De novo group aims to open first Utah bank in decade-plus
Organizers of the proposed Bank of St. George in Utah have applied with the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions to open the first bank in the state in more than a decade.
The group, which announced the filing in a press release Thursday, also said it is aiming to raise $18 million to $22 million through a public offering of common stock.
The bank would serve small and midsize businesses as well as consumers throughout Washington County. It also plans to open a loan production office in Salt Lake County to serve other customers.
Bruce Jensen, former president and CEO of Town & Country Bank in St. George, would be the new bank's CEO. He was the CEO of Town & Country from its formation in 2008 to its 2017 sale to People’s Intermountain Bank.
P. West Martin is slated to 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 other executives are not being named at this time.
In the release, the organizers called St. George, Utah, "one of the fastest growing metro areas in the nation" and said the bank would be the city’s only locally based financial institution.
Fin Pro of Gladstone, N.J., and Nelson Mullins Riley & Scarborough of Greenville, S.C., advised Bank of St. George in its application process.