Organizers start raising capital for proposed Utah bank

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The group behind the proposed Bank of St. George in Utah has started raising capital.

Bank organizers, who have already contributed $1.5 million in initial capital, are looking to raise $18 million to $22 million by selling common stock.

Bruce Jensen, who would be the bank’s CEO, said in a Friday press release that the minimum investment will be 2,500 shares, sold at $10 each.

Organizers aim to open the only locally headquartered bank in St. George, which the U.S. Census Bureau recently identified as the nation’s third-fastest-growing city.

“Demographic experts are forecasting sustained growth in Washington County, and there will be increased demand for financing added infrastructure and new business,” Jensen said.

Jensen, a former president and CEO of Town & Country Bank in St. George, said he sees opportunity to improve customer experience.

Bank of St. George filed an application with the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions in April.

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Community banking De novo institutions Capital Utah