ISSUE 3. 2014 SUMMER
OFFICIAL PUBLICATION OF THE UTAH BANKERS ASSOCIATION
Who Will Start
The Revolution?
Because no two clients
are ever the same.
TM
Understanding
what makes you unique.
TM
www.swlaw.com
BRIAN D. CUNNINGHAM 801.257.1954 [email protected]
GATEWAY TOWER WEST | 15 WEST SOUTH TEMPLE | SUITE 1200 | SALT LAKE CITY, UT 84101
DENVER | LAS VEGAS | LOS ANGELES | LOS CABOS | ORANGE COUNTY | PHOENIX | RENO | SALT LAKE CITY | TUCSON
UBA Board of Directors
2014/2015
CHAIRMAN
Kelvin L. Anderson
President & CEO, Optum Bank
Salt Lake City, UT
VICE CHAIRMAN
Jill Taylor
District President, KeyBank
Salt Lake City, UT
5
14
2ND VICE CHAIRMAN
Craig A. White
President & CEO, Utah Independent Bank
Beaver, UT
IMMEDIATE PAST CHAIRMAN
Anthony J. Hall
President & CEO, Lewiston State Bank
Lewiston, UT
PRESIDENT
Howard M. Headlee
President, Utah Bankers Association
Salt Lake City, UT
COMMUNITY BANK ADVISORY CHAIRMAN
Douglas DeFries
President & CEO, Bank of Utah
Ogden, UT
INDUSTRIAL BANK ADVISORY CHAIRMAN
Ron Ostler
President, Comenity Capital Bank
Salt Lake City, UT
REGIONAL BANK ADVISORY CHAIRMAN
Craig Zollinger
Utah President & CEO, JPMorgan Chase
Salt Lake City, UT
4
5
BOARD MEMBERS
Paul Andersen
President & CEO, Gunnison Valley Bank
Gunnison, UT
A. Scott Anderson
President & CEO, Zions Bank
Salt Lake City, UT
Brad R. Baldwin
President & CEO, First Utah Bank
Salt Lake City, UT
6
Lee A. Carter
President & Chief Operating Officer, UBS Bank USA
Salt Lake City, UT
Randall Chesler
President, CIT Bank
Salt Lake City, UT
Robert Garinger
President & CEO, American Express Centurion Bank
New York City, NY
Lewis Goodwin
President & CEO, Green Dot Bank
Provo, UT
Richard Lake
President, Merrick Bank
South Jordan, UT
Damon G. Miller
Utah Market President, U.S. Bank
Salt Lake City, UT
Ron Ostler
President, Comenity Capital Bank
Salt Lake City, UT
Mark W. Packard
Senior Executive Vice President, Central Bank
Springville, UT
Katie Spratling
Executive Vice President, Holladay Bank & Trust
Salt Lake City, UT
7
8
Joe Stroud
General Counsel, GE Capital Bank
Salt Lake City, UT
Greg A. Winegardner
Utah Regional President, Wells Fargo
Salt Lake City, UT
summer 2014
Utah, A Great Place to Charter a
Bank
12
Who Will Start the Revolution?
By Brett Jackson, CEO, Systemax Corporation
Utah is the 5th largest banking state in
America.
By Howard Headlee, President
Washington Update: A Rifle-Shot
Approach to Reg Relief
One of the things I often hear when I have
the opportunity to speak with you and
your colleagues at your state bankers
association’s annual convention is how new
regulatory requirements are making it
harder to lend and serve your commnities.
By Frank Keating, President and CEO, American Bankers Association
Louise P. Kelly, 2014 Distinguised
Banker, Receives Award at Utah
Bankers Association Annual Convention
The Utah Bankers Association has bestowed its highest honor, “The Distinguished Banker Award,” on Louise P. Kelly,
President & CEO of EnerBank USA, in recognition of her active leadership in Utah’s
and the nation’s banking industry and her
exceptional community service.
Utah Bankers Elect New Officers
and Directors
The Utah Bankers Association has
elected new officers and board members for 2014 – 2015.
Compliance Corner: RESPA/
TILA Reform - Through Mortgage
Disclosure Integration
Remember back in 2012 when the CFPB
proposed the “Integrated Mortgage
Disclosures”? This rule requiring the
Know-before–you-Owe disclosures was
touted by many as the perfect marriage of
TILA and RESPA.
By Darlia Fogarty, Director of Compliance and Dimitris Rousseas Association General Counsel
14
16
18
19
What does our industry need? In my
opinion and based on the last few decades
of working with financial institutions is…
honestly…a revolution.
If It Had Been Documented
Otherwise: Commercial Reasonableness Documentation in Advance to
Reduce Litigation Expense
In a 1931 collection of essays published
in the United Kingdom under the title “If
It Had Happened Otherwise”, a group of
respected historians considered alternate
versions of historical events.
By Steve Waterman, Partner of the law firm of Dorsey & Whitney LLP
Utah & Montana Bankers
Association’s 2014 Convention
Bankers from across Utah and Montana joined
together for the Utah & Montana Bankers
Association’s 2014 Convention. This year’s
convention was held June 29-July 2 in Sun Valley Idaho. The banking landscape is changing,
and those who attended the convention took
a look at strategies for surviving and thriving in
the months and years to come.
40 Year Service Awards
Ten bankers were honored with 40 Year Service awards at the Montana & Utah Bankers
Associations’ 2014 Convention held in Sun
Valley in June.
Line Up of Upcoming UBA
Educational Events
20 Bank Kudos
23 Bankers on the Move
27 UBA Committees
27 In Memoriam
28 UBA Associate Members
3
The Bottom Line
By Howard Headlee, President, Utah Bankers Association
Utah, A Great Place to Charter a Bank
U
tah is the 5th largest banking state
in America. In fact, Utah is headquarters for six banks with over $10
billion in assets, only New York has more
with seven. People get so used to hearing
about the strength of Utah’s economy,
and our top rankings in so many areas,
why should it be such a surprise to learn
that Utah has also become a leading
banking center? It shouldn’t be a surprise
because they are directly connected.
The same things that make Utah a leader
in so many areas make Utah a great place
to charter a bank. We have a predictable,
pro-business regulatory environment,
great banking laws, a great workforce,
great infrastructure, and Utah is simply
one of the greatest places to live and raise
a family.
But the connection goes both ways, one
of the big reasons our economy is so
vibrant is because of the strong banking
sector. Last year, banks made nearly $5
billion in investments and loans into low
to moderate income communities, paid
more than $5.5 billion in taxes, contributed more than $50 million in charitable
donations, provided more than 400,000
hours of community service, in addition
to providing quality, high-wage jobs to
thousands of Utahns.
4
The fact of the matter is, banks are
integrally connected to the communities they serve. When banks are strong,
communities and economies are strong
and conversely, when communities and
economies are strong, banks are strong.
During the recent economic crisis, it
became politically expedient to paint an
entirely different picture of the relationship between banks and the community.
Politicians looking for a scapegoat sought
to separate and isolate banks from the rest
of the economy and blame them for the
collapse. This misguided narrative led to
a massive increase in punitive regulations
that have cost the banking industry billions of dollars to implement and driven
hundreds of banks out of existence.
But none of this political rhetoric can
change the fact that banks, by their very
nature, are simply a reflection of the communities they serve. If the community is
suffering, the bank will suffer. So it is no
surprise that when Congress decided to
punish banks, they ended up punishing
our communities and our economy.
There is no other explanation for the
anemic economic recovery the country is
suffering through. When Congress and
the President declared war on banks, they
declared war on our economy and the
growth of our communities. And believe
it or not, there are those politicians who
believe we have not yet done enough to
punish the banks. Watch out!
Meanwhile in Utah, we are leading the
nation in various measures of economic
growth and jobs. And guess what, last
quarter the performance of Utah’s banks
led the nation. Is there a relationship
between Utah’s top economic performance and the fact that we are now the
5th largest banking state in America? Is
there a relationship between the strength
of Utah’s banks and the success of Utah’s
economy? Absolutely!
Bankers fully understand the fact that
when our communities are strong, we
are strong. That’s why we volunteer,
make donations, and gladly pay taxes
to support our schools, build streets and
promote public safety. That’s why we
serve on school boards and city councils
and lead the Rotary, Kiwanis and local
Chambers of Commerce. And the sooner
Congress recognizes that banks are inseparably connected to the communities
they serve, and stops punishing them, the
better for all of us! n
www.uba.org
WASHINGTON UPDATE
A Rifle-Shot Approach
to Reg Relief
By Frank Keating, President and CEO, American Bankers Association
Financial Services Committee in May.
Now we are urging bankers to generate
support for them in the full House. The
bills are:
•
H.R. 2673, the Portfolio Lending and
Mortgage Access Act, which would
deem loans held in portfolio as Qualified Mortgages.
•
H.R. 4521, the Community Institution Mortgage Relief Act, which
would exempt lenders with less than
$10 billion in assets from the DoddFrank Act’s escrow requirements and
servicers handling fewer than 20,000
loans from the servicing rule.
We also are throwing our weight behind
a third bill, H.R. 4466, which embodies
the spirit of reg relief by requiring regulators to review and reconcile conflicting
regulations before finalizing new ones.
O
ne of the things I often hear when I
have the opportunity to speak with
you and your colleagues at your
state bankers association’s annual convention is how new regulatory requirements
are making it harder to lend and serve
your communities.
We know your regulatory burden is excessive – the Dodd-Frank Act has delivered
7,000 pages of new rules and guidance so
far, and there’s more to come. The cumulative impact across the banking industry
and across our economy is staggering.
Banks’ compliance obligations also create
unwieldy juxtapositions. When it comes
to mortgage lending and servicing rules,
for example, some banks are finding they
must choose between serving customers
and protecting themselves legally.
ABA believes the solution to this seemingly intractable problem lies in what
we call “tailored regulation.” By that
we mean to government policies that
recognize the diversity of the banking
industry and the communities you serve.
Rules that correspond to a bank’s charter, business model, geography and risk
profile help to avoid the negative econom-
summer 2014
ic consequences of unsuitable, inefficient
bank regulation.
While we have seen some successes with
this approach – such as with improvements made to the Basel III and Volcker
Rule regulations – we have a ways to go
in undoing the damage done by DoddFrank. A special ABA-state bankers
associations task force, however, has
crafted an effective strategy to win you
more relief.
Assembled earlier this year, the ABA/
Alliance Regulatory Relief Task Force
examined dozens of significant regulatory burdens and identified a few that it
believed could be addressed in a meaningful way through legislation this year. The
focus on just a few was deliberate. It’s
hard enough to get must-pass legislation,
like spending authorization bills, through
Congress. An omnibus relief bill for
banks would have trouble getting to the
runway, let alone getting liftoff.
But targeted bills whose clear beneficiary
is bank customers could and should stand
a decent chance for enactment. Indeed,
two bills that make the changes advocated by the task force cleared the House
Getting co-sponsors for these important
bills is a critical step to gaining a vote on
the House floor. That’s why we’ve been
asking bankers like you to send letters,
call and meet with House members to
share the real-world impact of these bills
– how they would help your bank and the
customers in your communities.
A strong vote by the House can influence
whether the Senate takes up the legislation. And action on these bills would
bode well for future, rifle-shot relief
measures.
Help us help your bank by responding to
any grassroots action alerts you receive.
Encourage your employees, directors and
peers to do the same. (You’ll find tools
to easily generate letters on these bills at
aba.com/grassroots.)
ABA and your state association have
been strong advocates, and our unified
efforts helped get the bills this far. Your
engagement can help get them across the
finish line. n
E-mail Frank Keating at
[email protected]
© 2014 American Bankers Association.
All rights reserved. Reprinted with
permission.
5
Louise P. Kelly, 2014
Distinguished Banker,
Receives Award at
Utah Bankers Association
Annual Convention
T
he Utah Bankers Association has
bestowed its highest honor, “The
Distinguished Banker Award,” on
Louise P. Kelly, President & CEO of
EnerBank USA, in recognition of her active leadership in Utah’s and the nation’s
banking industry and her exceptional
community service. The presentation
was made at the Association’s Annual
Convention in June.
Louise P. Kelly is the founding executive
of EnerBank USA, established in Salt
Lake City in 2002, as the only bank in
the country to exclusively serve the home
improvement lending market with unsecured loans. This is a niche market she
pioneered; it was a new concept, new to
the banking industry, and new to Utah.
From just a seed of an idea, EnerBank
has flourished in 12 years into a na-
6
“The growth and
success of the bank is
a tribute to Louise’s
visionary, salesoriented leadership.
Not only did she lead
the strategic process
to create and build
the bank; she engaged
in every detail of its
operation down to
the writing of the
materials used to
engage customers.” – Howard Headlee
with a home improvement contractor or
dealer. Early on, it was heating and air
conditioning, and it now includes major
partners like Anderson Windows, who
offer their clients “one year, same as
cash” financing directly through EnerBank.
tion-wide bank serving more than 90,000
customers in all 50 states with a staff of
over 200. Today, deposits exceed $700
million and loans are $800 million on a
constantly turning balance sheet of 12
month loans.
According to UBA President Howard
Headlee, “The growth and success of the
bank is a tribute to Louise’s visionary,
sales-oriented leadership. Not only did
she lead the strategic process to create
and build the bank; she engaged in
every detail of its operation down to the
writing of the materials used to engage
customers.”
The bank works with strategic partners
– manufacturers, distributors, franchisers and retailers of home improvement
and energy-saving products and services. All EnerBank loans originate
Kelly was Chairman of the Bankers
Association, President of the Utah Association of Financial Services, and Vice
President on the National Association of
Industrial Bankers. Her efforts on behalf
of the industry during the Dodd-Frank
debates had a significant impact on the
shape of several proposals. Kelly was recently invited by the American Bankers
Association to take a highly coveted seat
on its Government Relations Council,
the body which establishes the industry’s
position and priorities in Washington
D.C.
She has been an active volunteer, mentor
and board member People Helping People, a non-profit organization dedicated
to reducing the number of children living
in poverty by teaching low-income women how to earn a living wage. n
www.uba.org
T
Utah Bankers Elect New Officers
and Directors
he Utah Bankers Association has elected new officers and board members for 2014 – 2015.
Kelvin L. Anderson, President & CEO, Optum Bank, is
Chairman of the Association. Jill Taylor, District President, KeyBank Utah, was elected 1st Vice Chairman,
and Craig White, President & CEO, Utah Independent Bank, Salina, was elected 2nd Vice Chairman.
Anthony Hall will serve one more year on the board
as Immediate Past Chairman.
Kelvin L. Anderson has been with Optum
Bank since January 2008. Prior to joining
the Bank, Mr. Anderson was Chief Operating Officer and Chief Financial Officer
of Capmark Bank and Escrow Bank USA.
His experience encompasses more than
20 years in bank operations, including finance and
regulatory compliance, as well as credit card payment
operations. Mr. Anderson also currently serves as the
President of the Utah Association of Financial Services and Vice President of the National Association
of Industrial Bankers. Both organizations support and
promote the furtherance of industrial banks. He is a
graduate of the University of Utah with a bachelor’s
degree in accounting.
Jill Taylor is president for KeyBank’s Utah
District where she leads the organization’s
economic and community development
efforts. She oversees the full range of KeyBank’s financial services throughout the
state of Utah. Previously, she served as
Senior Vice President and District Retail Leader for
KeyBank in Utah, overseeing the branch network.
Craig White is President and CEO of Utah
Independent Bank (UIB), which has
branches in Salina, Monroe and Beaver,
Utah. In 1995, White became President
and CEO of UIB. He has been serving on
the Community Bank Advisory Board
since 2007. He has been President of the Beaver
Chamber of Commerce. Currently, he serves as Boy
Scout District Commissioner.
summer 2014
Newly elected Board Members are:
BRAD BALDWIN
President & CEO, First
Utah Bank;
RANDALL CHESLER ROBERT GARINGER
President, CIT Bank
RICHARD LAKE President, Merrick Bank
President & CEO,
American Express
Centurion Bank
MARK PACKARD
Senior Executive Vice
President, Central Bank
KATIE SPRATLING
Executive Vice President, Holiday Bank & Trust.
Continuing their service as directors are:
Paul Andersen, President & CEO, Gunnison Valley
Bank, Gunnison; Doug DeFries, President, Bank of
Utah, Ogden; Lee A. Carter, President & COO, UBS
Bank USA, Salt Lake City; Lew Goodwin, President &
CEO, Green Dot Bank; Ron Ostler, President, Comenity Capital Bank, Salt Lake City; and Joe Stroud,
General Counsel, GE Capital Bank, Salt Lake City.
Also continuing as perpetual directors are:
A. Scott Anderson, President & CEO, Zions First National Bank; Jill Taylor, District President, KeyBank
Utah; Damon G. Miller, Utah Market President, US
Bank; Greg Windgardner, Utah Regional President,
Wells Fargo; and Craig Zollinger, President & CEO,
Utah and Idaho JPMorgan Chase.
Howard M. Headlee serves as President and Chief
Staff Officer for the professional and trade association for Utah’s commercial banks, savings banks, and
industrial loan corporations. Established in 1908, the
UBA serves, represents and advocates the interests of
its members, enhancing their ability to be preeminent
providers of financial services.
Through UBA, hundreds of Utah Bankers volunteer
each year to serve on UBA boards, committees, and
task forces, and take part in combating fiscal illiteracy
by educating Utah’s consumers. n
7
COMPLIANCE CORNER
RESPA/TILA Reform - Through Mortgage
Disclosure Integration
By Darlia Fogarty, Director of Compliance and Dimitris Rousseas, Association General Counsel
R
emember back in 2012 when the CFPB
proposed the “Integrated Mortgage
Disclosures?” This rule requiring the
Know-before–you-Owe disclosures was touted by many as the perfect marriage of TILA
and RESPA. Before we buy into that description, let’s take a deeper dive into exactly
what changes are found buried within the
1,888 pages of explanations, requirements
and model disclosures.
In response to the plea for
help from banks across the
Commonwealth and the
Nation, Compliance Alliance was formed to increase
the effectiveness of banks’
compliance programs and
to facilitate broad industry
initiatives directed at addressing a variety of compliance
functions for member banks
and concerns of common
interest. The primary goal
of Compliance Alliance is to
provide quality compliance
services and allow more
hours for the bank’s compliance personnel to focus
on strategic bank-specific
functions.
In each edition, Utah Banker will provide a short article
from the Compliance Alliance.
8
The CFPB received over 3,000 comments
when the rule was first proposed. The CFPB
expected this type of reaction because of
the significant changes. The new requirements not only affect two major regulations,
they also affect the entire residential real
estate industry. The CFPB responded to the
comments by adding over 750 pages to the
regulation, bringing the total to 1,888 pages
for this amendment alone. Of course the
agency is justifying these changes by stating
that the actual regulatory changes only
accounts for 70 pages, bringing the total to
279 pages in length. By any standard, that is
a lot of information to digest and implement.
Ah, I digress. Let’s put these facts out of
our mind and move on to what this actually
means to us as bankers.
The purpose of the rule is to improve the way
consumers get loan information whey they
apply for and close on a mortgage loan. The
majority of the requirements are about the
two required disclosure documents, which
are the Loan Estimate (replaces the current
GFE, Appraisal Notice, Servicing Disclosure,
ECOA notice and the Early Truth-in-Lending)
and the Closing Disclosure (replaces the current HUD and the Final Truth-in-Lending).
The rule also contains some key provisions
about the timing of these disclosures. The purpose of reducing the number of the disclosures
to only two is not only to reduce the burden
on the lenders and other loan personnel who
prepare these forms, but to also simplify the
forms so that they may be easily understood
by the consumer.
Before we go into the requirements of the
new forms we would be remiss if we did not
also note that the proposed integrated mortgage disclosure rule added some language
to the official interpretation of Regulation Z
which is seemingly unrelated to integrated
disclosures. The CFPB slipped in a fairly big
change that may broaden the scope of Regulation Z to expressly include loans to trusts.
Section 1026.3(a)(2) of Reg Z specifically
exempts extensions of credit “to other than a
natural person.” Many compliance specialists often argued that because trusts, are not
defined as “natural persons,” a loan to such
an entity would be exempt from the regulation. While there has been debate to the
contrary, and even some case law suggesting
that revocable trusts are still subject to the
rule, there was no definitive guidance —
until now.
The integrated disclosure rule now amends
the commentary to section 1026.3(a)(2) and
provides, in part that, “Credit extended
for consumer purposes to certain trusts is
considered to be credit extended to a natural person rather than credit extended
to an organization.” (Commentary to 12
CFR 1026.3(a)). The commentary further
explains: “Regardless of the capacity or
capacities in which the loan documents
are executed, assuming the transaction is
primarily for personal, family or household
purposes, the transaction is subject to the
regulation because in substance (if not form)
consumer credit is being extended.” If a loan
to a trust is for a consumer purpose, then
Regulation Z, and all its glory, will apply.
Now for the agencies’ stated purpose of the
rule, let’s break the requirements of the final
rule into five sections:
www.uba.org
First, either the lender or the broker may
deliver the Loan Estimate to the consumer; however, ultimate responsibility falls
on the lender.
The final form that the CFPB developed
is a three page form. The final form
de-emphasizes APR because, in testing,
the consumers found the APR to be confusing, but includes some new disclosures
that were mandated by Dodd-Frank, such
as total interest percentage and the “In 5
Years” calculation.
Second, there are multiple versions of the
loan closing form to account for different
transaction types, for example a refinance
and a purchase have different forms from
each other. This will be a training concern — ensure lending staff understands
the definition of each type of transaction
and the “real purpose of the loan.” For instance, staff should be able to differentiate
between a land-only loan, constructiononly and construction-to-permanent loan.
There also is a “seller-only” form required for closed-end loans in residential
transactions. Other loans, such as reverse
mortgages and home equity lines of credit
and other mortgages secured by a mobile
home or by a dwelling that is not attached
to the real property, will still use the
HUD-1 form.
The new Loan Estimate co-mingles lender and settlement costs with loan terms
and replaces the HUD line numbers with
an alphanumeric system. The Closing
Disclosure itemizes the costs and includes
section totals rather than lumping costs
together and rolling them up into one line
item. Because the form is a combination
of loan information and settlement costs,
communication and cooperation between
the lender and closing agent is vital. If the
summer 2014
settlement agent completes the loan closing disclosure form, the lender needs to
provide a copy of the loan estimate form
to provide the information necessary for
an accurate Closing Disclosure.
Third, the initial Loan Estimate must be
delivered or mailed to the borrower no
later than three business days after the
lender receives the mortgage application
and no less than seven business days before consummation of the loan. A revised
Loan Estimate due to changed circumstances must be delivered or placed in the
mail within three business days of the
lender’s knowledge of a changed circumstance; however the borrower must
receive it no later than four business days
before consummation of the loan.
The borrower must receive the Closing
Disclosure no later than three business
days prior to the consummation of the
loan. A revised loan Closing Disclosure
can, in most cases, be delivered and
received at the closing. Key points of the
Three-day Rule include:
• If disclosures are not delivered in
person, but are instead delivered by
mail, electronic media or a courier;
the borrower is considered to have
received the disclosure three business
days after being placed in the mail,
sent by email or placed with a courier. Accordingly if delivering other
than in person, an additional three
business days is required in order to
ensure receipt by the borrower no
later than three business days prior to
consummation.
• The lender is allowed to rely on
evidence that the consumers actually
received the disclosure earlier, if the
disclosure is sent by email (assuming
the consumer has consented to email
and complied with E-sign require-
•
ments), and receipt is acknowledged
the same day as the lender sent them,
then the lender can rely on the actual
day of receipt and consummation
may take place on the third business
day after the actual receipt.
The loan closing disclosure can
change from the time received by the
borrower and consummation unless
(a) the APR changes by 1/8 of 1%,
or (b) the loan product changes, or
(c) a prepayment penalty is added.
In any of those three instances, a
re-disclosure must be received by the
borrower three business days before
consummation, meaning that consummation would be delayed.
Fourth, the “tolerance levels” are kept
intact; however, some of the items falling
within the “buckets” will be changed for
loans that require the disclosures.

RESPA / TILA — continued on page 10
9

RESPA / TILA — continued from page 9
In the zero tolerance bucket; there can be
no increase for any item in this bucket in
the amount paid at closing over the estimated amount on the loan estimate form
for borrower paid:
• Charges paid to the lender and/or
broker for their own fees, such as
origination charges;
• Transfer taxes;
• Fees paid to an affiliate of the lender
or broker for a service required by
the lender (this is a change from the
current tolerances); and
• Fees paid to an unaffiliated service
provider for a service required by the
lender if the borrower was not allowed to shop for the provider (which
is not a zero tolerance item under
current HUD regulations)
In the 10 percent bucket, charges for
services that can increase, but by no more
than 10 percent in the aggregate are:
•
10
Fees paid to an third-party provider
not affiliated with the lender for a
service required by the lender if the
•
lender permitted the borrower to
shop and the borrower still selected
off the lender’s provider list; and
Recording fees paid by the borrower
Changes that can increase by an unlimited amount over the estimated amounts on
the loan estimate form include:
•
•
•
•
•
Prepaid interest;
Property insurance;
Amounts for escrow deposits (taxes,
insurance);
Fees paid to third-party providers
selected by the borrower and not on
the lender’s list of providers; and
Charges paid for third-party services
not required by the lender
The lender can issue a revised Loan
Estimate if a “changed circumstance”
occurs. If a “changed circumstance”
occurs causing an increase in charges
above the applicable “tolerance level”
the lender must provide an updated loan
estimate form within three business days
after having knowledge of the change.
Examples of “changed circumstances”
that would allow for revisions in the loan
estimate include:
• The consumer asks for a change;
• Information provided in the application was inaccurate or has changed
since the application;
• New information as to the consumer
or transaction is provided that the
lender had not relied on;
• The Loan Estimate expires;
• Interest rate dependent charges
(when the rate is locked by the consumer, lender must provide revised
loan estimate showing all such
changed charges); and
• Extraordinary event occurs beyond
the control of any party
It is critical to start now on system changes, training (to include how to complete
the new forms), policy and procedures/
processes. It may seem like the mandatory compliance date of Aug. 15, 2015, is far
off, but the clock is ticking and there is a
lot of work to be done. n
www.uba.org
Let your voice
be heard !
(without revealing your identity)
By taking our survey you are providing anonymous feedback that will be used to hold
regulators accountable. More than 2000 bankers have already participated.
Take a stand. Take the survey.
Take the RFI survey at www.allbankers.org
*
*RFI = Regulatory Feedback Initiative
Utah Bankers Association
a proud member of
Who Will Start the Revolution?
By Brett Jackson, CEO, Systemax Corporation
W
hat does our industry need? In my
opinion and based on the last few
decades of working with financial
institutions is…honestly…a revolution.
Now I know that’s a big term to toss at
you, but stay with me.
The hard part about changing the way the
world views something is often in getting
it started. It’s creating that spark. But
even then, the work isn’t done. Once the
spark ignites and you begin to see smoke,
you have to work even harder to create
that one glowing ember. Because once
you have that, it catches fire and you just
keep feeding it so it burns and burns.
The revolution that I’m talking about, the
spark that banking desperately needs is to
redefine the purpose of a bank. To change
the way we are thinking about the services you really offer to your customers.
For centuries, the primary and secondary
purposes of a bank have been to function
as a safe place to keep your dollars (if you
have extra) and a good place to borrow
dollars from (if you have a need).
And in the eyes of most people – not much
about the banking industry has changed.
12
While this purpose is the essential function of a bank, it too often drives the goals
and actions of the marketing department:
We have too much money so we run an
auto loan promotion, or worse even--we
just run one because it is that time of year.
But this is what we need to reexamine.
What business are we in? Are we a place
that stashes away people’s treasures?
Are we a place that helps people buy
things? Maybe we aren’t even a place at
all – maybe we are just an online banking
screen that shows people their balances.
What if our primary purpose wasn’t
any of those things? What if we started
something that would ignite a spark
within our customers, something that
would encourage them to come back to
us again and again to stoke the flame?
What if it was based on that very thing
that nearly every bank on the claims
as the thing that sets them apart from
the competition: customer service, but
we took that concept to a new level and
really truly and meaningfully helped
our customers to realize their financial
goals. And the best part is—that in
doing so, we would inevitably strengthen
the bank and increase our bottom line.
So let’s break it down into steps to
achieve this:
1. Call your customer and tell them,
“we want to share some ideas that we
share with our best customers, when
can you come visit us?”
2. Talk to the customer about their
goals.
• What do they have going on in
their life?
• What are their dreams?
• What do they want to accomplish
in life.
3. Create a plan for them to achieve
their dreams with the help of your
bank.
It’s a simple change, but one that will
change the way your customer looks at
you, how the community looks at you,
and will ultimately lead to how you can
change your community.
Here is the strategy behind the concept:
• Make your customer feel like they
are important to your bank. Let me
allow that to sink in, ‘cause it sounds,
simple in theory, but is the foundation for this. Making a customer
feel that they are important to you
is absolutely essential for creating a
www.uba.org
•
•
•
•
genuine connection, as most customers, especially those in the millennial
generation view banks as fee hungry
establishments who are only interested in making money off them. And
this is where your bank sets apart
from the bank down the street. You’ll
be interested in helping them get a
hold of their dreams
So how do you do this? Sit down
with someone to have an in-depth
talk with them about their overall
financial health. Discuss where they
want to be. Then, discuss where they
are.
Create an account for your customer
using software like Mint.com that
aggregates their spending from all
their accounts across all financial
institutions.
While you create this with your customer you’re going to see all of their
information, like loans with other
banks, investment accounts with
other financial institutions, credit
cards with your competitors…and
we’ll get to the beauty of that aspect
in a second.
Now, build a budget with your customer to accomplish their goals. The
Mint software should make this easy.
And then relate it back to their goals.
If they are currently living
within their means,
•
•
fantastic. However, we all know that
most individuals are not, so this is
when the meaningful part of the job
comes in.
So, now you have given them a road
map to follow to help them reach
their financial goals. You can even
set up spending alerts (through Mint
and your bank) to keep them on the
right track. And then you can suggest
ways for them to situate themselves
even better: you can show them how
refinancing that mortgage that is
currently with Mr. Big Bank will
save them $200/Month. Maybe they
can save money by switching to your
Auto Loan. Perhaps you can offer a
special rate for a money market savings account at your bank that puts
them in a better position to reach
their goals. And this is the part where
they hug you, because up until this
point, no one – and certainly not a
bank – has invested this kind of time
and interest in their financial success.
So, you have a really happy, determined customer in front of you, and
that feels great (leading to increased
job satisfaction for your employees),
but also, it improves the position
of your bank as well. Most banks
only haves 3-4 of a given individuals
financial products. But average
individual has 12 financial
products – just spread
out at different places.
This strategy, though,
gives you the
resources to gain
100% of your customers’ business.
• Okay, so now
you’re ready to
end the meeting – but before
your customer
heads out the
door, set up a
time to review
how they are doing in 6
months. This next meeting
will allow for review of
their spending and budgets with them, guiding
them through changes if
need be.
• And reconnect with the
customer every 6 months.
These scheduled check-ins also serve
as an opportunity to hear about what
is happening in their life and to plan
for the less-distant future and make
changes within the scope of their
larger financial goals.
This strategy provides a meaningful way
to attract and retain customers from any
age group and can easily be modified to
include and appeal to businesses. Not
only do you capture their business (score
1 for the bank), but you start them out on
the path of life with financial wisdom and
a plan under their feet (which makes them
love you. And love for banks is something
our industry could use some more of).
You have sparked their fire for financial
independence, and as an added benefit,
they are far less likely to fall delinquent
on their loans.
Redefining the purpose of your bank
with this kind of a strategy will set you
apart from everyone else in your market.
It’s no longer about who has the lowest
interest rate, or the most ATM locations. It’s about who has real concern for
the financial health and success of our
communities, of our neighbors – those
customers we see every week.
Also, you will be able to capture more
share of the wallet from your existing
customers, and I’d argue, their next generation. And this renewed vision comes
with easy indicators for the type of people
you want to employ—those who genuinely want to make a difference in people’s
financial lives. Now, it makes marketing more tricky than just rolling out an
IRA campaign because it’s April – but it
allows you to know exactly who in your
customer base could benefit from an IRA
and gives you an established relationship
through which to secure it.
So now that we’ve covered the how, the
questions turns to “Who?” Who is willing
to redefine and create the spark? Who is
willing to keep going after that to create
enough friction to ignite a burning ember?
Because whoever does will build a fiscally strong customer base, and your fire
will burn longer. Hotter. You’ll melt the
competition. n
Brett Jackson, CEO, Systemax Corporation,
[email protected]
summer 2014
13
If It Had Been Documented O
Commercial Reasonab
Documentation in Adva
to Reduce Litigation Ex
By Steve Waterman, Partner of the law firm of Dorsey & Whitney LLP
I
n a 1931 collection of essays published
in the United Kingdom under the title
“If It Had Happened Otherwise,” a
group of respected historians considered
alternate versions of historical events.
Notably within the collection was one
written by Winston Churchill entitled “If
Lee Had Not Won the Battle of Gettysburg.” The essays were not a different
perspective of the facts but alterative fictional facts that would have changed the
course of history. At times as I review
documents of defaulted loans I wonder
if, only if, the loan had been documented
otherwise.
For dysfunction we use the idiomatic
phrase that “the left hand doesn’t know
what the right hand is doing.” Because I practice law within a finance
and restructuring group, some do loan
documentation or front-end work, and
others do default work or back-end work.
The same is true for lenders: some doing
front-end origination work and others
being back-end special assets work. At
times, the front-end does not know what
the back-end is doing.
A better understanding of one major
back-end issue may result in a better
front-end product and save us from
asking “if.” The most common defense
of an obligor to a deficiency action in
a non-real estate secured transaction
is that the sale of the collateral was not
commercially reasonable. Article 9 of the
Uniform Commercial Code1 requires that
“every aspect of a disposition of collateral, including the method, manner, time,
place, and other terms, must be commercially reasonable.”2 If unchallenged by a
debtor, then commercial reasonableness
of the disposition is presumed.3 However,
once the debtor asserts commercial reasonableness, then the lender must prove
that the disposition was commercially
reasonable.4 Establishing compliance is
costly. The obligation cannot be avoided
by a waiver in the loan documentation
because the UCC invalidates pre-default
waivers of commercial reasonableness.5
The UCC describes three types of
non-judicial dispositions that are commercially reasonable. If the sale is: (1)
in the usual manner on any recognized
market; or (2) at the price current in any
recognized market; or (3) in conformity
with reasonable commercial practices
among dealers in the type of property.6
The term recognized market applies to
References in this article are to the Uniform Commercial Code (“UCC”), as adopted in Utah.
Instead of litigating the third standard,
one option lenders should consider is
contracting in the loan documents the
standards for determination of commercial reasonableness. This must be
done at the outset of the transaction the front-end. The security agreement
is something more than prescribed
legalese for the creation of a security
interest. Lenders may contract with
debtors in the security agreement on
the post-default standards for commercial reasonableness of a collateral
disposition. The UCC permits lenders
and borrowers to agree upon standards
measuring compliance with commercial reasonableness, provided those
“standards are not manifestly unreasonable.”7 The drafters of the UCC
leave to the courts to determine what is
manifestly unreasonable but that may
be easier to divine than commercial
reasonableness and costs less to litigate.8
Drafted standards for commercial reasonableness are subject to the general
UCC § 9-602 (2010).
1
5
Utah Code § 70A-1-101 et seq.
6
UCC § 9-627 (2010).
UCC § 9-610(b) (2010).
7
UCC § 9-603 (2010).
UCC § 9-626 (2010).
8
See Morgan Buildings and Spas, Inc. v. Turn-Key Leasing, Ltd., 97 S.W.3d 871
UCC § 9-626 (2010).
(Tex.App. 2003).
2
3
4
14
very few sales, meaning that lenders are
generally required to satisfy the third
alternative. The litigation cost to prove
conformity with reasonable commercial
practices is expensive.
www.uba.org
Otherwise:
bleness
ance
xpense
UCC requirement of good faith, which
is “honesty in fact and the observance of
reasonable commercial standards of fair
dealing.”9
Two loan situations are particularly
appropriate for agreed standards: repetitive uniform collateral transactions
vehicle inventory that provided for a sale
to the highest offeror of three or more automobile dealers. Upon the post-default
disposition of the collateral, the dealer
and its guarantor challenged the commercial reasonableness of the disposition.
The lender obtained summary judgment.
The dealer and guarantor appealed. The
Seventh Circuit Court of Appeals upheld
the commercial reasonableness of the sale
because it was the contractual standard
set forth in the security agreement.
The second situation is with respect to
specialized types of collateral that upon
default pose problematic disposition
methodology. What is a commercially
reasonable disposition of custom equipment or equipment with a limited market
of potential buyers/users. For example,
the equipment is one of only ten machines in the US but currently in great
demand by the ten users of that process.
In three years, a new process is in place
and only those nine other users could
possibly use the equipment. Another
example; what is a commercially reasonable disposition of stock of a closely held
“Every aspect of a disposition of collateral,
including the method, manner, time, place,
and other terms, must be commercially
reasonable.”
and specialized collateral transactions.
Repetitive uniform collateral transactions
are those in which a lending institution
routinely lends on the same type of
collateral. In these situations, the lender
is more knowledgeable about the disposition methods for the type of collateral
and can develop standards for its disposition. Illustrative of a repetitive uniform
collateral transaction is an automobile
dealer flooring line. In a reported case,
Ford Motor Credit Company10 had a
flooring line with a dealer. The security
agreement stated the standard for a commercially reasonable disposition of the
9
business or small family business. How
is the disposition advertised or the sale
conducted?
The security agreement can articulate
the standards for advertising and sale.
Thus, those responsible for loan documentation at the outset must consider
how collateral would be sold in the event
of default. This is not planning for
failure but planning if there is failure. It
is engaged thought to protect the lender
from the outset, instead of using a standard form that treats a Ford the same as
a Bugatti. Most lenders have concern
about the post-default marketability of
collateral but many do not take the next
step to evaluate how it would be marketed and the conditions of the disposition.
Incorporating standards for disposition
into the security agreement which the
UCC permits will avoid litigation costs
later.
Lender agreement with the borrower at
loan inception is the key. In one case, the
Fourth Circuit held that the disposition of
collateral was commercially reasonable
because the secured party took title to
collateral for an independently appraised
value, because that was the agreed standard in the security agreement.11
One caveat must be mentioned. If
standards are established in the security
agreement and the lender fails to comply
with them, then the lender will lose. Nevertheless, lenders may save money in the
long run by contemplating disposition
methodologies in advance and drafting
standards for commercially reasonable
disposition of collateral as part of the
negotiated documents with the borrower
at loan origination. Alternatively, lenders
could write cases studies entitled “If Only
the Security Agreement Had Defined
Disposition Standards.” n
Steve Waterman is a partner of the international law firm of Dorsey & Whitney LLP,
experienced in bankruptcy reorganizations,
Uniform Commercial Code litigation, Lanham Act enforcement litigation, receivership
cases, insurance company liquidation, tribal
insolvency, and stock brokerage liquidations
under the Securities Investor Protection Act,
Steven T. Waterman focuses his practice in
the area of creditors’ rights, commercial litigation, and insolvency proceedings. Steve has litigated cases in a number
of Federal, Tribal, and State trial and appellate courts. He is
co-Chair of Dorsey’s Financial Restructuring and Bankruptcy
practice group and a member of the Indian and Gaming
practice group.
Steve has been honored as one of the Best Lawyers in
America in Bankruptcy and Creditor-Debtor Rights Law and
is peer review rated AV by Martindale Hubbell, among other
honors. He has presented locally, regionally, and nationally to
various groups with respect to insolvency, trial and valuation
issues. He is currently an Adjunct Professor teaching secured
transactions at the J. Reuben Clark Law School at Brigham
Young University.
Steve may be reached at [email protected] or
801-933-7365. For relaxation, Steve enjoys wildlife and Milky
Way photography.
UCC § 1-201(b)(20) (2010).
10
Ford Motor Credit Co. v. Solvay, 825 F.2d 1213 (7th Cir. 1987).
Burns v. Anderson, 123 Fed. Appx. 543 (4th Cir. 2004).
11
summer 2014
15
Utah & Montana Bankers
Association’s 2014 Convention
B
ankers from across Utah and Montana joined together for
the Utah & Montana Bankers Association’s 2014 Convention. This year’s convention was held June 29-July 2 in Sun
Valley Idaho. The banking landscape is changing, and those
who attended the convention took a look at strategies for surviving and thriving in the months and years to come.
Each year the vendor expo is the hub of activity as bankers
arrive and register. Thirty eight exhibitors lured attendees to
their booths for a chance at a one on one conversation with
prize drawings, bean bag toss and a casino wheel, just to name
a few. Plus attendees that visited each booth and deposited a
business card were entered into the grand prize $1,000 Visa card
which was ultimately won by Eric Wright, Rock Canyon Bank.
As the sun set and the mountain breezes blew, attendees and
guests gathered at the beautiful Trail Creek Campground for a
delicious western BBQ.
On Monday things got down to business. The opening speaker
was John C. Williams, Chairman, Federal Reserve Bank of
San Francisco. Following Mr. Williams, a Washington Update
provided by ABA Chairman, Jeff Plagge.
After a delightful BBQ lunch at the Sun Valley Lodge Terrace,
Anthony Chan Ph.D., Chief Economist, JPMorgan Chase,
spoke on the economic outlook and was followed by Patrick
Bettin, Ph.D., Senior Lecturer, Michael G. Foster School of
Business, who gave an inspiring speech about leadership that
shapes the future.
16
For families and bankers alike, perhaps the highlight of the day
was the famous and traditional UBA Bingo event. Over 500
bankers, spouses and family members joined in for an afternoon
of fun and prizes.
Tuesday was open for recreation including trap and skeet shoot,
bowling, ice skating, bicycle riding and paddle boats. The annual UBA golf tournament also took place and this year’s winning
team included Randall Gaston, Prime Alliance Bank, Jeff Gaston, Jason Price, Prime Alliance Bank and Chandler Price.
The annual Chairman’s reception and dinner gala were held
on Tuesday evening. Outgoing Chairman Anthony Hall was
honored and ten bankers were honored with 40 Year Service
Awards (see page 18).
The evening was topped off with family entertainment provided
by Brass Transit in the beautiful Sun Valley Pavilion.
Wednesday morning bank CEOs and past chairmen met for
a planning session for the coming year. Later in the general
session, Virginia Heyburn, Senior Vice President of Strategic
Insights, Fiserv, spoke about today’s technology landscape and
its management challenges. Following Ms. Heyburn, the much
anticipated Scott Farris, Author, took the stage and gave lessons
from success and failure in presidential politics.
A special thanks goes out to the vendors and sponsors that made
this year’s event possible.
www.uba.org
Thank you Convention Exhibitors
Aerotek/TEK Systems
Agri-Access
Allied Solutions
The Baker Group
BANCSERVE, Inc.
Bank Financial Services Group
Bank Trends
Bankers’ Bank of the West
BMA Banking Systems
Compliance Alliance
CTA Architects Engineers
D+H
DEI Incorporated
Diebold, Incorporated
Dorsey & Whitney
Eide Bailly LLP
Express Recovery Services
Fiserv Inc.
FPS Gold
Frontline Processing
Galusha, Higgins & Galusha, PC
Harland Clarke
Lendio
LERETA, LLC
Moss Adams LLP
Office Depot Business Solutions
Pacific Coast Banking School
Promontory Interfinancial Network, LLC
Reich & Tang
Shay Assets Management, Inc.
Systemax Corporation
Tanner LLC
Travelers Insurance
United Bankers’ Bank
Universal Business Insurance,
Inc.
Utah Center for Neighborhood
Stabilization
Western Independent Bankers
Association
Zions Correspondent Banking
Group
Special Thank you to the
following Generous Sponsors
Marquis Sponsor
Zions Correspondent Banking Group
Diamond Sponsors
BMA Banking Systems
Eide Bailly
Federal Home Loan Bank of Seattle
Fiserv
United Bankers’ Bank
Platinum Sponsors
Bankers’ Bank of the West
Chase
Dorsey & Whitney
FPS Gold
Frontline Processing
Galusha, Higgins & Galusha
Moss Adams LLP
Mountain West Small Business Finance
Pacific Coast Banking School
Piper Jaffray & Co.
Promontory Interfinancial Network, LLC
PwC
Ray Quinney & Nebeker P.C.
RR Donnelley
Sandler O’Neil + Partners, L.P.
Tanner LLC
Gold Sponsors
Harland Clarke
Silver Sponsors
BRAUN Corporation
EverFi Financial Education
Jones Waldo
Parsons Behle & Latimer
PCBB
Travelers Insurance
summer 2014
17
40 Year Service Awards
T
en bankers were honored with 40 Year Service awards at
the Montana & Utah Bankers Associations’ 2014 Convention held in Sun Valley in June.
Honored at this year’s event were: Heidi Bleggi, Executive Vice President, American Bank of Commerce, Steven
Buchanan, Vice President & CEO, Gunnison Valley Bank,
Anthony Jon Hall, President & CEO, Lewiston State Bank,
David Hemmingway, Executive Vice President, Zions BanCorp, Wendy Holloway, Senior Vice President, Utah Bankers
Association, Jeffery J. Marchant, Board Member, State Bank
of Southern Utah, Renee Miller, VP Branch Manager, Zions
Bank, H. Don Norton, President & CEO, Capital Community Bank, Lamont Tingey, EVP & Chief Retail Officer,
First Utah Bank, David VanWagoner, Vice President & Trust
Officer, Zions Bank. Honorees were awarded with a plaque
and recognized at the Chairman’s Dinner held in conjunction
with the event.
years of continuous service in banking, be currently employed by a member institution, meet the established criteria
for the award and be nominated by their Bank’s CEO.
The Award is designed to honor bankers within the banking
industry who have given their time and service to the benefit
of banking. To be eligible honorees must have achieved 40
We would like to express a special thanks to these 10 individuals for their long standing service to the banking industry.
Congratulations!
Growing your
balance sheet while
mitigating your
interest-rate risk.
It’s a delicate balance.
Let your cooperative help.
Find out why so many community bankers use our
duration-certain funding solutions to complement
their liquidity position and support their long-term
growth.
Let’s talk about how we can tailor our solutions
to address your business strategy.
Contact:
Chris Thomas
VP/Business Development Team Manager
206.340.2370
[email protected]
Eric Jensen
Business Development Officer
206.340.2489
[email protected]
18
www.uba.org
Line Up of Upcoming
UBA Educational Events
FDIC Community Bankers Workshop, September 18, 2014 ~ Little America Hotel, Salt Lake
CRA Conference, September 25-26, 2014 ~ Cliff Lodge, Snowbird Resort
Fall Compliance Conference, October 21-23, 2014, ~ Zermatt Resort, Midway
Leadership Conference, November 20, 2014 ~ SLCC, Miller Conference Center, Sandy
Ag Outlook and Conference, January 2015 TBA ~ USU, Logan
Bank Executive Winter Conference, February 5-6, 2015 ~ Marriott City Center, Salt Lake City
Also, registration opening soon for the third class of the yearlong
UBA Executive Development Program, convening in January 2015.
Check the UBA website, www.uba.org for additional information and to register for all events.
Attorney advertising material.
Focused on Finance.
Invested in Utah.
• Commercial Lending
• Mergers and Acquisitions
• Consumer Finance Litigation
• Bankruptcy, Restructuring, and Workouts
• Real Estate and Environmental Law
• Securitization and Structured Finance
• Securities and Regulatory Compliance
• Tax-Exempt/Taxable Bond Financings
Talk to us about your next project.
James C. Burr
801.536.1447 • [email protected]
Adelaide Maudsley
801.320.6731 • [email protected]
201 South Main Street, Suite 2000
Salt Lake City, Utah 84111
801.533.0066
chapman.com
summer 2014
19
Bank Kudos
ALLY BANK
ALLY BANK CELEBRATES FIVE YEARS
OF GROWTH; DEEPENS COMMITMENT TO UTAH COMMUNITIES
Ally Bank is headquartered in Midvale, Utah. Its Utah-based
employees support the company’s Finance, Risk, Auto, Compliance and Community Reinvestment Act activities.
The Bank marked its fifth anniversary recently, achieving a
30% average annual growth rate in both retail deposits and
new customers since its 2009 launch. As of June 30, the Bank
had 854,000 customers and retail deposits of $45.9 billion.
Recognized by MONEY® Magazine as “Best Online Bank”
for three years straight, Ally doesn’t have branches, allowing
it to offer great rates and leading deposit products, service and
technology. Consumers enjoy flexible, FDIC-insured deposit
products, no monthly maintenance fees or minimum deposit
requirements, daily compounded interest, and 24/7 customer
service through its award-winning call center.
Ally has also grown its commitment to the greater Salt Lake
community through a broad spectrum of community development activities involving volunteerism and financial
support to many organizations that assist disadvantaged
communities. Recently, board members and management
packed weekend lunch bags for summer school students of
Guadalupe school who live below the poverty line. The Bank
also presented a donation to Guadalupe for its capital campaign and will be participating in a loan for their new school
building. n
BANK OF AMERICAN FORK
BANK OF AMERICAN FORK FINANCIAL INSTITUTION IN UTAH TO BE
RECONIZED FOR PROTECTING SENIORS, SUPPORTING CAREGIVERS
The Utah Division of Aging and Adult Services has presented Bank of American Fork with the first-ever Award for
Age-friendly Banking, in recognition of the bank’s indus-
20
try-leading work in creating a culture, products and services
that protect seniors.
“The division is so pleased at the foresight Bank of American
Fork has shown in serving seniors,” said Nels Holmgren,
director of the Utah Division of Aging and Adult Services.
“The products the bank offers provide such peace of mind
for both seniors, as well as the family members who care for
them. Our office can do a lot to protect seniors, but there are
limits to things that government can and should do. In Bank
of American Fork, we have a community partner with which
we can work to ensure the seniors of our state receive the care
they deserve.”
“I’ve seen more than one heartbreaking example of seniors
who’ve suffered financial devastation at the hands of both
strangers and those closest to them,” said Richard Beard,
president and CEO, Bank of American Fork. “We will continue to work closely with the state to provide products and
expertise that safeguard seniors and offer caregivers tools to
help protect their loved ones.”
UTAH’S COMMUNITY BANK LEADER
SEES SMALL BUSINESS LENDING AS
KEY TO ECONOMIC GROWTH
Bank of American Fork has been selected by the U.S. Small
Business Administration as the most active medium-sized
lender (between $200 million and $1 billion in assets) in the
Utah District Office 504 Third Party lending category for
Fiscal Year 2013. In Fiscal Year 2013 (October 1, 2012 – September 30, 2013) Bank of American Fork made SBA 504 loans
totaling $7,834,840. The recognition was presented by Stanley
Nakano, district director, U.S. Small Business Association,
Utah District Office.
“One of the most vital functions community banks serve is
helping small businesses grow and thrive,” said Richard Gray,
senior vice president of SBA lending at Bank of American
Fork, who accepted the award on behalf of the bank. “As an
organization deeply invested in the neighborhoods where
we live, work and raise our families, Bank of American Fork
is proud to partner with local companies to strengthen the
financial vibrancy of our communities and the state.”
BANK OF AMERICAN FORK
ADDS ONLINE APPLICATIONS
Bank of American Fork recently added online features that
allow customers to apply online for a credit reserve account or
a credit card* and submit their personalized images for credit
and check cards.
www.uba.org
The new online application for credit cards will provide quicker—instant, in some cases—approval for qualified credit card
applicants. Customers can apply online for a VISA® Platinum
Credit Card, VISA® Classic Credit Card or Credit Reserve.
“Bank of Utah experienced an excellent year in 2013,” said
DeFries. “And, one way to show our appreciation to our customers is to give back to those communities in which we serve,
through donations of time and money.”
“We’re excited to offer these online features that speed up the
application process for customers who want to do more of
their banking at home or on-the-go,” said Art Porter, manager
of Bank of American Fork’s bankcard department. “It will
also mean that our busy customers can apply for a card without ever having to drive to a branch or mail an application.”
Bank of Utah’s contributions included donating service hours
to organizations such as The YMCA, the Boys and Girls
Club, and the English Language Center of Cache Valley, Inc.;
providing athletic and academic scholarships for Weber State
University, Utah State and Utah Valley University; serving in
leadership positions in community organizations including
the Family Counseling Services of Northern Utah, the Family
Support Center of Ogden and the Ogden Housing Authority;
supporting the Economic Development Corporation of Utah
in its effort to bring in new out-of-state business; providing
free tax return preparation services at Cottages of Hope and
United Way agencies; and teaching business finance principles
to small business owners through LDS Employment Center
and SCORE. n
*Subject to credit approval.
VISA®, the name VISA and VISA (stylized) are federally
registered trademarks of Visa.
BANK OF AMERICAN FORK DONATES
$11,000 TO POLICE K-9
Bank of American Fork donated $11,000 to the American
Fork Police Department to help purchase new dogs for the
department’s K-9 program. The bank, along with other local
businesses and residents, has raised $23,800 toward the total
goal of $30,000.
The American Fork Police Department has used K-9 units for
more than 15 years. For the last seven years, police service
dogs Wolf and Duco have worked side-by-side with Officers
Russell Bishop and Ryan Archuleta to keep drugs off the
streets, and deter and detect crime in neighborhoods.
At 63 (dog) years, Duco and Wolf are beginning to suffer from
arthritis and other age-related problems, and need to retire.
Last fall, the department launched a campaign to raise the
$30,000 needed to purchase, train and equip two new service
dogs to carry on Duco and Wolf’s legacy.
“Wolf and Duco have been instrumental in protecting and
serving the citizens of American Fork and Cedar Hills,” said
American Fork Police Chief Lance Call. “Thanks to their efforts, officers have seized tens of thousands of dollars in drugs
and paraphernalia, and have apprehended multiple suspects.
The generosity of Bank of American Fork and many others
will allow us to continue this very important work.”
BANK OF UTAH
BANK OF UTAH REPORTS DONATING
NEARLY $100,000 TO LOCAL
COMMUNITY CAUSES AND
SCHOLARSHIPS IN 2013
Bank of Utah President Douglas L. DeFries announced donating nearly $100,000 to community organizations within its
13-branch footprint in 2013. Bank employees also gave back
to their communities by donating 660 service hours to various
charitable organizations.
summer 2014
BANK OF UTAH MAGAZINE RECEIVES
EXCELLENCE IN PUBLISHING AWARDS
The Bank of Utah client magazine, Success Insights, was recently awarded two Excellence in Publishing awards from the
2014 Communicator Awards, and the 2014 Hermes Creative
Awards.
Both these competitions are international, and each typically
accept between 8,000 and 14,000 entries from all over the
world. Entries come from corporate marketing and communication departments, advertising agencies, PR firms, graphic
design shops, production companies, web and digital creators
and freelancers, all representing clients from small innovative
companies, to academic campuses to Fortune 500 companies.
The Communicator Awards look specifically towards quality
in content, while the Hermes Awards speak to overall excellence in the look and feel of the brand. The Bank of Utah’s
Board of Directors and marketing committee is pleased with
the warm reception their magazine has enjoyed since its
premiere issue in early 2013. The feedback from our clients,
colleagues and prospective clients has been extraordinary, and
the multiple excellence in publishing awards that the magazine has received in the past years support their belief that the
magazine provides valuable insight and information to the
bank’s readership. n
BRIGHTON BANK
5TH ANNUAL PIONEER DAY –
FEED THE HOMELESS BBQ
Brighton Bank, Salt Lake City, teamed up with The Bleeding
Hearts Foundation, Wadsworth Construction and Control 4
to sponsor the 5th Annual Pioneer Day – Feed the Homeless
BBQ in the downtown area of the city. The event was held on
July 24th as the family shelter and most others are closed for the
holiday and do not feed the homeless population on that day.
21
Tracy Barnes, the founder of
the Bleeding Hearts Foundation, heard about the homeless
families and wanted to help
them out. She began partnering with Brighton Bank in
2012 for the BBQ.
The sponsors provided a holiday event for the homeless
providing compassion and hopefulness to an often forgotten
population. This year, over 1,300 hot dogs were served along
with chips, granola bars and drinks. There were also 100
feminine hygiene kits, 200 quick clean kits, 250 pairs of flip
flops distributed along with gently used clothing. A group of
approximately 50 volunteers cooked, handed out food, restocked supplies, provided a face and ceramic painting station
and even entertained the crowd with live guitar music, singing
and a string quartet.
Brighton Bank and Control 4 generously provided the food
and water. The Bank and its employees truly lived up to being
a community bank that cares about building strong ties with
our community. Giving back to the community is part of what
defines Brighton Bank as “Your Community Bank.”
MILLIE’S PRINCESS RUN 2014
Brighton Bank one again served as a sponsor for the 2014 Millie’s Princess Run was held on June 21st at 7:45 in Sugar House
Park. Millie’s Princess Foundation is dedicated to providing
financial support and hope to families affected by childhood
cancer, as well as raising awareness about the devastating
effects of this disease. n
FIRST UTAH BANK
First Utah Bank was chosen by
Utah Diversity Connections as the
medium-sized company to receive
the Utah Diversity Connections
Award on June 24, 2014. Utah
Diversity Connections established
the Utah Business Diversity
Award to recognize businesses in
Utah who embrace diversity as a
fundamental element of their organization. The award is a way to
recognize creative and innovative
strategies that promote and advance the concept and spirit of
diversity and inclusion within their organization. n
TAB BANK
TAB BANK PROVIDES $15.6 MILLION IN
TRUCKING EQUIPMENT LOANS IN 2014
2ND QUARTER
TAB Bank provided $15.6 million in trucking equipment loans
for 17 transportation companies during the 2nd quarter for
22
2014. Based in different regions of the country, these companies represent a broad spectrum of trucking entities including
one-truck owner-operators and small and large fleets.
“We continue to see the numbers for Class 8 truck sales and
trailer sales trend up throughout the first two quarters of 2014.
Obviously this is a great sign for the trucking industry as well as
the overall economy. Our portfolio of financing trucking equipment is consistent with this growth. Our funding activity for
trucking equipment in the 1st quarter for 2014 was up 39% from
the equipment deals we funded in 4th quarter of 2013. This upward trend has continued, as we experienced a 24% uptick from
1st to 2nd quarter. We are excited with these positive trends and
look for them to continue in the coming months,” stated Jan
Allen Ackley, Chief Lending Officer for TAB Bank. n
U.S. BANK
STUDENTS AT ROSE PARK ELEMENTARY LEARN SAVVY SAVINGS LESSONS
FROM U.S. BANK
Students at Rose Park
Elementary in Salt
Lake City learned
savings lessons from
U.S. Bank. The fun
and engaging savings
lessons took place from
12 p.m. until 1 p.m. on
Friday, April 11, and
were part of the 18th
annual Teach Children
to Save Day, a nationwide education campaign promoting useful money and savings
habits to students.
U.S. Bank employee volunteers from Salt Lake North District
met with 225 K – 4th grade classes. Rose Park Elementary is
located at 1105 West 1100 North.
“The students enjoyed the savings lessons from U.S. Bank,”
said Damon Miller, market president of U.S. Bank in Utah.
“The lessons were interactive, fun and timeless. They learned
savings lessons that will be useful for many years.”
Across the company, many U.S. Bank employees will meet
with local youth to explore ways to save money by budgeting,
“living green”, understanding the difference between needs
and wants, how to identify expenses, trade-offs and ways to cut
spending. Teach Children to Save Day takes place Friday, April
11. Some bankers will meet with students on other days.
This year, U.S. Bank is partnering with the Securities Industry
and Financial Markets Association (SIFMA) and the SIFMA
Foundation for a new initiative called Invest it Forward. It is
designed to help youth understand how the capital markets
work, and how to harness it for their own benefit – to save and
invest for an education or to start a new business. n
www.uba.org
Bankers on the Move
John Allen was hired to originate leads and will be responsible
for developing business relationships for Bank of American
Fork’s new St. George branch. Allen has 45 years of commercial banking experience, with 39 of those years in Washington
County.
Lindsay Arnoldson was recently promoted to
assistant operations manager at Bank of American Fork’s main branch, after working in various
branches as a part-time teller, float teller, and most
recently, a new accounts representative.
Richard Beard, President and CEO, People’s Utah Bancorp
has been named the chairman of the board for the Western
Independent Bankers’ Association. His experience with and
passion for community banking has positioned him to help
WIB support community banks throughout the western United
States.
Jared Dallin has been named Credit Analyst by Capital Community Bank. The Bank has expanded its operations model by
creating a new Credit Analyst position to implement internal
training and development within the Bank. Jared has had five
years of banking experience and has been with Capital Community Bank since November 2013.
Steven Drakulich was recently hired by Bank of American
Fork as a commercial loan officer, after being in the banking
industry for more than a decade. After graduating from Utah
Valley University with a degree in finance, he worked as an
assistant branch manager at Washington Mutual, then moved to
American West Bank as the commercial underwriting manager
for seven years.
Mike Draper was recently promoted from Bank of American
Fork’s branch administration specialist to the branch operations manager for the bank’s recently-announced St. George
branch. Draper will take the lead on customer service and help
ensure that Bank of American Fork offers the same small-town
service it has been known for since its first branch opened in
1913.
Mary Foster has been hired by Capital Community Bank as Lending Compliance Officer and CRA
Officer. Foster has over 25 years of experience in
banking, including branch management, lending,
sales, deposits and operations. Foster will be an integral part of the overall risk management function of
the Bank.
Steve Hallows, Sr. Vice President is now with
Heber Valley Bank, Heber City, UT. With over 12
years of commercial lending experience and five
years of mortgage banking, he will be a great asset
to the bank. Steve is a graduate of Utah State University, 1997. Having been raised in the Heber Valley, this has
been a wonderful fit for Steve to join our organization.
C. Ray Hines has joined Tab Bank’s business development
team as Vice President and Business Development Officer.
Ray will be based in Cleveland, OH and will be responsible for
sourcing new business opportunities by providing asset-based
and factoring working capital facilities to commercial entities
with annual revenues of $2 million to $150 million.
Shariq Khan has joined First Utah Bank as a VP/Credit Underwriter with over 15 years of experience in commercial and
consumer finance.
Todd B. Lewis has joined Capital Community
Bank’s Provo Office as Vice President/Commercial
Loan Officer. Lewis is a graduate of BYU. He has
over ten years of experience in investment, acquisition and development, commercial, construction
and residential lending, as owner of Cascade
Finance, Inc.
Jeremy Lowry has been hired by Zions Bank as Senior Vice
President of Residential Lending. Lowry oversees all aspects of
residential lending, supervising mortgage bankers and managing loan underwriting and structuring. He has a decade of
banking experience and earned his undergraduate degree in
economics and political science from the University of Utah.
Nathan Farnsworth has assumed the role of VP/Leasing Department Manager for First Utah Bank.
summer 2014
23
Kristin Oliver was recently hired as a mortgage
loan officer at Bank of American Fork’s Sandy
branch, glad to return to Bank of American Fork
and eager to use her 10 years of mortgage industry experience. Oliver began her banking career
with Bank of American Fork as a loan secretary in
Riverton, became a mortgage loan processor in the American
Fork branch, then moved to Bank of Utah as a lead mortgage
processor for two years.
Lindsey Paulson has been named Credit Analyst by Capital
Community Bank. The Bank has expanded its operations
model by creating a new Credit Analyst position to implement
internal training and development within the Bank. Lindsey
has been a member of the Capital Community Bank team for
ten years.
Jeff Peadon has been hired by First Utah Bank as a Credit
Underwriter with a focus on SBA lending.
Mike Price has joined First Utah Bank’s Credit team as a Credit Analyst.
Jeff Rauth has been hired by Celtic Bank as Vice
President of Business Development in the bank’s
SBA and Commercial Lending Department. Rauth
will be based in Troy, Michigan. Rauth joins Celtic
Bank with more than 15 years of experience working in the commercial real estate and financing
sectors.
Don Rudy has been hired as the First Utah Bank’s VP/Special
Assets Manager.
tegral part of the overall risk management function of the Bank.
Smith joins Celtic Bank with more than 11 years of experience
working in the real estate acquisition and commercial financing
sectors.
Bradley Stucki was hired to be the branch manager of Bank of
American Fork’s St. George branch when it opens on August
18 and will oversee the branch in offering products and services
that fit the St. George community. His experience comes from
more than a decade in commercial and industrial lending and
commercial real estate lending.
Melissa Wank has been selected as Vice President and Chief
Financial Officer of The Pitney Bowes Bank. Melissa comes to
the Bank with over 15 years of audit, compliance and accounting experience at Pitney Bowes Inc. In addition, she previously
worked as an internal auditor at Credit Lyonnais and UBS AG.
Alyson Williams has been hired as director of the Zions Bank
Business Resource Center. Williams is a retired U.S. Air Force
Master Sergeant and a former financial advisor with small business experience. Williams earned her undergraduate degree in
business management from Park University and holds a master’s
degree in human resource management and human resource
development from Webster University.
Pauline Vosburg has been hired by First Utah Bank as Senior
Vice President & Credit Department Manager and brings over
28 years’ experience in Commercial and Consumer Credit analysis and underwriting, Risk Management, Operations Policies/
Procedures, Relationship Management and general Banking
Operations to her new role. n
Ben Smith has been hired by Celtic Bank as Vice
President of Business Development in the bank’s
SBA and Commercial Lending Department. Smith
will be based in Salt Lake City, Utah and will
report to Tom and operations. Foster will be an in-
24
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www.uba.org
C
UBA Committees
hairmen and Vice Chairmen for
UBA committees for the upcoming program year met together on
Thursday, August 28 for a day of training and planning for the coming year.
These individuals have stepped up as
industry leaders to help the UBA provide manage and provide committees for
2014/2015. UBA sponsors committees on
a variety of industry topics which bring
bankers together on a monthly basis to
share ideas and provide feedback to the
association on critical issues. Committee
participation creates an excellent growth
opportunity for bankers, including leadership development, visibility within the
industry, and the opportunity to network
with peers. It also provides the UBA
with direct access to bankers in the field.
Below is a list of committees and their
leadership:
Agriculture Committee – Chairman
Jim Frederick, Rock Canyon Bank, Vice
Chairman, Darren Cole, Cache Valley
Bank; Compliance Committee – Chairman, Jeremy Gray, Rock Canyon Bank,
O
Rob James, Stephanie Tobey, Margo Wilson, Ashley Massey, Melisse Grey, Tim Laukka, Darren Cole, Mark
Howells, Kirk Lundgren, Jim Frederick, Jeremy Gray, Kim Haywood.
Vice Chairman Kirk Lundgren, Celtic
Bank; CRA Committee – Chairman
Stephanie Tobey, Zions Bank, Vice
Chairman, Kim Haywood, Ally Bank;
Financial Literacy Committee – Chairman, Rob James, Wells Fargo, Vice
Chairman Margo Wilson, AmericanWest
Bank; Education Committee – Chairman Mark Howells, Cache Valley Bank,
Vice Chairman Ken Burnett, Bank of
American Fork; Convention Committee
– Chairman Tim Laukka, Optum Bank;
Women in Banking Conference Committee – Chairman Melisse Grey, Zions
Bank, Vice Chairman Ashley Massey,
Bank of Utah. n
For additional information on UBA committees, please contact the UBA office at 801-364-4303.
In Memoriam
n June 9, 2014 the Utah banking industry lost a great friend
and advocate when Lawrence
W. Alder passed away peacefully from
a stroke. Lawry was President and CEO
of the Utah Bankers Association for over
15 years retiring in 1997. He left a legacy
of intelligent leadership, dedication and
cooperation, and guided the industry through challenging
times as their lead lobbyist and unfailing advocate. He was a
great mentor and teacher to those he worked with and continued to closely watch and respond to the activities of the Utah
Bankers Association until his death.
University of Utah in 1956. On June 18, 1953 he married his
high school sweetheart, Carolyn Ranck, in the Salt Lake
Temple. Together they have 8 children who are the pride and
joy of his life. He was President of the Utah Retail Grocers
Association, President of the Utah Bankers Association, and
served on many State and National Boards. He was hard
working. Attitude was everything. He was a teacher of the
highest order. He was a man of integrity and gave his all and
dedicated himself to every endeavor whether it was family,
church, work, or sports. He had a way of making you feel like
you were the most important person on earth. He lived by
the motto “And Then Some” which became a guideline and a
challenge for all his posterity to follow in his footsteps.
Lawrence Wesley Alder was born December 28, 1933 in Salt
Lake City to Garold Benson and Norma Blake Alder. He
passed away peacefully on June 9, 2014 in Salt Lake City
due to complications of a stroke that he suffered the previous
day. He was the second of two children and grew up in the
Avenues of Salt Lake City next door to a tennis court which
became a big part of his life. He graduated in the class of
1952 from West High School where he was Student Body
President, competed in the State Tennis Championship,
and where he met the love of his life. He graduated from the
He is survived by his wife of 61 years, Carolyn Ranck Alder,
his older brother Kenneth Blake Alder, and his children Kristine Gross, Kathy & Ken Johnson, Mark & Beki Alder, Blake
& Sheryl Alder, Becky & Bret Hutchison, Benson & Cathy
Alder, Stoney & Kristina Alder, and Larson & Julie Alder,
32 grandchildren, 41 great-grandchildren, with more coming. He is preceded in death by his parents, a granddaughter,
Danielle Carolyn Gross, and a great-grandson, Daniel Johnson Kieffer. n
summer 2014
27
UBA Associa te
28
Agri-Access
PO Box 396
McCammon, ID 83250
Tel: 208-404-8094
Contact: Randy Wheatley
Email: [email protected]
Cintas Document Management
3120 W. California Ave., Suite H
Salt Lake City, UT 84104
Tel: 801-977-9800
Contact: Matt Holladay
Email: [email protected]
Fiserv
618 Lafayette Drive NE
Albuquerque, NM 87106
Tel: 505-890-8449
Contact: Rob Durham
Email: [email protected]
AMC Links
3051 W. Maple Loop Drive
Lehi, UT 84043
Tel: 866-439-9546
Contact: James Isbell
Email: [email protected]
Citi Global Markets
390 Greenwich Street
New York City, NY 10013
Tel: 212-723-7478
Contact: Frederick Jorin
Email:
FPS GOLD
1525 W. 820 N.
Provo, UT 84601-1342
Tel: 801-429-2126
Contact: Matt S. DeVisser
Email: [email protected]
Bank Financial Services Group
22650 Echo Lake Road
Moreno Valley, CA 92557
Tel: 951-712-1106
Contact: Larry Rowley
Email: [email protected]
D.A. Davidson & Co.
8 Third Street North
Great Falls, MT 59401
Tel: 406-268-3084
Contact: Tom Hayes
Email: [email protected]
Harland Clarke
4867 Harold Gatty Drive
Salt Lake City, UT 84116-2815
Tel: 801-288-2133
Contact: Michael Kelly
Email: [email protected]
Bankers’ Bank of the West
1099 18th St., Ste. 2700
Denver, CO 80202-1927
Tel: 303-291-3700
Contact: Dallas Kiburz
Email: [email protected]
Deluxe Corp
5820 W Harold Gatty Dr
Salt Lake City, UT 84116
Tel: 800-332-4234 X 156538
Contact: Joyce Short
Email: [email protected]
Hawkins Cloward & Simister LC
1095 South 800 East
Orem, UT 84097
Tel: 801-224-1900
Contact: Jake McClellan
Email: [email protected]
Bank Trends
979 East 800 South
Salt Lake City, UT 84102
Tel: (877) 717-6743
Contact: Michael Stinson
Email: [email protected]
Diebold, Incorporated
2302 S. Presidents Drive
Salt Lake City, UT 84120
Tel: 330-498-2773
Contact: Jim Hawkes
Email: [email protected]
InnoVentures Capital Partners
515 South 700 East Ste 2A
Salt Lake City, UT 84102
Tel: 801-741-4200
Contact: Steve Grizzell
Email: [email protected]
BMA Banking Systems
2151 South 3600 West
West Valley City, UT 84119-1121
Tel: 801-978-0200
Contact: Casey Timmerman
Email: [email protected]
Dorsey & Whitney LLP
136 S. Main St., Suite 1000
Salt Lake City, UT 84101
Tel: 801-933-7365
Contact: Steven T. Waterman
Email: [email protected]
Jones Waldo
170 S Main St., Ste 1500
Salt Lake City, UT 84101-1644
Tel: 801-521-3200
Contact: George Sutton
Email: [email protected]
Callister Nebeker & McCullough
10 E South Temple, Ste 900
Salt Lake City, UT 84133-1115
Tel: 801-530-7300
Contact: W. Jeffrey Fillmore
Email: [email protected]
Eide Bailly LLP
5929 Fashion Point Dr., Ste 300
Ogden, UT 84403-4684
Tel: 888-777-2015
Contact: Gary Smith
Email: [email protected]
McGladrey, LLP
300 S 4th St Ste 600
Las Vegas, NV 89101-6017
Tel: 702-759-4000
Contact: Matt Youngman
Email: [email protected]
Central States Family of Companies
1627 E. Geddes Circle North
Centennial, CO 80122
Tel: 303-290-8901
Contact: Scott Sexson
Email: [email protected]
Federal Home Loan Bank of Seattle
1001 Fourth Ave, Ste 2600
Seattle, WA 98154
Tel: 206-340-2344
Contact: Chris Thomas
Email: [email protected]
Moss Adams LLP
601 W Riverside Ave, St 1800
Spokane, WA 99201
Tel: 509-747-2600
Contact: Mike Thronson
Email: [email protected]
www.uba.org
Member s
Mountain West Small Business Finance
2595 E 3300 S
Salt Lake City, UT 84109-2727
Tel: 801-474-3232
Contact: Steve Suite
Email: [email protected]
Scalley Reading Bates Hansen & Rasmussen
15 West South Temple, Ste 600
Salt Lake City, UT 84101
Tel: 801-531-7870
Contact: Jonathan Rupp
Email: [email protected]
Travelers Insurance
6060 S Willow Drive
Greenwood Village, CO 80111
Tel: 720-200-8447
Contact: Janu Cambrelen
Email: [email protected]
Office Depot Business Solutions
281 West 2100 South
Salt Lake City, UT 84115-1830
Tel: 801-977-7994
Contact: Warren Schroer
Email: [email protected]
Simpson & Company, CPAs
1111 E. Brickyard Road, Ste. 112
Salt Lake City, UT 84106-2592
Tel: 801-484-5206
Contact: Kenneth R. Simpson
Email: [email protected]
Universal Business Insurance, Inc.
9980 South 300 West #320
Sandy, UT 84020
Tel: 801-984-6014
Contact: Brett Mayer
Email: [email protected]
Premier Data Corporation
2182 S West Temple
Salt Lake City, UT 84115-2531
Tel: 801-521-3282
Contact: Kevin G. Dabb
Email: [email protected]
Snell & Wilmer, LLP
15 W South Temple, Ste 1200
Salt Lake City, UT 84101-1547
Tel: 801-257-1900
Contact: Lori Newey
Email: [email protected]
Prince, Yeates & Geldzahler
15 West South Temple, Suite 1700
Salt Lake City, UT 84101
Tel: 801-524-1000
Contact: William Marsden
Email: [email protected]
Supernal Software, LLC
127 Marina Drive
La Crosse, WI 54603
Tel: 608-785-7101 x 1018
Contact: Kathi Millard
Email: [email protected]
Utah Community Reinvestment
Corporation
1165 East Wilmington Ave., Ste 200
Salt Lake City, UT 84106
Tel: 801-366-0040
Contact: Steven L. Graham
Email: [email protected]
Promontory Interfinancial Network, LLC
1515 North Courthouse Road, Suite 1200
Arlington, VA 22201
Tel: 703-292-3462
Contact: Glenn Martin
Email: [email protected]
Synergy by Association, Inc.
PO Box 13429
Salem, OR 97309-1429
Tel: 503-581-3522
Contact: Gene Meyer
Email: [email protected]
PwC
201 S. Main Street, Suite 900
Salt Lake City, UT 84111
Tel: 801-534.3883
Contact: Ryan J. Dent
Email: [email protected]
Systemax Corporation
4501 Alex Boulevard, Suite A
Springfield, IL 62711
Tel: 800-525-9995 X 126
Contact: Patrick P. Brue
Email: [email protected]
Ray Quinney & Nebeker P.C.
36 S State Street, Ste 1400
Salt Lake City, UT 84111-1451
Tel: 801-532-1500
Contact: Kevin Glade
Email: [email protected]
Tanner LLC
36 South State, Suite 600
Salt Lake City, UT 84111-1400
Tel: 801-532-7444
Contact:
Email: [email protected]
Sandler O’Neill + Partners, L.P.
1251 Avenue of the Americas, 6th Floor
New York, NY 10020
Tel: 212-466-7800
Contact: Avi Barak
Email: [email protected]
The Baker Group
2975 West Executive Parkway, Suite 139
Lehi, UT 84043
Tel: 800-937-2257
Contact: Brian Bates
Email: [email protected]
summer 2014
Van Cott
36 South State Street, Suite 1900
Salt Lake City, UT 84111
Tel: 801-532-3333
Contact: Thomas T. Billings
Email: [email protected]
Zions Correspondent Banking Group
310 South Main Street, Suite 1400
Salt Lake City, UT 84101
Tel: 801-844-7854
Contact: Steve Campbell
Email: [email protected]
29
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www.reichandtang.com | [email protected] | 866-237-2752
Copyright 2013. All rights reserved.
Copyright 2013. All rights reserved.
PRSRT STD
U.S. POSTAGE
PAID
SALT LAKE CITY, UT
PERMIT NO. 508
Utah Bankers Association
175 S Main Street, Ste 1420
Salt Lake City, UT 84111
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YOU SHOULDN’T HAVE
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Gary Smith, Partner and Director
Financial Institutions Services Group
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