What First Utah Bank does

First Utah Bank is a privately held community bank headquartered in Salt Lake City, Utah, operating seven branches across the Salt Lake City metropolitan area (Main Office, City Center, International, Lehi, Midvale, Riverton, and Sandy) with a 101–250 employee headcount and a 100-plus-year operating history. The bank serves two primary segments: individual consumers in Utah and small-to-medium-sized businesses, with a secondary commercial/enterprise book and a community-development posture through its Community Reinvestment Act program. Its product suite covers personal checking (Money Back, Full Service, Interest, Basic), savings, money market, CDs, debit and credit cards; business checking, savings, money market, debit and credit cards; lending products including SBA 7(a) loans up to $5 million (under SBA Preferred Lender status), term loans, lines of credit, and production builder financing; and treasury management services such as ACH origination, wire transfers, Positive Pay fraud detection, and merchant services delivered through a Select Bankcard partnership.

The technology stack is conventional community-banking infrastructure rather than proprietary platform technology: a Fiserv-powered internet banking portal, mobile banking apps with mobile deposit, secure email, Treasury Management Portal, SecureAlerts real-time notification system, and the IntraFi network for FDIC-insured multi-million-dollar deposit coverage (ICS and CDARS). There are no disclosed AI/ML capabilities, patents, or proprietary algorithms; all competitive technology differentiators identified are integration and safety features (Positive Pay, SecureAlerts, ICS/CDARS, Clover Station POS) rather than in-house IP.

Revenue is generated primarily through net interest income on the loan portfolio (SBA, term, lines of credit, CRE, production builder, personal lending) and through fee-based streams including deposit account service charges, treasury management fees, merchant services processing fees (via Select Bankcard), and overdraft/wire/transaction fees. Pricing is tiered by account type and balance band, with promotional CDs up to 3.85% APY and Business Money Market rates up to 2.47% APY at the $1M+ tier, indicating a competitive deposit-gathering posture. Go-to-market is sales-led and community-led: relationship bankers, branch presence, SBA lending programs, and CRA-driven nonprofit partnerships form the primary acquisition channels, supplemented by a 2024 website/digital platform redesign enabling online account opening.

Name

First Utah Bank

Legal name

First Utah Bank

Website

https://firstutahbank.com

Company type

Private

Founded year

1900

Operating status

Operating

Headcount range

101–250 employees

Short description

First Utah Bank is a privately held Salt Lake City community bank operating seven branches across the metro, serving individual consumers and small-to-medium-sized businesses in Utah with personal banking, business checking, SBA and commercial lending, treasury management, and merchant services.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Commercial Banking (522110)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

Keywords

• Community banking
• SBA loans
• Business checking
• Personal checking
• Treasury management

Headquarters

HQ city

Salt Lake City

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Interest Income from Lending: Primary revenue stream from interest earned on loans including SBA loans, term loans, lines of credit, commercial real estate loans, production builder loans, and personal lending products.
2. Deposit Account Fees and Charges: Fees from deposit accounts including monthly service fees on certain accounts (e.g., $12 for Full Service Checking if balance falls below $2,500), paper statement fees ($5/month), overdraft fees, and wire transfer fees.
3. Merchant Services Fees: Transaction fees and processing charges from merchant services partnerships enabling businesses to accept credit/debit card payments.
4. Interest on Deposits: Interest earned on customer deposits including checking, savings, money market accounts, and certificates of deposit.
5. Treasury Management Services: Fees for treasury management services including wire transfers, ACH origination, Positive Pay, Remote Deposit, and cash management solutions.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels8 records

Core offering

First Utah Bank is a privately held community bank providing personal and business banking services including checking accounts, savings products, money market accounts, CDs, debit and credit cards, SBA loans, term loans, lines of credit, production builder loans, treasury management, merchant services, and FDIC-insured deposit solutions through IntraFi/CDARS. The bank operates seven branches in the Salt Lake City metropolitan area and serves Utah-based individuals, small businesses, and commercial clients with locally decided loans and relationship-based service.

Product overview

First Utah Bank is a community bank offering a comprehensive suite of personal and business banking products organized as a unified banking platform with multiple product categories. Personal banking includes checking accounts (Money Back Checking with 3% cash back, Personal Checking, Full Service Checking with interest, Interest Checking), savings accounts (Personal Savings, Personal Money Market, Companion Savings), and debit cards. Business banking encompasses Free Business Checking, Business Checking, Business Savings, Business Money Market, Business Debit Cards, and Business Credit Cards. Business financing includes SBA Loans (7(a) program up to $5M, First Utah Bank is SBA Preferred Lender), Term Loans, Lines of Credit, and Production Builder Loans. Treasury Management services feature ACH Origination, Wire Transfers, Positive Pay fraud detection, and Positive Pay with Payee Matching. Merchant Services via Select Bankcard partnership include Clover Station POS terminals supporting retail, restaurant, mobile, and online payments. Digital banking encompasses Internet Banking, Mobile Banking, Bill Pay, eStatements, and real-time Alerts. Additional services include IntraFi Cash Service and CDARS for FDIC-insured deposit solutions. The bank operates multiple branches in the Salt Lake City area including Main Office, City Center, International, Lehi, Midvale, Riverton, and Sandy locations.

Differentiator

Problem solved

Functional benefit

Products and services

• Money Back Checking Personal checking account offering 3% cash back on net VISA debit card purchases with maximum payout of $15 per month, $25 minimum opening deposit, and no monthly service fee. For individual consumers in Utah.
• Personal Checking Basic personal checking account with $25 minimum opening deposit and no monthly service fee for individual consumers.
• Full Service Checking Interest-bearing personal checking account with no monthly fee when maintaining $2,500 daily balance, free checks, one free domestic wire per year, and Safe Deposit Box rental discount. For individual consumers seeking interest earnings.
• Interest Checking Personal checking account that earns interest on account balance with $25 minimum opening deposit and no monthly service fee. For individual consumers.
• Personal Savings Basic savings account with $25 minimum opening deposit for building emergency funds and saving for future goals. For individual consumers.
• Personal Money Market Money market account with tiered interest rates based on balance and $2,500 minimum deposit to open. For individual consumers seeking higher yield.
• Companion Savings Savings account paired with Full Service Checking, offering tiered interest rates with $25,000 threshold. For individual consumers.
• Certificate of Deposit (CD) Fixed-rate CDs with terms ranging from 6 to 60 months and $500 minimum deposit. For individual consumers and businesses seeking guaranteed returns.
• Free Business Checking Fee-free business checking account designed for startups with $100 minimum opening deposit, no minimum balance requirement, unlimited deposits and debit card transactions, and no charges for coin and currency deposits. For small businesses.
• Business Checking Accounts Business checking accounts for facilitating payment transactions, maintaining records of business expenses, improving credibility, and simplifying tax preparation. For small to medium-sized businesses.
• Business Savings Accounts Business savings accounts for separating personal and business finances, building emergency funds, earning interest on surplus funds, and facilitating budgeting and financial planning. For small businesses.
• Business Money Market Money market account for business deposits with competitive tiered interest rates based on balance. For small to medium-sized businesses.
• SBA Loans

Quantifiable outcome

• CRA 'Satisfactory' rating demonstrates bank's commitment and responsiveness to communities served
• +3 more outcomes

Named customers14 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature4 records

Partnerships

16 partnerships are on record, tiered core and minor.

• Select BankcardcoreTechnology or IntegrationFirst Utah Bank partners with Select Bankcard, a local payment processing company, to provide merchant services solutions to Salt Lake City businesses and businesses throughout the US. Select Bankcard offers retail, restaurant, mail order, telephone, internet, mobile, check processing, and gift card payment solutions including Clover Station POS terminals.
• The Power of KindminorStrategic or Co-development PartnerFirst Utah Bank partners with The Power of Kind, a nonprofit organization dedicated to promoting kindness and creating positive impact in local communities. The partnership supports the organization's mission to spread goodwill and foster a culture of compassion through small acts of kindness.
• IntraFi Network (ICS and CDARS)coreTechnology or IntegrationFirst Utah Bank offers IntraFi Cash Service (ICS) and CDARS (Certificate of Deposit Account Registry Service) through the IntraFi network, enabling depositors to access multi-million-dollar FDIC insurance coverage by placing deposits across multiple FDIC-insured institutions through a single bank relationship.
• Utah Food BankminorGTM or Marketing PartnerFirst Utah Bank supports the Utah Food Bank through its Community Reinvestment Act program, providing financial contributions and volunteer work to address food insecurity in the community.
• Utah Humane SocietyminorGTM or Marketing PartnerFirst Utah Bank supports the Utah Humane Society through its CRA program, contributing to animal welfare initiatives in the community.
• Boys & Girls Clubs of UtahminorGTM or Marketing PartnerFirst Utah Bank supports the Boys & Girls Clubs of Utah through its CRA program, providing financial contributions and volunteer support for youth services.
• Tabitha's Way – North PantryminorGTM or Marketing PartnerCRA program recipient; First Utah Bank provided support for purchasing refrigeration equipment to help combat food insecurity in Northern Utah County.
• Neighborhood HouseminorGTM or Marketing PartnerCRA program partner providing affordable daycare and support services; partnership aligns with First Utah Bank's community-driven goals.
• Maliheh Free ClinicminorGTM or Marketing PartnerCRA grant recipient; First Utah Bank grant helped with training and computer system upgrades ensuring continued free medical services to uninsured and low-income individuals.
• Women of the WorldminorGTM or Marketing PartnerCRA program recipient supporting displaced women with English classes, career development, and mentorship. First Utah Bank provided a $36,127 donation to support this nonprofit.
• USANA Kids Eat – Taylorsville ElementaryminorGTM or Marketing PartnerCRA program recipient through USANA Foundation; First Utah Bank provided $36,127 donation to combat child hunger at Taylorsville Elementary where 77% of students are on free/reduced lunch program.
• The Green Urban LunchboxminorGTM or Marketing PartnerCRA grant recipient; First Utah Bank grant aids expansion of urban gardens connecting Salt Lake County residents with fresh, healthy produce.
• International Rescue Committee (IRC) – Salt Lake CityminorGTM or Marketing PartnerCRA program partner helping refugees and immigrants thrive in America through comprehensive resettlement services.
• Discovery Gateway Children's Museum / The Children's CenterminorGTM or Marketing PartnerCRA program partner supporting mental health services for young children from low-moderate income households through The Children's Center.
• ShelterKids, Inc.minorGTM or Marketing PartnerCRA grant recipient providing emergency residential care, temporary housing, counseling, and healthcare for abused or neglected children in Salt Lake County.
• Salt Lake MissionminorGTM or Marketing PartnerCRA program partner providing food, clothing, and essentials to homeless and underserved in Salt Lake City, including residential rehabilitation program for men struggling with addiction.

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Regional players

• Mountain America Credit Union: One of the largest credit unions in the US, headquartered in Utah with extensive branch and ATM coverage across the Salt Lake City market. Directly competes for consumer checking/savings and small business deposits within First Utah Bank's core geography.
• WebBank: Utah-chartered industrial bank that partners with fintechs and brands to provide private-label credit products and lending balance sheets. Overlaps with First Utah Bank on Utah-based commercial banking and partnership-led revenue models.

Direct peers

• Bank of Utah: Another privately held community commercial bank headquartered in Ogden, Utah, offering personal and business banking, SBA lending, treasury management, and commercial real estate services across multiple Utah branches — the most direct analog to First Utah Bank within the same state and segment.
• Pinnacle Financial Partners: A large community bank known for local-decision-making and SMB-focused relationship banking. Highly comparable on positioning, product set, and growth-orientation despite operating in a different geography.
• First Foundation Inc. A community-focused bank providing commercial banking, SBA lending, treasury management, and consumer banking to SMB and professional customers across the western US. Comparable in scale and product breadth to First Utah Bank.
• Glacier Bancorp: A community banking holding company with multiple community bank subsidiaries across the western US. Comparable operating model of multi-branch community banking with SBA lending, treasury management, and small business focus.
• Pacific Premier Bank: A US community commercial bank focused on small to middle market business banking, SBA lending, treasury management, and commercial real estate. Comparable in business model emphasis on relationship-based SMB banking that First Utah Bank pursues.
• CVB Financial / Citizens Business Bank: A California-based community commercial bank with strong SBA and treasury management franchise for small and middle market businesses. Closely comparable operating model and product mix to First Utah Bank.

Broad incumbents

• Zions Bancorporation: The largest Utah-headquartered bank holding company (operating Zions Bank, Vectra, and other brands) with deep Utah SMB and commercial banking presence. Competes with First Utah Bank for the same Salt Lake City SMB and consumer customers but with vastly greater scale.

Emerging players

• Ally Bank: A leading digital-first bank with no Utah branch footprint. Competes indirectly with First Utah Bank on deposit rates, savings products, and consumer banking relationships for digitally native Utah residents.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

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• Facebookfacebook.com/firstutahbank

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Utah Bank