August 1, 2022

The American writer Greg Bear famously quipped, “It is the bullets you don’t hear that gets you.” Banks and other institutions are usually adept at avoiding liabilities when they properly understand their legal duties. But when legal duties are unclear or misapprehended, troubles can arise. So, what duties does a bank owe to its customers? And what, if any, duties does it owe to a non-customer?

BKD is now FORVIS! FORVIS, LLP ranks among the nation’s top 10 professional services firms. Created by the merger of equals of BKD, LLP, and Dixon Hughes Goodman, LLP (DHG), FORVIS is driven by the commitment to use their forward vision to deliver unmatched client experiences. FORVIS is built upon the strong legacies of BKD

ABA Insurance Services, Inc. 3401 Tuttle Rd., Ste. 300 Shaker Heights, OH 44122Mike Read(800) 274-5222mread@abais.comwww.abais.com Abrigo 5444 Wade Park Blvd., Ste. 400 Raleigh, NC 27607Candace Sundahl(512) 279-5797candace.sundahl@abrigo.comwww.abrigo.com B:Side Capital 3350 Brighton Blvd., Ste. 135 Golden, CO 80401Lauren Kloock(303) 657-0010lkloock@bside.orgwww.bsidecapital.org Backbase USA, Inc. 10 10th St. NE Atlanta, GA 30309Jacqueline Hickman(208) 800-2871jacqueline@backbase.comwww.backbase.com BancAlliance 4445 Willard Ave.,

Altabank JR Vera joined Altabank as a Commercial Loan Officer in the Salt Lake City Commercial Banking Center. Vera has 19 years of commercial banking experience, working at Chase and Commercial Funding, Inc. before coming to Altabank. Toby Reed joined Altabank as a Commercial Loan Officer in the Salt Lake City Commercial Banking Center. Reed

ALTABANK LAUNCHES BUSINESS ACCELERATOR PROGRAM WITH UTAH VALLEY CHAMBER
Altabank and the Utah Valley Chamber of Commerce have partnered to create a comprehensive “Business Accelerator”
program to meet the needs of growing businesses in the area. The program is currently fielding interest for cohort sponsorships and executive participants and is encouraging all Chambers of
Commerce in the Utah Valley region to get involved.

Often, using new information can help broaden understanding. For community banks, learning there are international business customers in their own
communities, but in unexpected places, may also open their eyes.

Craig White, Chairman of the Utah Independent Bank, was recognized as the 2022 Distinguished Banker in a presentation at the 114th Annual Utah Bankers Association Convention on June 28, 2022. White is the 27th recipient of the UBA’s highest honor, joining a prominent list that includes his father, Bob White, the 1993 recipient.

More than 400 bankers, guests, and business partners converged on Sun Valley June 26-29 for the 114th Annual
UBA Convention, gathering to explore the latest industry developments, reconnect with colleagues, and enjoy
some fun in the sun with family and friends.

Former treasury and ABA official Wayne Abernathy once described Utah as the “Silicon Valley of financial services.” Like its namesake, the innovation that implies has been remarkably successful. For at least the past 40 years, Utah banks of all kinds – traditional as well as the kind of branchless banks providing specialized services to national markets – have consistently ranked among the strongest and safest banks insured by the FDIC. This noteworthy success should be a model for the nation.

In the 14 years since blockchain technology’s invention, banks have been left to compete with emerging business models and new stores of value, while operating in an uncertain vacuum
of regulatory guidance. The resulting whiplash of lightning-fast innovation seemingly incapacitated the U.S. regulators of currencies, commodities, and securities.

When it comes to the creation of a U.S. central bank digital currency, many bankers take comfort in the conventional wisdom that any such move — if it happens at all — will take years to come to fruition. With many technical hurdles to overcome, not to mention the massive challenge in passing legislation to authorize a CBDC,
they believe time is on their side.

The need for learning and development in America’s banks has never been more urgent than it is today. COVID-19 instigated global disruption, transformed economies, and changed the nature of work and the workforce. The need to address the critical social dynamics of diversity, equity, and inclusion while meeting the desire of
younger generations for easy and immediate access to data has added an additional layer of stress and the need for training.

The Utah Bankers Association hosted its 17th Annual Women in Banking Conference on April 14, 2022. With nearly 150 attendees at the Salt Lake City Marriott University Park and over 300 more joining on Zoom, it was our largest Women’s Conference yet.

CHAIRMatt BloyeWells Fargo Utah Regional Banking DirectorSalt Lake City VICE CHAIRAndrea MossNelnet Bank President & CEODraper 2ND VICE CHAIRMark PackardCentral Bank PresidentProvo IMMEDIATE PAST CHAIREric SchmutzState Bank of Southern Utah President & CEOCedar City PRESIDENTHoward HeadleeUtah Bankers Association PresidentSalt Lake City CHAIR, REGIONAL BANK ADVISORY COUNCILBrittany WestoverJPMorgan ChaseIntermountain Region Manager, Middle MarketSalt Lake City CHAIR,

It would have been the largest acquisition of a community bank by a credit union – but word came in mid-June that the deal was off between VyStar Credit Union and Heritage Southeast Bancorporation after a failure to receive regulatory approvals. If completed, the deal would have made
Jacksonville, Florida-based VyStar the 13th largest credit union in the nation.

Recently, I was rummaging through my mother’s basement when I found a fascinating letter to my father from the White House, signed by Bill Seidman. I guess I
never knew of their relationship. The letter began, “The President and the Congress have agreed to hold a Conference on Inflation. They would appreciate your participation …”