With plans to offer ‘attentive, innovative service,’ proposed Bank of St. George now seeking investors

St. George, Utah, date unspecified | Photo courtesy of Bank of St. George, St. George News

CONTRIBUTED CONTENT — With the recent announcement that Bank of St. George has been granted conditional approval for federal deposit insurance and a state banking charter by the Federal Deposit Insurance Corporation and Utah Department of Financial Institutions, the bank’s organizers are seeking investors.

The proposed institution, which will be led by CEO Bruce Jensen, President and Chief Credit Officer West Martin and CFO Cody Bateman, will be Utah’s first startup bank since 2008, when Town & Country Bank opened in St. George. Jensen and Martin established and managed Town & Country Bank until it was successfully sold in 2017.

Jensen is a former Utah Business CEO of the Year and winner of multiple banker of the year awards from different industry groups. Martin was responsible for winning several Small Business Administration Top Lender awards for Town & Country, and Bateman has served as chief financial officer at two other community banks, including holding a position as a member of the board of directors at one of those institutions.

Bank of St. George will be a full-service community bank that offers a host of leading edge digital solutions. Among its digital capabilities will be online account opening and a financial management platform that will include the ability to access and move money from accounts at other banks and brokerage firms.

Jensen said he expects business to be brisk at the new bank.

“With the incredible growth we’re seeing in Washington County, we believe residents and businesses will be drawn to the only locally based bank here and will quickly discern the attentive, innovative service we’ll offer.”

Bank of St. George CEO Bruce Jensen, May 2018, location unspecified | Photo courtesy of Bruce Jensen, St. George News

Offering a high level of customer service is nothing new to Jensen, as that is something for which the Best of State Statue-winning Town & Country Bank was well known.

“We consistently won top satisfaction ratings from at least 90% of our customers in annual customer satisfaction surveys,” he said. “Further, our annual deposit account closure rate was two thirds lower than the national rate. We want to replicate that loyalty.”

With several of Town & Country’s former employees planning to work with them at the new bank, Jensen said he believes that goal will come to fruition.

Bank of St. George plans to open during the first half of 2020 and will operate out of temporary offices located at 148 E. Tabernacle St. for approximately two years. A northern Utah loan production office is also expected to open around the same time.

Pursuant to conditions imposed by the FDIC and Utah Department of Financial Institutions, the proposed bank must raise a minimum of $18 million in capital through the sale of its common stock before opening. Subscriptions for common stock are now being accepted with a minimum investment of $25,000 or 2,500 shares at $10 per share.

In order to receive a copy of the proposed bank’s offering circular – the official offering document for the proposed bank’s common stock – interested parties should call Jensen at 435-668-5300 or email info@bankofstgeorge.com.

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