Utah’s Commissioner of Financial Institutions Conditionally Approves The Community Bank Charter of Bank of St. George

Utah’s Commissioner of Financial Institutions Conditionally Approves The Community Bank Charter of Bank of St. George

Salt Lake City – Commissioner Shaun Berrett of Utah’s Department of Financial Institutions today announced the conditional approval of an application to establish Bank of St. George as a Utah state-chartered community bank. The applicant has also received approval for deposit insurance from the Federal Deposit Insurance Corporation.

Bank of St. George will be headquartered in St. George, Utah. The Bank will be a community bank offering a full range of business and retail banking services to consumers and small-to-medium-sized businesses in Washington County, Utah. In addition to serving Washington County, the Bank will establish a loan production office in Salt Lake City, Utah.

“Community banks play a critical role in helping Utah families and small businesses prosper, supporting local growth by meeting the deposit and credit needs of consumers and small enterprises,” Commissioner Berrett said. “New bank activity reflects the health of the Utah economy and its banking industry. We are pleased to welcome Bank of St. George as a new community bank.”

Utah’s Department of Financial Institutions is responsible for chartering, regulating, supervising, and examining state-chartered financial institutions. The financial services companies and individuals regulated by the Department represent Utah state-chartered Banks, Industrial Banks, Holding Companies, Credit Unions, Trust Companies, Consumer Lenders, Commercial Lenders, Money Transmitters, Mortgage Servicers, Money Services Businesses, and Independent Escrow Agents.

As of March 31, 2026, Utah-chartered depository institutions had combined total assets of $320 billion.