New Bank of St. George to Raise Capital

Pete CodellaArticles

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Organizers for Bank of St. George (proposed) have begun raising capital for what is planned to be the first community bank formed in Utah in more than a decade. In April 2019, the group filed its application to open the bank with the Federal Deposit Insurance Corp. and Utah Department of Financial Institutions.

St. George is one of the fastest-growing metro areas in the nation. Bank of St. George will become the city’s only locally-headquartered financial institution and will serve consumers and small to midsized businesses throughout Washington County. Also, a loan production office in Salt Lake County will serve other customers throughout the state.

Bruce T. Jensen will serve as CEO of the proposed bank. Jensen was previously president and CEO of St. George-based Town & Country Bank from its start-up in 2008 to its 2017 acquisition by People’s Intermountain Bank. P. West Martin will be the new bank’s president and chief credit officer. Martin helped launch and manage Town & Country as an executive vice president and chief credit officer.

The bank’s proposed board of directors will include Louise Zeenati, Mike Housley, Doug Watts, Lori Chapman, Ron Caplin, Matt Hafen, Sam Palmer, Bruce Jensen, and West Martin. Advisors include Fin Pro, Inc. of Gladstone, New Jersey and Nelson Mullins Riley & Scarborough LLC of Greenville, South Carolina.

Jensen says: “Bank of St. George will deliver state-of-the-art electronic solutions in addition to an extraordinary level of personalized customer care. We’ll know all our customers’ names, and we’ll be able to ensure that banking decisions are made locally and quickly.” Jensen believes the combination of a savvy revenue plan, unique corporate culture, and innovative ideas will quickly set apart the new institution from others.

The bank is raising initial capital of $18 million to $22 million through an exempt public offering of its common stock.