Industry Briefs 2-10-25

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ACCOUNTING

• BPM LLP, a San Francisco-based public accounting and advisory firm, has expanded to Salt Lake City with a new office and resident partner. Kyle Bybee, BPM tax partner, will serve as head of BPM’s Salt Lake City office, relocating from Nevada. Bybee has been in the accounting industry, both public and private, for 15 years in Washington D.C.; Dallas; Salt Lake City and Las Vegas. Originally with a Big Four accounting firm, he moved to a private family office for several years before joining BPM. His education includes a BS in accounting and a Master of Accountancy, both from Brigham Young University. Tim Cantrell is also part of the Salt Lake City leadership team. He has over two decades of Big Four experience, part of over 35 years of experience in professional services. He also has experience at IBM and two VC-backed software companies.

BANKING

• TAB Bank, based in Ogden, has extended a $12 million credit facility to support Steel Capital Management as it provides capital solutions to accelerate growth for direct-to-consumer companies. Steel Capital Management is based in New York City.

CORPORATE

• Blue Sun Manufacturing, a Pleasant View-based precision machine shop, has announced a rebrand to Torq Manufacturing. The change, the company said, “reflects the company’s growth and evolution over the past 14 years.” Founded in 2010 to develop and manufacture components for LED lighting, the company has since shifted focus to becoming a precision machining partner for other high-tech industries, including aerospace, medical, firearms and consumer goods. The rebrand, which includes a new website, was developed in collaboration with Michigan-based Marketing Metal.

DIVIDENDS

• The board of directors of Zions Bancorporation NA, based in Salt Lake City, has declared a regular quarterly dividend of 43 cents per common share. The dividend is payable Feb. 20 to shareholders of record Feb. 13. The board also declared the regular quarterly cash dividend on the company’s Series A perpetual preferred shares. The cash dividend on the preferred shares is payable March 17 to shareholders of record March 1. Zions operates banks in 11 western states.
• The board of directors of Medallion Bank, a Salt Lake City-based provider of consumer loans for the purchase of recreational vehicles, boats and home improvements, along with loan origination services to fintech strategic partners, has declared a quarterly cash dividend of 50 cents per share on the bank’s fixed-to-floating rate non-cumulative perpetual preferred stock, Series F, which trades on the Nasdaq Capital Market under the ticker symbol “MBNKP.” The dividend is payable April 1, to holders of record March 17.

ECONOMIC INDICATORS

• Salt Lake City is ranked No. 84 on a list of places with the most optimistic business leaders in 2025, based on a survey by Alta Technologies. It said Salt Lake City’s factors contributing to the positive outlook among business leaders are that the city remains a top business destination, with strong job growth in tech, finance and outdoor recreation industries. Also, its business leaders are confident about continued hiring. The top-ranked location overall is North Las Vegas. Details are at https://altatechnologies.com/pages/business-buzz.
• The top-ranked career path in Utah is Brigham Young University to Intermountain Healthcare, according to a survey of young adults by Career.io. Its survey nationwide identified the most sought-after university and first-employer pairings across states. The survey indicated that in Utah, Brigham Young University’s health sciences and business programs align perfectly with Intermountain Healthcare. Graduates have the opportunity to contribute to advancements in medical care and community wellness, highlighting Utah’s dedication to improving healthcare innovation. The No. 2 combination in Utah is Utah State University to Adobe in Lehi. No. 3 is the University of Utah to Qualtrics. Details are at https://career.io/career-advice/survey-gen-z-most-wanted-university-and-employer-pairs.
• Utah is ranked No. 43 among states for the number of dentists per capita, a list compiled by MyBioSource. Utah has 1,441 people per dentist, a 29-person improvement from five years earlier. In Utah, the most improvement was in Garfield County. The least was in Emery County. Nationally, the number of people per dentist fell by 79 over five years, representing a shift toward improved dental care availability. Only two states, Delaware and Rhode Island, saw an improvement in the ratios. Mississippi saw the number of people per dentist fall from 2,121 to 1,939. Details are at https://www.mybiosource.com/learn/dental-divide/.
• Given a choice, Utahnsoverwhelmingly would adopt California’s labor laws in their state, according to a survey by Bisnar Chase. Utah respondents identified a higher minimum wage as the law they desired most, at 34 percent. Flexible work schedules finished at 33 percent, followed by more paid vacation days (18 percent), stronger union protections (8 percent) and paid family leave (7 percent). Nationally, California finished at No. 1 for most desired labor laws. Utah is No. 45. The least-desired are in Wyoming. Details are at https://www.bestattorney.com/most-envied-states-to-work/.
• Three Utah destinations are on a list of among locations that are best for senior travel, compiled by Freedom Showers. They are No. 71 Cedar City, No. 82 Brigham City and No. 172 Kanab. The top-ranked location overall is Venice, Florida. Details are at https://www.freedomshowers.com/blog/survey-senior-travel-trends-top-winter-destinations-2025/.

EDUCATION/TRAINING

• The David Eccles School of Business and the University of Utah have announced that the Goff Strategic Leadership Center has been elevated to the Goff Strategic Leadership Institute. The name change, they said, “reflects the Institute’s expanded scope, impact and vision for the future of leadership education.” Supported by an endowment and a recent $10 million gift from Gregory J. Goff, the institute offers leadership programs for students, alumni and professionals, equipping individuals and organizations with the skills to tackle real-world challenges, embrace ambiguity, and challenge the status quo. Since 2020, the institute has experienced a 700 percent increase in demand for its undergraduate programs, engaging students from nearly 80 majors and 13 colleges across the University of Utah. This includes over 3,000 undergraduate and graduate students, along with over 1,000 local business professionals.

HEALTH CARE

• The American Lung Association is urging Utah lawmakers to focus on increasing the tax on all tobacco products to reduce the overwhelming human and financial burden of tobacco use. The association’s 2025 “State of Tobacco Control” report evaluates state and federal policies on actions taken to eliminate tobacco use and recommends tobacco control laws and policies. Utah received “A” grades on funding for state tobacco prevention programs, and for coverage and access to services to quit tobacco. It received a “B” grade for the strength of smokefree workplace laws, and “F” grades for level of state tobacco taxes and ending the sale of all flavored tobacco products. Increasing taxes on all tobacco products, including e-cigarettes, is one of the most effective ways to reduce tobacco use, especially among youth, the association said. It recommends that Utah should increase its tax on cigarettes by at least $1 per pack and make the tax on other tobacco products equal to the cigarette tax. Report also had grades for the federal government. Details are at lung.org/sotc.

INVESTMENTS

• Pelion Venture Partners, based in Draper, has announced it has raised $500 million for its eighth venture fund. Pelion was established in 1986 and had an early focus on medical devices and software. In its two most recent funds, about half of the investments have a Utah tie “and we expect that trend will continue with Fund 8,” Pelion said.
• Balboa Solutions, a Salt Lake City-based consulting firm specializing in Pendo software platform services, has announced a strategic investment from GreenShoot Innovation, a Kansas City-based technology investment firm. Financial terms were not disclosed. Balboa said the investment sets it up to play a significant role in Pendo’s expansion into new market segments.
• EVŌQ Nano, a Salt Lake City-based company that engineers novel nanoparticles for the life, material and textile science industries, has announced a strategic investment from Tony Robbins, business and life strategist, bestselling author, entrepreneur and philanthropist. The amount was not disclosed. The company said the partnership will support the continued development of the company’s antimicrobial nanoparticle platform. Robbins will join the company’s advisory board.

MILESTONES

• Swig, a Leh-based soda chain, has reached a milestone of 100 stores in 14 states. The company was founded in 2010 by Nicole Tanner in St. George.

PARTNERSHIPS

• Electricity utility Rocky Mountain Power and Torus, a South Salt Lake-based builder of smart, secure mini power plants, have signed a memorandum of understanding outlining a strategic partnership, including exploration of 70 megawatts of demand-response capacity using Torus Nova technology. The aim is to provide cost-effective grid reliability for the region’s growing energy needs and support Utah’s “Operation Gigawatt” initiative to double Utah’s power production over the next 10 years. The opportunity is enabled through Rocky Mountain Power’s virtual power plan, specifically the Wattsmart Battery program. The partnership will deploy Torus’s Nova Spin and Nova Pulse technologies across multiple sites. These innovations allow for real-time response and deliver twice the lifespan of traditional batteries. The partnership could provide enough additional flexible capacity to power approximately 20,000 homes during demand response events. Following completion of technical and commercial discussions, implementation could begin in early 2025, with deployment targeted by year-end.

PHILANTHROPY

• The doTerra Healing Hands Foundation, a nonprofit organization, sent 6,950 relief kits to the affected areas of the California wildfires, which will be distributed by 134 company Wellness Advocates. The relief kits include personal care items, essential wellness products, and comforting supplies aimed at providing relief and hope to those navigating the aftermath of the fires. The Wellness Advocates also came together to assemble 72-hour emergency relief hygiene kits at the company’s Lindon Fulfillment Center.
• Gabb, a Lehi-based company focused on kid-safe technology, has announced it expanded its impact in 2024 with hundreds of hours in volunteer time, and tens of thousands of dollars of donated products and financial support. Among the highlights are 6,944 hours of “disconnecting to connect” time, when Gabb employees and customers committed to reducing smartphone use, emphasizing healthier digital habits and engaging more mindfully with the world around them; awarding more than $25,000 in grassroots impact monetary grants to prominent organizations, including Big Brothers Big Sisters, Wait Until 8th and Show Up for Teachers; donating devices valued at over $10,000 to schools and organizations serving children; and 827 hours of employee volunteering to causes. Among those benefiting are Junior Achievement of Utah, Habitat for Humanity Utah County, Primary Children’s Hospital, La Gaviota, Live Your Dream, SheTech, Tech-Moms, Thistle Farms, United Way, Utah Parent Center, and White Ribbon Week.

REAL ESTATE

• KBS, an owner and operator of commercial real estate buildings, has signed 62,599 square feet of new, renewal and expansion leases at Millrock Park, a four-building, 494,289-square-foot Class A office park at 6550 S. Millrock Drive, Holladay. Financial terms were not disclosed. The KBS leases in 2024 include those with a regional energy development firm for a 14,077-square-foot expansion; law firm Bennett Tueller & Deere for a 2,356-square-foot new lease; and Chargezoom Inc. for 11,321 square feet. Also, Willmeng Construction, an Arizona-based commercial general contractor serving the Southwestern U.S., is leasing 5,851 square feet for its local Utah office. Colliers Utah assisted KBS in the lease transactions. Brandon Fugal, Josh Smith and Angela Kroneberger at Colliers represented KBS in the lease transactions. Millrock Park was constructed in 2005.

RECOGNITIONS

• Bank of Utah is ranked “Gold,” or first place, on a list of “2025 Best Banks by States,” compiled by GOBankingRates. KeyBank earned Silver and State Bank of Southern Utah earned Bronze. To derive the rankings, GOBankingRates researchers conducted a review of FDIC data and product offerings of Utah banks. To qualify as a winner, banks needed a minimum of five branch locations. GOBankingRates ranked banks based on total assets, Bauer ratings, minimum deposits, fees, APY, products/services offered, total branch locations and more. Details are at https://www.gobankingrates.com/banking/banks/best-banks-by-state/.
• Chartway Credit Union, based in Virginia and serving customers in Virginia, Utah and Texas, recently received the Dora Maxwell Social Responsibility Community Service Award by the League of Credit Unions & Affiliates for its multicultural strategy. The company received the honor during the 2025 Virginia Advocacy conference. The award is given to a credit union for its social responsibility projects within the community. Chartway was recognized for its multicultural outreach strategy aimed at bridging financial gaps and fostering inclusion for the underbanked and underserved communities in its markets.

SPORTS

• Skijoring Utah will take place Feb. 14-15 at the Wasatch County Rodeo Grounds in Heber City. The event will blend skiing and horseback riding. Competitors will race through a snow-covered course featuring jumps, gates and rings, all while being pulled by horses at high speeds. Races begin at 2 p.m. Feb. 14 and 9 a.m. Feb. 15. Competition is open to all levels, from first-time riders to experienced professionals. Details are at SkijoringUtah.com.

TRANSPORTATION

• Four Corners Regional Airport in Farmington, New Mexico, will launch daily nonstop United Express service to United’s Denver International Airport hub beginning May 8. SkyWest Airlines, based in St. George, will operate the route with 50-passenger Mitsubishi CRJ200 aircraft. From its Denver International hub, United Airlines and United Express operate over 500 nonstop daily departures to about 180 destinations, including 21 international destinations.