Utah Department of Financial Institutions · UT
The Commissioner of Financial Institutions Conditionally Approves the Bank Charter of Bank of St. George
December 18, 2019
Summary
The Utah Department of Financial Institutions has issued conditional approval for a new state-chartered commercial bank, the Bank of St. George. This marks the first de novo banking charter granted in the state since 2007, and the institution intends to provide community-focused financial services.
The Commissioner of Financial Institutions Conditionally Approves the Bank Charter of Bank of St. George
Salt Lake City – Commissioner G. Edward Leary of the Utah Department of Financial Institutions (UDFI) announced today that he has conditionally approved the application of The Bank of St. George to operate as a Utah State-chartered community bank.
The Bank of St. George has been granted the first Utah de novo banking charter since 2007.
The Bank of St. George’s application to operate as a state-chartered commercial bank headquartered in St. George, Utah was filed on April 12, 2019. The Federal Deposit Insurance Corporation (FDIC) conditionally approved the application for deposit insurance on December 17, 2019.
The bank plans to be a full-service community bank offering products and services to consumers and small-to-medium sized businesses. The Bank also plans to work with local nonprofit agencies to offer banking services to low and moderate income individuals served by those organizations.
The UDFI is the regulator for 21 commercial banks, 30 credit unions, 14 industrial banks and 2 trust companies.
As of September 30, 2019, Utah-chartered depository institutions had combined total assets of $315 billion dollars.
Source: https://dfi.utah.gov/resources/news/
Common questions
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- The Utah Department of Financial Institutions has issued conditional approval for a new state-chartered commercial bank, the Bank of St. George. This…
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- This update was issued by Utah Department of Financial Institutions.
- When was it published?
- It was published on December 18, 2019.
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