 Zions CEO Closes Chapter in Exceptional Career 11 Utah Bankers Go to Washington, D.C. 12 The Edulogue By Beth Parker, Director of Education, Utah Bankers Association 14 2024 Ag Outlook & Conference Report By Brian Comstock, Director of Communications & Marketing, Utah Bankers Association 16 Help Your Business Customers Get a Grip on Cash Management By Jay Kenney, SVP & Southwest Regional Manager, PCBB 18 Bankers on the Move 20 Bank Kudos 23 UBA Associate Members 26 Loud Budgeting Explained In a World Where Financial Openness Has Been Historically Hush-Hush, It’s Time To Turn Up the Volume By U.S. Bank Utah Banker 3
BY HOWARD HEADLEE President and CEO, Utah Bankers Association The Bottom Line After 45 intense days working with the Utah State Legislature, I flew to Washington, D.C., to tackle several tough issues in the nation’s capital. The contrast couldn’t be more glaring! I could list 100 critical differences that impact the effectiveness of our state and federal governments, including budgets, spending, taxes and regulations. But I will focus on the differing ways they view the banking industry. The Utah State Legislature understands that the banking industry is connected to every segment of our economy and community. When our community thrives, banks thrive. And when banks are struggling, it’s usually because the community is struggling. Except, of course, when those struggles are a result of foolish banking laws and regulations. Our state understands that bad laws and regulations don’t just impact banks, they hurt everyone. As a result, we have the best banking laws in the country, our economy is thriving and our communities are succeeding. And yet Congress and federal regulators are currently mired in a negative spiral of attacking the banking industry. When those actions hurt their constituents and our economy, they blame the banks and adopt more foolish banking laws. Banks are currently dealing with nearly 5,000 pages of newly proposed regulations out of the beltway, many of which are horribly misguided and will dramatically impact not just the banking industry but people, industries and economies. Will anyone in D.C. take responsibility when this inevitably happens? No, of course not! That’s why the banking industry has finally resorted to our only remaining option of turning to the courts to stop this vicious cycle. The state, on the other hand, takes a different approach. When they have a problem, they work with the banking industry, not in opposition to it. This year, the governor identified a crisis in attainable housing in Utah, and the Legislature responded by working with us to deploy state reserves through banks to tackle the problem. Yes, this will help the banks that participate, but only as it helps resolve the state’s crisis. One of the significant reasons why Utah leaders understand this relationship between the success of our communities and our banks has been the visionary leadership of Scott Anderson, CEO of Zions Bank. Throughout his career as Utah’s most prominent banker, he has repeatedly exhibited an astonishing commitment to our community. He has led by example, demonstrating to all that a bank’s success is ultimately driven by the success of the community it serves. Scott’s involvement in innumerable community initiatives is unprecedented. It would be difficult for me to identify even one significant community initiative in the last 20 years that has not benefited from his counsel and support. And that is not counting all the smaller initiatives he has privately encouraged and supported. I remember an impromptu one-on-one with Scott that changed my life. He encouraged me to take the lead on some troubling challenges facing Utah’s refugee community. That vision and encouragement led to the creation of a public charter school for refugees that has provided a world-class education for thousands of refugee children. It is one of the most meaningful things I have ever done. Scott and Zions Bank subsequently funded scholarships for many of these amazing students. We will all miss Scott as CEO of Zions Bank, but if we have learned anything, we know he will remain actively engaged in our community. And the legacy he has left among bankers and Utah policymakers will continue to propel Utah’s success well into the future. If only we could get Congress and the bank regulators to see that vision! Utah Banker 4
WASHINGTON UPDATE The Real Losers in the Reg II Fight BY ROB NICHOLS President and CEO, American Bankers Association Our colleagues at the CFE Fund, which oversees the Bank On initiative that ABA has proudly championed, recently wrote to the Fed to emphasize what makes the national account standards work: They were designed to address the needs of low- and moderate-income consumers (bill pay, debit card access, ATM access). They were designed to knock down the barriers that keep so many consumers outside the banking system (minimum balance, credit checks, overdraft fees). And, importantly, they were designed to be economically sustainable for banks offering the accounts. Interchange fees play an important role in that sustainability equation. If banks do not have the revenue streams to support these and other low-cost accounts, they have two options: Pass the costs on to consumers or stop offering and/or marketing the product altogether. Bank On accounts are currently offered by a growing list of banks across the country. And to ensure we can continue that momentum, ABA has been working hard on behalf of its members to elevate these concerns to policymakers. But we can’t do it alone — we need your help. With the Fed recently extending the comment deadline to May 12, ABA is calling on all bankers to share how this change in regulation will affect their bank and their customers. You can send a letter easily through ABA’s grassroots platform, SecureAmericanOpportunity.com. Banks put interchange to work funding low-cost banking services that help consumers find their way into the regulated banking system — enabling them to take advantage of deposit insurance protections, build credit and do so many other things that can only happen with a banking relationship. If the Fed’s Reg II proposal moves ahead, the very largest retailers will pocket that surplus to pad their bottom line — and consumers won’t see a penny of it. That’s a tradeoff that leaves our country poorer. Email Rob at nichols@aba.com. In 2010, the Durbin Amendment was dropped into Dodd-Frank in the dead of night, and without so much as a hearing, the government imposed restrictions and price controls on debit cards and connected checking accounts. Bankers warned that mega-retailers would not pass on any savings at the checkout and that bank customers would ultimately foot the bill in lost rewards. Both predictions have proven true, but for reasons clear only to the Federal Reserve, the government is poised to double down on this misguided policy with another 30% cut in debit interchange followed by an automatic biannual adjustment. This “one-way ratchet” will continue to hack away at debit programs every two years based on data and a formula of the Fed’s choosing without public comment. The Fed is proposing to slash the interchange rate cap from 21 cents to around 14.4 cents — and recent research estimates that this move could reduce interchange revenue for banks by $3 billion annually. That’s essentially the equivalent of the government reaching into banks’ pockets, taking money allocated to ensuring affordable, seamless, secure banking products and services, and handing it over to the very largest retailers. Retailers will claim that they intend to pass those savings on to consumers. But as we’ve seen in the 13 years since the original Durbin price caps took effect, those promises ring hollow. That means that the real losers in this fight will be American consumers. Not only will consumers not gain the advantage of lower prices in stores, but the Fed’s proposed changes to Regulation II will fundamentally affect the economics of what banks do — and that, in turn, affects the products and services they are able to offer their customers and communities. Banks use interchange revenue to fund free or low-cost checking accounts and other services that consumers value. Prior to the enactment of the Durbin amendment, for example, many banks offered debit card rewards programs — but those programs were eliminated when the revenue streams funding them dried up due to government price controls. These new proposed cuts to interchange revenue will have an even more dire consequence: They will undermine banks’ efforts to foster financial inclusion by providing access to the free and low-cost transaction accounts that help unbanked Americans get their foot in the door — a first but necessary step to true inclusion. Utah Banker 5
BANKER DAY at the Utah State Legislature BY BRIAN COMSTOCK Director of Communications & Marketing, Utah Bankers Association More than 60 bankers converged on the Utah State Capitol on Jan. 30 for the 2024 edition of Banker Day at the Legislature. This is always such an impactful day for banking in Utah, an excellent opportunity to get face-time with state legislators and to discuss bills that will affect the industry. Senate Majority Leader Evan Vickers addressed the group over lunch, noting the importance of getting involved in the political process: “If you’re not engaged, somebody else will make the decisions for you, and you’re not going to like them.” Next, the group heard from Steve Waldrip, the governor’s new senior advisor for housing strategy and innovation. Waldrip laid out the housing issues facing the state and appealed to the assembled bankers to join his efforts to help increase supply, noting that “if anyone can solve this puzzle, it’s Utah.” UBA President Howard Headlee gave a summary of some of the banking-related bills being tracked this session and gave bankers an overview of how — and how easy — it is to get involved in the political process. He then introduced Senate Majority Assistant Whip Kirk Cullimore to go into more detail about an artificial intelligence bill he is sponsoring, which is aimed to protect consumers while also creating a state-level learning laboratory to better understand the technology. The bankers then dispersed throughout the Capitol, meeting with legislators from their districts, watching floor time in both the House and Senate chambers and sitting in on committee meetings. We look forward to seeing you on the Hill next year! RECAP Utah Banker 6
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Zions CEO Closes Chapter in Exceptional Career In 1990, Scott Anderson left a promising career at Bank of America to return to Utah and work at his hometown bank. More than three decades later, he now retires as president and CEO, leaving Zions Bank, the banking industry and the larger community immeasurably transformed by his leadership. After receiving degrees from Columbia University and Johns Hopkins University, Anderson began his career in San Francisco as part of Bank of America’s international banking division. He was later assigned to Tokyo, where he spent seven years before returning to San Francisco to establish a small-business banking program and manage the company’s main office in the city. “I loved Bank of America. It was a terrific opportunity,” Anderson said. “But I really welcomed the opportunity to come home.” Anderson had been a customer of Zions Bank since the age of 14, when he opened an account at the 7th East branch to deposit his paychecks from Bratten’s Seafood Grotto, where he worked as a busboy. He brought to his Zions Bank office a bust of Amadeo Giannini, the Italian immigrant who founded Bank of America in San Francisco in the early 1900s. Following the 1906 earthquake that leveled the city, Giannini set up a makeshift desk on top of a barrel and loaned money to those who needed it to rebuild. He later boasted that every earthquake loan he made was repaid. Giannini’s daughter, Claire, gave Anderson the bust when he left Bank of America to remind him, he said, that the main value of money is to help people and their community grow. Bolstering the success of individuals and Main Streets would likewise be a central focus of Anderson’s career. In Anderson’s early years at Zions Bank, he established a successful retail banking division and helped expand the branch and ATM network, which was half its current size. He also led Zions in becoming one of the top U.S. Small Business Administration (SBA) 7(a) lenders in Utah, and later in Idaho. Anderson was named Zions Bank’s president and CEO in January 1998, succeeding Harris Utah Banker 8
Simmons, current chairman and CEO of Zions Bancorporation. Over more than a quarter-century at its helm, Anderson developed the legacy institution into a full-service commercial bank with a strong presence in Idaho and later in Jackson, Wyoming. During his tenure, the bank’s assets have grown from $6 billion to $22.8 billion. Anderson also became a powerful voice for the banking industry locally and nationally. In the early 2000s, he worked with industry associations to level the taxation playing field between banks and credit unions. He received the Utah Bankers Association’s Distinguished Banker Award in 2010. From October 2021 to October 2022, he chaired the American Bankers Association, supporting the nation’s recovery from the pandemic while driving economic growth. “He’s so focused on helping the people he leads, and I think that’s at the heart of all the amazing things he’s accomplished,” Howard Headlee, UBA president and CEO, said at the time of Anderson’s appointment as chair. Anderson was instrumental in bringing major economic development initiatives to Utah, including helping establish the World Trade Center Utah; the Utah Science, Technology and Research Initiative (USTAR); and other major community organizations. As chairman of the Board of Directors of United Way of Salt Lake, he created the Financial Stability Council that led to the creation of the “Earn It. Keep It. Save It.” initiative. Recognizing the power of the arts to re-energize communities, he’s also supported public art programs and revitalization projects that stimulate economic development, including the nationally renowned Utah Shakespeare Festival. During the COVID-19 pandemic, Anderson led Zions Bank’s round-the-clock efforts to get Paycheck Protection Program loans to ailing businesses while joining forces with banking and credit union leaders to address financial challenges facing consumers and businesses. As chair of the Utah Coronavirus Economic Response Task Force, he initiated town hall meetings to educate consumers and business owners about financial resources and made policy recommendations to federal, state and local governments. In Utah, PPP loans through Zions Bank helped retain more than 150,000 jobs and protected more than 10,000 Utah businesses. And more than 30% of the loans went to businesses in majority/minority and low- to moderate-income census tracts. Anderson’s leadership has been focused on creating opportunities for people of all backgrounds and at all rungs of the economic ladder. In 2015, he launched the Women’s Leadership Institute (WLI), now a self-sustaining 501(c)3, which Zions Bank continues to support. Zions Bank was also a founding sponsor of Somos, a Utah Hispanic Chamber of Commerce foundation dedicated to strengthening Utah’s Latino community through education. He has also worked to support veterans and active military and their families through banking services, employment opportunities, community partnerships and recognition programs. Because of his military-friendly employment efforts, Zions Bank was recognized in 2014 with the Secretary of Defense Employer Support Freedom Award. From early on in his career, Anderson has emphasized the importance of personal relationships, community involvement and civic leadership. He’s served on and chaired numerous civic, business and nonprofit boards, including Intermountain Healthcare, University of Utah’s Kem C. Gardner Policy Institute, the Huntsman Cancer Foundation, Envision Utah, and Silicon Slopes. And he’s encouraged Zions employees to do the same, fostering a culture of community involvement where employees regularly participate in local nonprofit organizations, volunteer in their communities and serve on boards. Anderson is reliably among the dozens of Zions employees who volunteer in schools each spring and fall to teach kindergarten through 12th-grade students their financial ABCs in honor of National Teach Children to Save Day and National Get Smart About Credit Day — annual outreach events sponsored by the American Bankers Utah Banker 9
Association. Zions Bank volunteers have collectively taught more than 232,000 students since 2002. Each spring, he’s rolled up his sleeves to scrape, paint and landscape homes as part of the bank’s annual Paint-a-Thon. He’s presided over the service project for most of its 31 years, with more than 30,000 volunteer participants painting 1,287 homes. Not counting the dollar value of volunteer hours through the years, the bank has donated more than $1.4 million toward beautifying homes. A community builder, Anderson is adept at bringing disparate groups together to tackle important public policy issues, from affordable housing to economic opportunity. He was a catalyst in developing a series of community compacts that found compromise and “win-win” positions on difficult societal issues like immigration, clean air and race relations. “Scott has been a community leader without equal, contributing his time, talents and prodigious energy in tackling important challenges, both locally and nationally,” said Harris Simmons, Zions Bancorporation’s chairman and CEO. Anderson was recognized, alongside Simmons, as a “Giant in Our City” by the Salt Lake Chamber of Commerce in 2013. On the heels of receiving Utah Days of ‘47’s “Pioneers of Progress” award in 2022, he led Zions Bank in commemorating its 150th anniversary in 2023, illuminating a pioneering legacy of community banking amplified by his leadership. With his April retirement, Anderson, 77, will become non-executive chairman of Zions Bank, maintaining a part-time role with the organization in helping to serve the needs of our community. Paul Burdiss, Zions Bancorporation’s chief financial officer since 2015, will succeed Anderson as president and CEO of Zions Bank. Burdiss was previously corporate treasurer at SunTrust Banks and, before that, an executive vice president, treasurer and director of investor relations at Comerica. Lock in fixed 9% returns for your bank today Beat Treasury yields by 435 bps with our low-risk credits Through Q1 2024, community banks have purchased more than $710 million of BHG’s low-risk credits. Our 9% loan rates are twice as high as 5-year Treasury yields and feature the highest credit quality in our history. Don’t wait for the Fed to lower rates. Expand your bank’s margins and interest income today. Scan to learn more at BHGLoanHub.com Earn 9%+ Keith Gruebele 954.263.6399 kgruebele@bhg-inc.com Contact your representative: OR BHG is an endorsed vendor Utah Banker 10
Utah Bankers Go To Washington, D.C. A contingent of Utah bankers flew to Washington, D.C., in March to attend the ABA Washington Summit and to meet with the Utah Congressional Delegation. With so much happening on the legislative and regulatory fronts that will directly affect the industry, this was a crucial time for bank leaders to connect with their representatives in D.C. Utah Banker 11
The Edulogue We all know that attracting new talent post-pandemic has become difficult, and the organizational structures of many banks have been disrupted. According to McKinsey, redeploying talent is up to 20% more effective and cost-effective than hiring and firing employees. However, to do so successfully, rethinking training becomes necessary to enable an effortless transition to new roles and responsibilities. With turnover of non-officers around 20% — lower than pre-pandemic levels, yet still high — and officer turnover inching upwards, companies must adapt the training they offer to adjust to the changing needs and trends of the industry. Let’s explore four solutions to consider: 1. IMPROVE THE ONBOARDING PROCESS Onboarding begins before the first day. Maintaining constant communication with a new employee is critical. Inform them of what to expect next, how to complete all the necessary paperwork and get them excited about their responsibilities. Our training partner, OnCourse Learning, offers several On Demand webinars on this topic, such as: “5 Common Mistakes in Onboarding” and “Onboarding Your New Hire: Experience or Afterthought?” 2. FOSTER LOYALTY THROUGH PROFESSIONAL GROWTH Thanks to the automation of roles, structural changes and the loss of talent, the banking sector is challenged on an almost daily basis. This is why it is important to earn the loyalty of employees through opportunities for growth and development. ABA, OnCourse Learning and SBS Cybersecurity offer training and certification programs for every role in your institution, from legal counselor to mortgage lender, credit analyst to IT professional. You can find the perfect course on the UBA website at www.utah.bank/education. BY BETH PARKER Director of Education, Utah Bankers Association Utah Banker 12
3. INVEST IN RESKILLING AND UPSKILLING STRATEGIES FOR THE FUTURE It is necessary to offer employees reskilling and upskilling programs that prepare them to take on the new challenges demanded by the banking sector. This will help employees remain relevant and reduce the costs involved in hiring new talent. It is important to keep in mind that this doesn’t only include technological training but training in soft skills such as leadership, resilience and empathy, which help to prepare employees to manage changes and face uncertainty. UBA offers the following development and leadership programs that help employees grow their skillset: Management Development Program: A preparatory program for bank managers wishing to advance their careers. This is a class designed for those who aspire to broaden their understanding of the key success elements required to manage a successful banking organization. Executive Development Program: A comprehensive yearlong course designed to cultivate the next generation of banking leaders. It is an ideal opportunity for aspiring executives to step up their careers and for institutions to invest in the strong bank leaders of tomorrow. Credit Analyst Development Program: Comprehensive program designed to further develop basic analytical and specialized skills necessary to effectively support the commercial or business lending functions in the bank. Includes sessions on the role of the credit analyst, specific types of lending activity and loan structures, and documentation and compliance requirements. Commercial Lending Development Program: Emphasizes the entire commercial loan life cycle and provides participants with current lending approaches, as well as an updated focus on key analytics and regulatory issues. Students will improve their credit and marketing skills, learning best practices firsthand from industry executives and participating in case studies. 4. PROMOTE VARIABLE TRAINING FORMATS Continuous training has become not only an advantage but a necessity. To offer the most current content that adapts to the developments of the industry, online training is a great solution, and all our training partners offer online training that provides up-to-date information on trends, methods and compliance. However, there are benefits to in-person training as well. Participants often get better learning outcomes, can request clarifications in real time and receive hands-on help from instructors or other participants. Additionally, it allows better opportunities for students to network and build a professional group of colleagues from whom to solicit feedback, advice and knowledge. If you need help building a more successful training program, finding targeted training programs or learning how to calculate learning and development ROI, let us know. We can help! Email Beth at beth@utah.bank. DID YOU KNOW? Enjoy your association news anytime, anywhere. Scan the QR code to visit our online publication to stay up to date on the latest association news, share articles and read past issues. utah-banker.thenewslinkgroup.org Utah Banker 13
2024 Ag Outlook & Conference Report BY BRIAN COMSTOCK Director of Communications & Marketing, Utah Bankers Association This year’s Ag Outlook & Conference — the UBA’s longest-running conference — was held Feb. 6-7, 2024. Nearly 40 ag lenders from around Utah convened at the Provo Marriott Hotel & Conference Center to hear from experts on topics ranging from economic and food trends to weather to the Great Salt Lake. Deputy Commissioner Kelly Pehrson of the Utah Department of Agriculture and Food kicked off the conference Tuesday afternoon with an overview of his department’s goals and new programs, with a heavy focus on food security and supply chain, preserving ag land and identifying a younger workforce. Farmer Mac Senior Economist Blaine Nelson provided an ag economic update. Then, the meeting adjourned so the group could tour the South Valley Equine Center in Saratoga Springs, an impressive veterinary facility providing health and reproductive services for horses throughout the Intermountain West. The bankers reconvened on a rainy and snowy Wednesday morning, which started appropriately enough with a weather presentation from KSL Weatherman Matthew Johnson. Then Terry Camp and Tyson Roberts from the Utah Farm Bureau Federation presented trends and challenges for the food and agriculture industries, Utah Banker 14
leading to the popular Utah State University Ag Outlook, which included updates about hay, cattle and dairy, as well as a discussion of crop insurance tools. Ed Elfmann from the American Bankers Association gave an update about agriculture policies and legislation that are being worked on in D.C. and implored the assembled bankers to add their voices to the discussion. Brian Steed closed out the conference with a lively discussion about the Great Salt Lake and what he is doing as Great Salt Lake commissioner to protect the lake and the numerous interests — economic, ecological and agricultural — that surround it. Utah Banker 15
Help Your Business Customers Get a Grip on Cash Management BY JAY KENNEY SVP & Southwest Regional Manager, PCBB After another year of economic uncertainty and amid an ongoing battle for deposits, it is important for community banks to keep their finger on the pulse of what their commercial business customers’ pain points and concerns are in order to strengthen those relationships. Capgemini, a global consulting and technology services company, released its 2023 World Payments Report, based on survey data from corporate treasurers across multiple industries. Their findings suggest that, ultimately, cash management services are going to be the most important offerings that commercial business customers will look for in order to address the previous year’s challenges. CAPITAL MANAGEMENT CHALLENGES The driving forces that are creating new challenges around managing working capital for these customers are economic. For more than 10 years, businesses found it relatively easy to raise capital, with interest rates at historic lows. But interest rates began to rise in March 2022, and the cost of commercial borrowing went as high as 13%, presenting a challenge to businesses that may be seeking to refinance debt. Both of these factors — high debts and rising rates — increase expenses, which decreases a business’ cash flow and nibbles away at profits. Although the December FOMC meeting has signaled rate cuts this year, the January meeting kept rates the same, and it’s still unclear when rate cuts will occur. Until they do, community banks and the small businesses they provide financial services to will need to continue to operate in the environment of higher rates. That confluence of pressures is pushing businesses to focus on managing their working capital. According to the Capgemini study, more businesses are operating with negative cash flows. That proportion was 6% in 2021 and rose to between 11% and 16% by the end of 2023. Overall, cash flows in the U.S. are not keeping up with profit growth, at just 88 cents to the dollar. Disparities that large have not been seen since 1990. More than 50% of those surveyed said that rising inflation, supply chain disruptions, and evolving geopolitical and cyber risks moved the need for efficient cash management services to the front burner. They see efficient cash management as an important tool for weathering volatility and creating resilience. CASH COLLECTION MANAGEMENT CHALLENGES Reducing days sales outstanding (DSO), a measurement of how long it takes to get paid for goods or services sold, is an important part of cash and capital management. Many businesses have invoicing systems that suffer from a lack of automation, fragmented collection channels, inefficient “please pay us now” reminders and sometimes even missing invoices. In Q3 of 2022, S&P 500 companies reported an average cash conversion cycle of 61.6 days, up from 55.4 days in 2021. Slower cash conversion means inaccessible working capital. According to the J.P. Morgan Working Capital Utah Banker 16
By helping commercial customers streamline their cash management processes, community banks can add significant value to the relationship. Index, about $523B was “stuck” on the balance sheets of S&P 1,500 companies in 2021 — a $16B increase from the previous year. Poor cash collection management is another layer to the complaints from 78% of respondents about inefficient working capital. When these businesses have turned to their financial institutions for cash management support, over 70% said that the assistance has been “subpar,” leading to higher operating costs, delayed cash pooling and higher debt levels and financing expenses. HOW COMMUNITY BANKS CAN HELP Here are some ways you can increase the value of your cash management offerings to business customers: • Adopt transaction processing. Banks should transition away from batch processing cycles and convert to continuous transaction processing. This switch will help their business customers achieve near real-time exception handling and reconciliation. • Promote automated invoicing systems. Many businesses still handle payments with paper checks and reconcile them with Excel spreadsheets. Banks can help them transition to an automated system that dovetails with their other banking services. • Offer third-party integrations. Provide a digital marketplace filled with third-party financial services. Be sure to check that these services can integrate easily with your own services to make it even easier for your business customers to use them. Cash management services are the obvious target, though a wide variety of other offerings could also fit into a marketplace model. • Use digital payments. Corporate credit cards, digital wallets, the Automated Clearing House and the FedNow® Service can all help a community bank deliver faster end-to-end payments to its business customers. Better capital management improves business customers’ bottom lines. By helping commercial customers streamline their cash management processes, community banks can add significant value to the relationship. To continue this discussion or for more information, please contact Jay Kenney at jkenney@pcbb.com. Dedicated to serving the needs of community banks, PCBB’s comprehensive and robust set of solutions includes cash management services such as Settlement and Liquidity for the FedNow Service, international services, lending solutions and risk management advisory services. Utah Banker 17
BANKERS ON THE MOVE BANK OF UTAH After a distinguished 43-year career in banking, including the past 15 years at Bank of Utah, Roger Christensen (1) is retiring from his position as senior vice president of marketing, communications and business development. “Roger’s influence and dedication have played an instrumental role in the bank’s success during his tenure here. We deeply appreciate his years of service and the invaluable contributions that have fueled the bank’s growth,” said President Branden Hansen. Cherie Hanson (2), a 10-year veteran with the bank, will take on the role of senior vice president of marketing and communications. With over three decades of marketing and communications experience, Hanson has played a vital role in shaping the bank’s brand identity and executing key campaigns. Assuming responsibility for syndications and business development is Michael Asay (3), an industry veteran with 34 years of experience. Asay joined Bank of Utah in March 2023 as senior vice president and commercial lender. His background includes commercial and industrial lending to businesses, as well as commercial real estate lending to developers and investors. CENTRAL BANK Gavin Hales (4) joins Central Bank as a loan officer in the Downtown Provo Office. With a background in commercial credit analysis, portfolio management and mortgage/TRID loan officer roles, Hales brings a wealth of experience to his new position. Tyler Johnson (5) has been hired as a loan officer at Central Bank’s Downtown Provo Office. With a background in commercial credit analysis and management, Tyler brings valuable expertise to his new role. Brent Worthington (6) joins Central Bank as a loan officer at their new Saratoga Springs office. Brent has been in banking for 16 years, and his experience will be of great value to customers. Scott Preston (7) has been hired as a loan officer at their Provo Riverside Office. Scott’s background in business and construction will bring valuable expertise to better serve clients. Central Bank welcomes Melissa Hurren (8) as an SBA officer at their Downtown Provo Office. With over 20 years of experience in commercial lending and SBA lending, Melissa’s expertise promises significant benefits for her clients. Central Bank proudly announces Todd Stewart (9) as the new head of the Treasury services, dedicated to assisting medium to large businesses with their cash management needs. With 13 years of experience, including roles as president of Utah Community Banking and chief credit officer at another Utah bank, Todd’s leadership will greatly enhance Central Bank’s offerings in this vital area. 1 2 3 4 5 6 7 8 9 Utah Banker 18
D.L. EVANS BANK Doug Lund (10) has been named vice president branch manager of the Orem branch. He has 17 years of banking experience, with the majority spent in business banking and commercial lending. Doug will oversee the operations of the branch while managing resources and staff, developing and attaining sales goals, delivering customer service and growing the location’s revenues. Raymond Mudrow (11) has been appointed mortgage loan officer at the South Ogden branch. He has over 30 years of banking experience, working in the legal department and helping customers with their residential and commercial loan needs. In this position, Raymond will initiate the mortgage process for potential clients, preparing, analyzing and verifying mortgage loan applications for the purchase or refinance of real estate. STATE BANK OF SOUTHERN UTAH Steve Hyde (12) was appointed in January as the new HR director for State Bank of Southern Utah. Steve was previously an area operations manager at State Bank, overseeing the bank’s northern branches. With over 18 years of banking and management experience, Steve’s passion for working with people and cultivating a strong work culture has prepared him to take on this new leadership role. Brandon Ipson (13) is the newest Business Development Officer at State Bank of Southern Utah, serving in Washington County. Brandon joins the bank with extensive background and relationships in St. George, along with 10 years of banking experience. Cameron Imlay (14) and Justin Miller (15) recently joined State Bank as commercial loan officers. Cameron’s background is in commercial underwriting and analysis in St. George. Justin is a recent MBA graduate and was also the starting quarterback for the SUU Thunderbirds. TAB BANK Following the decision of TAB Bank President and CEO Rick Bozzelli to retire, the Board of Directors has appointed Austin Strong (16), chief strategy officer, as the new CEO and Tyler Heap (17), chief credit officer, as president. This dual leadership structure is designed to continue TAB Bank toward sustained success, growth and innovation. Terri Lins (not pictured) has been promoted to chief credit officer. Lins has been an integral part of the TAB Bank team for more than a decade, most recently serving as senior vice president and senior credit officer. As chief credit officer, Lins will oversee all aspects of the bank’s credit risk, including the special assets, underwriting and credit administration groups. TAB Bank has promoted Justin Hatch (18) to chief lending officer. Justin has been with TAB for over 15 years, serving most recently as senior vice president of commercial lending in the East region. As the chief lending officer, Justin will oversee the lending activities of TAB’s working capital lending products and commercial real estate. He will also assist product leaders with developing and implementing sales strategies that sustain the bank’s mission to “lift and empower” customers. 10 11 12 13 14 15 16 17 18 Utah Banker 19
CCBANK CCBank Kicks Off Official Bank Partnership with Utah Warriors CCBank is excited to announce its official bank partnership with the Utah Warriors Major League Rugby organization. Both organizations believe in the power of teamwork, perseverance and dedication to achieving goals, making this collaboration a natural fit. “We are so proud that this unique partnership with the Utah Warriors goes beyond financial support; it’s truly an investment in the communities we serve. Through this collaboration, CCBank aims to encourage youth participation in sports, foster a sense of community pride and support the growth of rugby in Utah and beyond,” said Matt Field, CCBank’s president and CFO. As the official bank partner of the Utah Warriors, CCBank is also the Presenting Sponsor of the Junior Warriors Education Program and Presenting Sponsor of the CCBank/Utah Warriors Scholarship Program. Over 50,000 area youth athletes participate in the Junior Warriors Program, and the CCBank/Utah Warriors Scholarship Program will award $500 athletic scholarships to 12 area high school students each year. CCBank is also an exclusive Warriors XV member proudly sponsoring the team’s #1 starting player jersey — and is the exclusive debit and credit card provider for the Utah Warriors business and fan base network. “The Utah Warriors are excited to enter into this partnership with CCBank,” said Kimball Kjar, Utah Warriors CEO. “As we head into our seventh season, having the support of a respected organization like CCBank not only enhances our team’s presence but also contributes significantly to our vision of building North America’s epicenter of rugby on and off the field. We are eager to work together and make this season one to remember for our fans and the community.” CELTIC BANK Celtic Bank Onboards Franchise Group, Opens Up to Large Franchise Finance With the onboarding of a new franchise financing group in January, Celtic Bank launched a new large loan product geared towards established franchise owners. Led by Steven Lick, EVP of Franchise Financing, the group is well-known in the franchise space and brings decades of combined industry experience to the bank. They specialize in larger conventional loans from $5 million and up for established franchise owners. The franchise group will enable the bank to continue to diversify its financing options and serve more borrowers in more markets. They will also complement the bank’s SBA lending program, where financing can tap out at $5 million. The bank can now support small franchise owners when their business needs outgrow SBA funding caps. “That’s where we step in and continue to grow with them,” said Steven Lick. “This is the institution that can not only get you started, but they can take you all the way.” KEYBANK Utah Food Bank Receives $100,000 Grant from KeyBank to Support Culturally Responsive Food Initiative KeyBank awarded a $100,000 grant to Utah Food Bank to expand the organization’s Culturally Responsive Food Project. The project allows the organization to identify, track and distribute culturally familiar foods to communities in need throughout Salt Lake County and eventually state-wide. The KeyBank grant will aid Utah Food Bank’s efforts in scaling the Culturally Responsive Food Project to food pantries throughout Salt Lake County, which includes purchasing additional food items and technology to manage inventories. The program expansion also includes conducting additional surveys to create a Utah-specific culturally relevant foods list. “Utah Food Bank is grateful to KeyBank’s support, which will allow us to better respond to Utah’s changing demographics,” said Ginette Bott, Utah Food Bank president & CEO. “While this is an important initiative statewide, piloting this program in Salt Lake County will allow us to refine the distribution of more culturally responsive foods so that as we expand our footprint in the upcoming year, we can implement similar models statewide.” BANK KUDOS Utah Banker 20
UAACC Charitable Foundation Receives $100,000 Grant from KeyBank in Support of Utah Youth KeyBank has awarded a $100,000 grant to the Utah African American Chamber of Commerce (UAACC) Charitable Foundation to support the organization’s career exploration programming for high school and college students. The UAACC Charitable Foundation was founded by the Utah Black Chamber in 2018 to further its mission of improving the overall economic development of Utah’s Black community. The foundation provides events and programming to start and grow more Black businesses, strengthen the pipeline of Black talent for Utah corporations, and build the area’s overall Black wealth. “Our KeyBank giving strategy is focused on three pillars: neighbors, education and workforce,” said Drew Yergensen, president of KeyBank Utah. “This grant will help the UAACC Charitable Foundation equip young adults in our community with the confidence, skills and training needed to achieve sustainable employment and build a strong workforce pipeline for local businesses.” STATE BANK OF SOUTHERN UTAH State Bank of Southern Utah Expands Corporate Headquarters State Bank of Southern Utah completed its new addition to their Corporate Headquarters in Cedar City, Utah, adding 22,000 square feet. Construction started in June 2022 and was completed in November 2023, just in time to celebrate the bank’s 66th birthday. State Bank hosted a ribbon-cutting ceremony and a community open house to celebrate this occasion. President & CEO Eric Schmutz shared, “We are grateful for the continued support of our customers that made this expansion necessary. The mission of the bank to improve the lives of our customers, employees and the communities we serve is as true today as it was when the bank was founded 66 years ago. The continued growth of the bank is another testament to the need for a true community bank that builds relationships, understands the community and makes local decisions.” He ended by emphasizing, “From 12 employees to almost 300 employees, those principles are the same … our roots are in Southern Utah, not just our branches, and that’s what we intend to be for years and years to come.” TAB BANK TAB Bank Provides Printing Companies in Ohio with a $5 Million Credit Facility TAB Bank is pleased to announce it has provided two printing companies based in Ohio with a $5 million credit facility. The facility consists of a $4 million revolver and a $1 million term loan. The new facility is extended through a multi-year agreement and will provide for the companies’ ongoing working capital needs. The companies provide point-of-purchase and merchandising display solutions, specializing in plumbing fixture displays as well as paint color cards and other products for sales and marketing purposes. Utah Banker 21
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UBA ASSOCIATE MEMBERS ABA Insurance Services Inc. 3401 Tuttle Rd., Ste. 300 Shaker Heights, OH 44122 Mike Read (800) 274-5222 mread@abais.com www.abais.com American Security and Privacy 6200 S. Flat Creek Ave. Sioux Falls, SD 57108 Jesse Voit (715) 451-9989 jesse.voit@ americansecurityandprivacy.com www.americansecurityandprivacy.com B:Side Capital Lisa Adams (303) 657-0010 ladams@bside.org www.bsidecapital.org BancAlliance 4445 Willard Ave., Ste. 1100 Chevy Chase, MD 20815 Brendan Hart (301) 232-5423 bhart@alliancepartners.com www.bancalliance.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 bbwest.com BankTalentHQ 3201 W. White Oaks Dr., Ste. 400 Springfield, IL 62704 Maddison Augustine maugustine@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 Bank Network 10234 W. State Rd. 84 Davie, FL 33324 Keith Gruebele (866) 297-4664 kgruebele@bhg-inc.com bhgfinancial.com BMA 2151 S. 3600 W. Salt Lake City, UT 84119 Adam Weight (801) 887-0122 adam.weight@bmabankingsystems.com bmabankingsystems.com Cherrywood Enterprises LLC 6901 Okeechobee Blvd., # D5-l2 West Palm Beach, FL 33411 Craig M. Geisler (561) 508-7650 cgeisler@cherrywoodenterprises.com cherrywoodenterprises.com Compliance Alliance Inc. PO Box 162407 Austin, TX 78716 Scott Daugherty (888) 353-3933 scott@compliancealliance.com compliancealliance.com WELCOME NEW ASSOCIATE MEMBERS! American Security and Privacy American Security and Privacy is your one-stop organization to handle your data security and privacy needs. Boasting innovative security and privacy GRC tools, helpful consulting services and staff augmentation services, rigorous auditing and testing capabilities, and a training and education program second to none. Whether you need help setting up a data privacy program, writing a privacy policy, developing a consent management program or training your employees on their cyber responsibilities, ASP is your data privacy and security partner. Contact Jesse Voit at jesse.voit@americansecurityandprivacy.com or visit www.americansecurityandprivacy.com for more information. InterMountain Business Lending InterMountain Business Lending is committed to providing the best SBA 504 loan experience for their partner lenders. They’re proud of their staff and their ability to structure tough deals, find a way to make a project work, do it right and do it quickly. They’ve assisted over 1,500 small businesses in building their dreams through building and equipment ownership, and they’d love to partner with you to provide your customers with an amazing SBA lending experience. Contact Caryl Eriksson at ceriksson@im504.com to learn more. R&T Deposit Solutions R&T Deposit Solutions provides deposit and liquidity solutions to financial intermediaries around the country. R&T offers a wide range of innovative tech-enabled services to help banks, credit unions, broker-dealers, trust companies and wealth managers meet their unique cash sweep, deposit funding and securities-based lending needs. Through the Demand Deposit Marketplace® (DDM®) program, R&T provides banks and other depository institutions with access to millions of dollars in reciprocal deposits and underlying customers with access to expanded levels of FDIC insurance on their deposits through other participating banks. R&T is also the trusted vendor of large broker-dealers and other financial institutions that administer their insured cash sweep programs. Contact Carissa Cancel at ccancel@rnt.com or visit rnt.com to learn more. Utah Banker 23
CrossCheck Compliance 810 W. Washington Blvd. Chicago, IL 60607 Liza Warner (312) 346-4600 lwarner@crosscheckcompliance.com crosscheckcompliance.com Crowe LLP 1801 California St., Ste. 2200 Denver, CO 80202 Sindy Nicholson (303) 831-5000 sindy.nicholson@crowe.com www.crowe.com D.A. Davidson & Co. 8 Third Street N. Great Falls, MT 59401 Chris Lenihan (949) 499-8366 clenihan@dadco.com dadavidson.com Discover Debit 1301 McKinney St., Ste. 2500 Houston, TX 77010 Jim Foster (303) 993-4701 jimfoster@discover.com www.discoverdebit.com Dorsey & Whitney LLP 111 S. Main St., 21st Fl. Salt Lake City, UT 84111 Steven 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 EVO Asset Consulting 114 S. 140 W. Lindon, UT 84042 Anthony Powell (801) 953-8408 tony@joinevo.com www.joinevo.com Executech 10876 S. River Front Pkwy., Ste. 100 South Jordan, UT 84095 Lee Weech (801) 253-4541 lee.weech@executech.com www.executech.com FBBS 1099 18th St., Ste. 2700 Denver, CO 80202 Duane Kerner (720) 709-7613 dkerner@fbbsinc.com firstbankersbanc.com Federal Home Loan Bank of Des Moines 909 Locust St. Des Moines, IA 50309 Zachary Bassett (800) 544-3452 zbassett@fhlbdm.com www.fhlbdm.com FHN Financial 1000 Ridgeway Loop Rd., Ste. 200 Memphis, TN 38120 Trae Winston (901) 435-8757 trae.winston@fhnfinancial.com www.fhnfinancial.com FinPro Inc. 46 E. Main St., Ste. 303 Somerville, NJ 08876 Scott Polakoff (908) 234-9398 spolakoff@finpro.us www.finpro.us FORVIS 510 S. 200 W., Ste. 200 Salt Lake City, UT 84101 Bud Hollenkamp (303) 861-4545 bud.hollenkamp@forvis.com www.forvis.com FPS GOLD 1525 W. 820 N. Provo, UT 84601 Matt DeVisser (801) 429-2126 mattd@fps-gold.com www.fps-gold.com GPS Capital Markets Inc. 10813 S. River Front Pkwy., Ste. 400 South Jordan, UT 84095 Randal Roberts (800) 459-8181 rroberts@gpsfx.com www.gpsfx.com Holland & Hart LLP 222 S. Main St., Ste. 2200 Salt Lake City, UT 84101 Timothy Crisp (801) 799-5800 tscrisp@hollandhart.com www.hollandhart.com Holman Capital Corporation 25231 Paseo De Alicia, Ste. 105 Laguna Hills, CA 92653 Lance Holman (949) 981-0237 lance.holman@holmancapital.com www.holmancapital.com Hunt Financial Group 4810 Ashley Park Ln., Apt. 1419 Charlotte, NC 28210 Thomas Olaimey (980) 335-2285 tolaimey@huntfinancialgroup.net www.huntfinancialgroup.net Integrated Builders Group Inc. 5137 Golden Foothill Pkwy., Ste. 140 El Dorado Hills, CA 95762 Tyler Mills (916) 933-8401 tmills@integratedbg.com integratedbg.com InterMountain Business Lending 5333 Adams Ave., Ste. B Ogden, UT 84405 Caryl Eriksson (801) 627-1333 ceriksson@im504.com www.im504.com IntraFi Network 1300 17th St. N., Ste. 1800 Arlington, VA 22209 Bryan Harper (703) 292-3462 bharper@intrafi.com www.intrafi.com isolved 324 S. State St., Ste. 500 Salt Lake City, UT 84111 Brad Rich (801) 664-4454 brich@isolvedhcm.com www.isolvedhcm.com KeyState Captive Management LLC PO Box 50102 Henderson, NV 89016 Brian Amend (702) 598-3738 bamend@key-state.com www.key-state.com/ captive-management.aspx Kirton McConkie 50 E. S. Temple, Ste. 400 Salt Lake City, UT 84111 Gary Winger (801) 328-3600 gwinger@kmclaw.com www.kmclaw.com MaxGiving Inc 114 E. 40th St. Boise, ID 83714 Lehi Kafri (208) 495-5000 lehi@maxgiving.org maxgiving.com Moody’s Analytics 7 World Trade Ctr. 250 Greenwich Street New York, NY 10007 Anna Labowicz (212) 553-1000 anna.labowicz@moodys.com www.moodys.com Moss Adams 601 W. Riverside Ave., St. 1800 Spokane, WA 99201 Mike Thronson (509) 747-2600 mike.thronson@mossadams.com www.mossadams.com Mountain West Small Business Finance 2595 E. 3300 S. Salt Lake City, UT 84109 Danny Mangum (801) 474-3232 dmangum@mwsbf.com mwsbf.com Newcleus, LLC 411 S. State St., 3rd Fl. Newtown, PA 18940 Larry Rowley (267) 291-2130 lrowley@newcleus.com newcleus.com ODP Business Solutions 9501 Amberglen Blvd., Ste. 200 Austin, TX 78729 Kimberly Gilbert (855) 337-6811 x12878 kimberly.gilbert@odpbusiness.com www.odpbusiness.com OnCourse Learning PO Box 310 Waunakee, WI 53597 www.oncourselearning.com/ business/financial-services/bank/ Parsons Behle & Latimer 201 S. Main St., Ste. 1800 Salt Lake City, UT 84111 Gary E. Doctorman (801) 532-1234 gdoctorman@parsonsbehle.com parsonsbehle.com PCBB 1676 N. California Blvd., Ste. 300 Walnut Creek, CA 94596 Jay Kenney (415) 399-5800 jkenney@pcbb.com www.pcbb.com Piper Sandler Companies 1251 Avenue of the Americas, 6th Fl. New York, NY 10020 Avi Barak (212) 466-7700 avi.barak@psc.com www.pipersandler.com Utah Banker 24
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