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  • Bank of Utah sponsors seminar to help propel businesses forward during turbulent economic times

    OGDEN – When the clouds start to part on the gloomy US economy, Bank of Utah would like to help Utah businesses be prepared to propel themselves forward.  The locally-owned and operated bank is sponsoring a seminar, “Moving Your Business Forward in Turbulent Economic Times,” March 9-10 at the Salt Lake Community College Larry Miller Campus. The two-day course provides tools to help business owners and operators survive the current recession and then to continue to grow.

  • Bank of Utah to open new mortgage lending office in S. Jordan

    OGDEN – Bank of Utah  will open a new mortgage office in South Jordan. The bank reported purchasing assets and hiring existing employees of Optimum Mortgage, at 893 W. Baxter Drive. The new Bank of Utah Mortgage office will house eight loan officers and three support staff, and will offer Bank of Utah’s full suite of mortgage lending services.

  • Zions stock rises 50 percent

    (Salt Lake Tribune) Zions Bancorp's stock is up more than 50 percent this year as more analysts become convinced the bank doesn't need as much new capital as they had thought.

    "It was my No. 1 pick coming into the year, so it didn't surprise me at all. But it happened a little quicker than I anticipated," Marty Mosby, a bank analyst at FTN Equity Capital Markets Corp., said Thursday

  • Barnes closing: It was a part of my life that is gone

    KAYSVILLE (Davis County Clipper) — “It was a part of my life that is gone.”

    So spoke a longtime customer of Barnes Banking Company, and Kaysville resident, of the 119 year-old bank’s closure, Friday night.

    As news accounts have widely reported, one of the state’s oldest banks was shuttered by the Utah Department of Financial Institutions (UDFI) and control handed to the Federal Deposit Insurance Corporation (FDIC).

  • Bank of Utah Shows Financials Remain Strong

    OGDEN  – In spite of the challenges that 2009 brought for the financial sector and the business world in general, BOU Bancorp, Inc., the holding company for Bank of Utah, finished the year with good results. A newly-published 2009 Earnings and Results Report showed the locally- owned and operated community bank reported a 2009 net income of $9.3 million with a return on average assets (ROA) of 1.3% or .9% (when adjusted for Sub S status) and return on average equity (ROE) of 12.5 % or 8.8% (when adjusted for Sub S status).

  • Credit union: Business strong in wake of takeover

    (Tooele Transcript Bulletin) The fire sale of Tooele County’s largest credit union appears to be helping, rather than hurting, the company’s business initially.

    In the three weeks since HeritageWest Credit Union was bought by Virginia-based Chartway Credit Union on Dec. 31, HeritageWest has added 52 new members while only three members have closed accounts, according to Ronald Burniske, president and CEO of Chartway.

  • Earnings down again at Zions

     (Salt Lake Tribune) The nationwide recession continued to batter Zions Bancorporation, the parent of Utah-based Zions First National Bank, which Monday posted its fourth straight quarterly loss.

    The bank-holding company reported that it lost $179.5 million, or $1.41 per share, for the third quarter of its 2009 fiscal year. A year ago, Zions recorded a 2008 third-quarter profit of $33.3 million, or 31 cents per share.

  • Return to Lending Critical to Recovery

     

  • Centennial Bank, Vision Bankcard join

    (Deseret News) Ogden-based Centennial Bank and Orem-based Vision Bankcard on Wednesday announced a joint venture in which the controlling interests of Vision Bankcard are acquiring the controlling interests of Centennial.

    Financial terms were not disclosed. The change of control of Centennial Bank is subject to approval from federal and state bank regulators.

  • Credit union to open lot to sell cars

    PLEASANT GROVE (Deseret News) — Family First Federal Credit Union has announced it will open a car lot beginning Saturday adjacent to its Pleasant Grove branch, 366 E. State St., with the lot being stocked with credit union-owned cars for sale.

    More than 40 cars and some recreational property such as trailers and boats will be available.

    Carin Maurer, the credit union's chief financial officer, said the credit union has a large inventory of credit union lease returns and repossession vehicles "that we are looking to move."

  • Utah banks sign mutual-aid accords

    (Deseret News) Most of Utah's "Main Street" banks have signed agreements to help each other out with space to operate in the event of a physical disaster that puts a branch out of commission.

  • Zions might buy failed Texas bank

    (Deseret News) Zions Bancorp, the Utah lender that operates in 10 Western states, may buy one or more failed Texas banks if given the opportunity next year, said Chief Financial Officer Doyle Arnold.

    "There may be more failures in Texas, I think the problems there are just beginning," Arnold said at a conference in New York hosted by Barclays Capital. "We won't do any more FDIC-assisted transactions in the next two quarters."

  • Analysts say Zions Bancorp may need $800M in new capital

    (Salt Lake Tribune) Two analysts lowered their target price for Zions Bancorp's shares Friday and said that the Utah-based bank-holding company will need up to $800 million in new capital if the economy were to continue to significantly deteriorate.

    But the report by John Pancari and Dana King, putting their target price at $15 a share, failed to convince investors, who bid down the company's stock slightly to close the week at $15.89.

  • GOED opts against $100K study of banks' impacts

    (Deseret News) The Governor's Office of Economic Development Board on Thursday decided against a proposal to issue a $100,000 grant for the Utah Association of Industrial Banks to study the impact of retention and expansion of industrial banks in Utah. Numerous members voiced concern about the appropriateness of the board funding such a study. The proposal, which would have been unprecedented, was criticized as showing favor to a particular business sector, which could result in other industries asking for similar studies to bolster their respective sectors.

  • State kicks in $27M to keep Goldman Sachs in Utah

    (Salt Lake Tribune) The state of Utah approved a $27.3 million incentive package Thursday for financial services firm Goldman Sachs, bringing the total amount the company stands to collect to $47.3 million.

    The money, one of the larger incentive packages ever offered by the state, is in the form of a tax credit payable over the next 20 years.

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