Bank of Utah

Bank of Utah is a federally-insured community bank, with corporate headquarters in Ogden, Utah. It is a member of the Utah Bankers Association (UBA),[1] the American Bankers Association (ABA), and the Federal Deposit Insurance Corporation (FDIC).[2] Branden P Hansen is president of Bank of Utah, as of January 2023.[3]

Bank of Utah
IndustryBanking
FoundedDecember 1, 1952 (1952-12-01)
HeadquartersOgden, Weber County, Utah
Key people
Frank W. Browning (Chairman)
Branden P Hansen (President)
ProductsFinancial services
Number of employees
317 (2016)
DivisionsPersonal Banking
Home Loans
Business Banking
Treasury Management
Commercial Loans
Wealth Management
Private Banking
Personal Trust
Corporate Trust
WebsiteBankofUtah.com

The company ended 2022 with just over $2.4 billion in assets, which places it in the top 11 percent of banks in the nation for total assets.[4]

Bank of Utah has over 400 employees at 18 full-service branches throughout Utah, additional trust offices in Ogden and Salt Lake City, and additional mortgage offices in Logan, Price and St. George.[5][6][7][8][9][10][11]

History

Ogden businessman Frank M. Browning founded Bank of Utah on Dec. 1, 1952, with 16 employees and less than $1 million in assets. Today, the bank remains locally owned and operated, and the Browning family remains involved in the bank with Frank W. Browning as chairman of the board, Benjamin F. Browning as vice chairman of the board and CEO, and Jonathan W. Browning as secretary to the board.

Historically, Bank of Utah became the first bank in the state to issue a credit card, called the "Cred-O-Matic Shopping Plan." It was also the first Utah bank to become a "motor bank" by adding a drive-up teller window to its building.[12]

Since its creation, Bank of Utah has acquired the following banks: Bank of Ben Lomond (1974), Bank of Brigham City (1978), Bank of Northern Utah (1978), First Commerce Bank (1999) and American Bank of Commerce (AmBank) (2018).[13]

Business

Business Banking

Offering checking and savings accounts, debit and credit cards, treasury management services and merchant services.

Home Loans

Offering a variety of financing for homebuyers and homeowners, including loans to buy a home, build a home or purchase a lot; options to refinance an existing home loan; home equity lines of credit; and reverse mortgages.

Consumer and Personal Lending

Offering financing to make special purchases, cover expenses or consolidate debt, including auto loans, RV loans, CD- and savings-secured loans, and unsecured loans.

Commercial Lending

Offering commercial real estate loans, business lines of credit and equipment loans to businesses.

Corporate Trust

Offering a broad spectrum of services, including escrows, owner trusts, security trusts, indenture trusts, life settlements, paying agent and collateral agent roles. The bank is one of the largest providers of aircraft owner trusts in the world, a commonly used, Federal Aviation Administration-compliant method of registering aircraft in the U.S.[14]

References
  1. "UBA Bank Directory". UBA.
  2. "FDIC Bank Directory". FDIC.
  3. "Bank of Utah announces changes in leadership titles and roles". Utah Business. 10 Dec 2022. 10 December 2020.
  4. "Banks Ranked by Total Assets". U.S. Bank Locations.com.
  5. "Membership Directory". Ogden Weber Chamber of Commerce.
  6. "Membership Directory". Salt Lake Chamber of Commerce.
  7. "Membership Directory". Cache Valley Chamber of Commerce.
  8. "Membership Directory". Carbon County Chamber of Commerce.
  9. "Membership Directory". St. George Chamber of Commerce.
  10. "Membership Directory". Davis Chamber of Commerce.
  11. "Membership Directory". Utah Valley Chamber of Commerce.
  12. "First With Most in Banking & Still Offering More". Standard-Examiner, Oct. 12, 1975, Advertising Supplement.
  13. "Bank of Utah to Acquire American Bank of Commerce". Utah Business. 14 Sep 2018. Archived from the original on 14 Sep 2018. Retrieved 14 Sep 2018.
  14. "What Are Non-Citizen Trusts? A Routine, Well-Regulated Way to Register Aircraft". National Business Aviation Association. 30 Nov 2017. Archived from the original on 6 December 2017. Retrieved 4 December 2017.
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