Several former officers of Town & Country Bank in St. George have filed the necessary application to form a new independent bank. Bruce Jensen, president and CEO of Town & Country until it was acquired by American Fork-based People’s Utah Bankcorp in 2017, said in a release that organizers of the proposed Bank of St. George have filed an application with the Federal Deposit Insurance Corp. and Utah Department of Financial Institutions to operate a full-service community bank. If approved, Bank of St. George will be the first community bank formed in Utah in more than a decade.
Jensen, one of the co-founders of Town & Country Bank, said that Bank of St. George will become the city’s only locally headquartered financial institution and will serve small to midsize businesses and consumers throughout Washington County. In addition, the bank will open a loan production office in Salt Lake County to serve customers in the northern part of the state.
Jensen will be the CEO of the proposed bank and another Town & Country co-founder and former executive vice president and chief credit officer, P. West Martin, will be the bank’s president and chief credit officer. Jensen said other executives and employees will be named later.
The proposed board of directors for the bank will include Louise Zeenati, Mike Housley, Doug Watts, Lori Chapman, Ron Caplin, Matt Hafen, Jensen and Martin, as well as another individual to be named later.
“Bank of St. George will deliver state-of-the-art electronic solutions in addition to an extraordinary level of personalized customer care,” said Jensen. “We’ll know all our customers’ names, and we’ll be able to ensure that banking decisions are made locally and quickly.”
Organizers plan to raise initial capital of $18 million to $22 million through a public offering of its common stock.
Fin Pro Inc. of Gladstone, New Jersey, and Nelson Mullins Riley & Scarborough LLC of Greenville, South Carolina, advised the bank’s organizing committee through the application process.