Altabank may be the largest bank in Utah that you haven’t heard of. Until recently, their business was done under three names – Bank of American Fork, Lewiston State Bank and People’s Town and Country Bank. Between these, there is a history going back over 100 years.
With 26 branches from St. George, Utah to Preston, Idaho, Altabank is a full-service bank, providing loans, deposit and cash management services to businesses and individuals.
Why the name change?
While it’ s the largest community bank in Utah, some customers weren’t comfortable bringing in business because the thought was it is too small. “You’re just in American Fork” or “You’re just in Lewiston”.
Renaming to Altabank and clarifying the mission ‘To Be the Best Bank for Your Business’ really speaks to the size, experience and ability to support complex small- and mid-size business needs that it has been delivering for over a century.
What separates it from national banks?
Unlike a typical national bank, Altabank knows their customers because they are ingrained in the communities they serve.
Technology allows to do anything a national banks can, but at the end of the day it’s not just running applications through a machine. Altabank solves problems across the desk, looking people in the eye.
Altabank’s unique offerings for small businesses?
Clients have direct access to bankers and decision makers who work to understand specific needs and offer customized solutions designed specifically to meet them.
It offers expertise and guidance on sales, acquisitions, business consulting, financing and exit strategies, to name a few.
Altabank impact on Utah’s economy?
Altabank believe it’s important to let people know that, as a community bank in Utah, it understands that it has an impact on the Utah economy and its poeple. For example:
Between 2018 and 2019, it have fulfilled 132 SBA loans totaling $88M, in commitment to helping small businesses across the state.
The community development loan program has helped small businesses create and retain 4546 jobs from 2017-2019.
In 2018 the state issued permits to build 12,760 new single-family homes with a combined value of $3.4B. That year Altabank completed 908 loans for building new single-family homes with a combined total of $457M. In other words, it funded 7% of the new homes built last year and contributed 12.5% of the total value of those homes
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