Two new Utah industrial banks receive conditional approval from DFI

Two separate companies have received conditional approval to establish Utah state-chartered industrial banks. Commissioner Darryle Rude of Utah’s Department of Financial Institutions recently signed orders approving the establishment of Thrivent Bank and GM Financial Bank. The orders were signed on June 14 and are conditioned upon, among other things, the applicants obtaining federal deposit insurance from the Federal Deposit Insurance Corp.

The approvals are the third and fourth industrial banks approved in the state since Please log in to see the rest of this story.