ST. GEORGE, Utah — The Federal Deposit Insurance Corporation (FDIC) and Utah Department of Financial Institutions (UDFI) have given conditional approval to organizers of Bank of St. George to open Utah’s first community bank in nearly twenty years. As the only financial institution headquartered in fast-growing Washington County, the bank will serve small to midsize businesses and consumers throughout Southern Utah. In addition, the new bank will launch a loan production office in Salt Lake County, which will focus on commercial borrowers in Northern Utah.
Recognizing the need for offering robust local banking solutions in one of the nation’s hottest markets, the bank’s organizing group formed in January and submitted its regulatory application in March.
Bank of St. George will be initially funded with $20 million in capital and will office in the heart of the city at 1 South Main Street―next to City Hall and across the street from both the historic St. George Tabernacle and the town square.
Leadership of the new bank includes Fred Lampropoulos as Chairman and principal shareholder, and Bruce Jensen as President/CEO. The bank’s Chief Credit Officer and Chief Financial Officer will join the bank later this year.
Lampropoulos recently stepped down as Chairman of Merit Medical Systems, Inc., after founding the company in 1987 and growing it to more than $1.6 billion in annual revenues and 7,600 employees. He was formerly the Chairman of the Tuacahn Center for the Arts and has had a residence in St. George for almost 25 years. He is a named inventor for several hundred United States patents, holds four honorary doctorate degrees, and is the recipient of several awards, including the Salt Lake Chamber’s Giant in Our City, the MountainWest Capital Network Entrepreneur of the Year, the Governor’s Medal for Science and Technology, and the Utah Business Hall of Fame. Lampropoulos also served as a Commissioned Officer in the United States Army Special Forces.
Jensen has had a long career in the banking industry, forming and leading several banks, including St. George-based Town & Country Bank, which was sold in 2017. Prior to its sale, Town & Country had become one of the most profitable and innovative banks in the country, winning Jensen industry visibility and national and regional “Banker of the Year” awards. That bank was also the semester-long case study for the Westminster College MBA “High Performing Organizations” class. Jensen is a past board member of the Utah Bankers Association and has authored several articles in bank industry publications. Both Lampropoulos and Jensen are past recipients of the “Utah Business CEO of the Year Award,” and both led companies that received Utah’s prestigious “Best of State Award.”
The Bank of St. George Board of Directors consists of Lampropoulos, Jensen, Kevin Smith, Craig Everett, West Martin, and Anne-Marie Lampropoulos. Smith is the CEO of Tuacahn Center for the Arts and is presently serving as Mayor of Ivins City. Everett, a St. George resident, is a Professor of Finance at Pepperdine University and also directs the largest college start-up competition in the nation. Martin is a former St. George banker who has been the chief credit officer at several community banks, including Town & Country Bank. Anne-Marie Lampropoulos is the former Vice President of Corporate Communications at Merit Medical Systems, Inc. and a published author.
According to Fred Lampropoulos, “Bank of St. George will be different than most banks. We’ll offer high-touch, concierge-style service to every single customer. Whether it’s via state-of-the-art digital means or via an in-person, one-on-one encounter, we’ll do everything possible to deliver the very best customer experience. St. George is a special place, and it deserves a special bank.”
Bruce Jensen said, “We want to know all our customers by name, and we’ll work hard to earn their trust. Every customer will have their banker’s mobile phone number. Right now, we’re in the midst of assembling a hometown team of seasoned, all-star bank professionals to ensure efficiency at every level and to deliver local credit decisions quickly.” Jensen believes the combination of a savvy revenue plan, a unique corporate culture, and innovative ideas will quickly set the new institution apart from others. A major focus of the bank, Jensen said, will be Small Business Administration (SBA) and other government-guaranteed lending.
Bank of St. George expects to open before year-end, when its core processing system is fully implemented.
During its organizational phase, Bank of St. George was advised by FinPro, Inc. and Nelson Mullins Riley & Scarborough LLC.