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Bank of Utah to Transition Leadership in January 2011

Executive VP and CFO Douglas L. DeFries Will Step in as President upon Retirement of James C. Anderson

OGDEN, Utah – Bank of Utah’s Chairman of the Board, Frank W. Browning, announced that long-time bank president, James C. Anderson, will retire in December 2010, and current executive vice president and chief financial officer, Douglas L. DeFries will be his successor.

“We’re thankful to Jim for his thoughtful leadership and dedication to Bank of Utah and the community at large,” said Browning. “We will miss working with him and wish him a carefree and well-deserved retirement. Over the next several months Bank of Utah will be taking steps to transition the responsibilities of his position to Doug’s capable hands, so when the time comes, we will have a seamless changeover.”

Anderson was appointed as Bank of Utah’s president in October, 1998. During his tenure he and his team saw Bank of Utah’s assets grow over eight percent per year from $306 million to the present $740 million. This growth has been accompanied by measured and steady capital growth. In the present environment where many banks are over-leveraged, Bank of Utah reported that its 2009 Tier 1 Capital of 9.35 percent and Total Capital of 13.72 percent exceeded 2008 year-end figures and were higher than its peer group of similar-sized community banks across the country. Total 2009 capital was an all-time high of $75.6 million at year end. At a time when many banks are experiencing negative returns, Bank of Utah reported earnings of $9.3 million in 2009.

Anderson has a long, distinguished career in the banking industry, including 22 years as executive vice president and president of the Ogden-based Bank of Utah. He also worked in key positions at Zions First National Bank, Commercial Security Bank, Citizens National Bank and Wells Fargo Bank. Anderson has served in the community as chair of the Utah Bankers Association; president of Downtown Ogden, Inc.; as board member of the Ogden Weber Chamber of Commerce; board member of Pacific Coast Banking School; board member, of the Utah Department of Financial Institutions; director of the Salt Lake Chapter of Robert Morris Associates; past director of the Murray Rotary Club; and past president of the Magna Chamber of Commerce. In addition, Anderson has been an educator, teaching banking classes through the Risk Management Association. He is a graduate of Brigham Young University in banking and finance and also graduated from Pacific Coast Banking School, the American Institute of Banking and the National Commercial Lending School.

In 2011, DeFries will step into the role as president of Bank of Utah, one of the most profitable community banks in the state. He has successfully directed multiple lines of business and treasury functions for Bank of Utah during challenging economic times. DeFries is well prepared for this new assignment, having graduated from Utah State University with a BA in accounting and an MBA. After a becoming a manager for Peat Marwick, Mitchell and Co. (now KPMG), DeFries began his banking career at American Savings and Loan. In 1986, he accepted a position at Bank of Utah, later becoming CFO in 1992 and treasurer of BOU Bancorp, Inc. in 2000. DeFries was voted to Bank of Utah’s board of directors in 2005. Known for his involvement in the community, DeFries has served as chairman for the Ogden Weber Chamber of Commerce, chairman of the United Way of Northern Utah and chairman of The Utah Chapter of the American Institute of Banking. He presently serves as vice chair of the Utah Housing Corporation, and has served on the Institutional Review Board of IHC Urban North since 1998.

“I am very pleased and humbled to be given the opportunity to carry the Browning legacy into the future,” added DeFries. “Jim will be leaving us in an enviable position in Utah’s financial community, and I am committed to continuing to build Bank of Utah by helping local business owners navigate their way through complex financial choices for their long-term success. The business community’s success is our success.”