Pub. 8 2020 Issue 3

Amy Renner Hendricks has joined Bank of Utah to serve as a digital content writer, having previously worked as senior writer/editor for Weber State University’s Department of Marketing & Communications, and as writer/project manager for WSU’s Dr. Ezekiel R. Dumke College of Health Professions. She has a B.S. in communications from the University of Tennessee-Knoxville.

Bank of Utah kicked off a “Reaching New Heights” fundraising campaign in July to help Weber County Search and Rescue (WCSAR) purchase a new $30K high-tech drone that would significantly cut rescue time in reaching stranded and injured people in the county’s diverse terrain. Bank of Utah and WCSAR hosted an event at Weber State University on July 16, featuring a demonstration of the drone for invited guests and the press.

When a borrower defaults on its loan, its lender is faced with a major decision — will it exercise its remedies under the loan documents, including foreclosing on the collateral?

In this era of digital banking, it may be surprising just how many people still write checks — and why. Just as surprising is the lost opportunity financial institutions face by missing out on check order capture at account opening or leaving it up to third-party providers to drive check reorders. There’s money being left on the table, and the revenue potential of check programs is being downplayed.

Lending competition is accelerating as banks implement digital tools and embrace partnerships with financial technology firms (fintechs). Various industrial banks, in Utah and elsewhere, have created a successful business model working with fintechs to offer a variety of lending products. Now, traditional banks are also looking at accelerating their digital strategies as both businesses and consumers become increasingly comfortable with online lending.

Rewards for running a tight construction loan portfolio are huge and can lead to massive growth. Failure in construction lending can be catastrophic and has led to the collapse of many financial institutions. Being prepared for a recession, while poised for growth can be difficult. Here is what you need to know to run a successful construction portfolio so your Financial Institution (FI) reaps the rewards and skips the failure.

The 112th Annual Utah Bankers Association Convention looked a little different this year. With the COVID-19 Pandemic, the UBA made the difficult decision to move the annual convention from Sun Valley, Idaho, to a virtual format so bankers and those attending could stay safe and healthy. Teaming up with four other states, Idaho, Nevada, Oregon and Washington, and over 1,200 attendees, this year’s convention was one for the books.

On Sept. 10, 2020, we were finally able to hold our first in-person event! Following all local rules and guidelines, wearing masks and practicing social distancing, we held our first face to face event.

This year’s annual Women in Banking Conference looked a little bit different. Just three weeks before our conference in April, we had to switch gears due to the COVID-19 pandemic and postpone the conference until August in hopes that we would still be able to meet in person.

There has been plenty of discussion over the last many months about how the community banking world might look when we come out of this pandemic. Speculation and opinions are all over the board. The economic fallout is of great concern, and community lenders find themselves juggling priorities and recalibrating for the future.