Bank of St. George charter conditionally approved
By Emily Stanton
Commissioner G. Edward Leary of the Utah Department of Financial Institutions announced Dec. 19 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 was filed April 12. The Federal Deposit Insurance Corporation conditionally approved the application for deposit insurance Dec. 17.
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 two trust companies.
As of Sept. 30, Utah-chartered depository institutions had combined total assets of $315 billion.
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