Sunwest Bank To Grow In Utah

Pete CodellaNews, Tax Credits

The Utah Governor’s Office of Economic Development (GOED) is pleased to announce that Sunwest Bank will be expanding its office in Utah, adding up to 63 new high-paying jobs in the state in the next five years. 

“In a state that is well-known for our entrepreneurship, we’re glad Sunwest Bank chose Utah to grow its business,” said Dan Hemmert, GOED’s executive director. “Sunwest Bank will provide many services needed for Utah entrepreneurs, and we hope Sunwest bank will feel at home in our state.”

Sunwest Bank is an entrepreneurial business bank serving the Western United States. The bank was founded in 1969 and has grown to be a pre-eminent business bank over the last 50 years. Sunwest Bank has a long tradition of serving entrepreneurs, small-medium businesses, privately held corporations, family offices, real estate developers, and investors. The company focuses on helping entrepreneurs achieve their American dream and giving back to the communities it serves.

“The state of Utah has done an excellent job building an environment where entrepreneurs and innovators can thrive,” said Carson Lappetito, president of Sunwest Bank. “Sunwest prides itself in being the bank for entrepreneurs, by entrepreneurs, and we’re excited to continue our growth in Utah.”

Sunwest Bank may earn up to 20% of the new state taxes it will pay over the five-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax credit. The GOED Board approved a post-performance tax credit not to exceed $524,523. Each year that Sunwest Bank meets the criteria in its contract with the state, it will earn a portion of the total tax credit. 

“The Financial Services industry is one of Utah’s largest in terms of number of firms and availability of talent,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah. “We’re confident that Sunwest Bank will find the ingredients to grow here quickly and efficiently.”

“Sandy City is home to several business and financial service companies and welcomes Sunwest Bank as a part of a growing and successful corporate community in The Cairns District,” said Nick Duerksen, Sandy City economic development director. “We’re excited to have Sunwest Bank as a corporate citizen of Sandy and look forward to a rewarding partnership and successful future.”

State of Utah Tax Credit Projections by the Numbers

Tax Revenue$2,622,614
Capital Investment$250,000
Timeline5 years

About Utah Corporate Incentives

The Utah Legislature has authorized economic development incentives in the form of post-performance tax credits. Eligible companies work with the Utah Governor’s Office of Economic Development to outline specific performance criteria. Once GOED confirms those criteria have been met, according to statute (U.C.A. 63N-2-106(2)), companies can receive a refund of up to 30% of the state taxes they paid for up to 20 years. The contract with the state is post-performance; it only provides a state tax credit if the company meets its obligations.