Bank of St. George Coming Soon

Southern Utah could soon have a new hometown bank, with organizers of the Bank of St. George receiving conditional approval from both the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions.

$20 Million Initial Fund

The proposed bank says it would become Utah’s first new community bank in nearly 20 years and the only financial institution headquartered in fast-growing Washington County. Plans call for serving consumers along with small and midsize businesses throughout Southern Utah. Bank of St. George is expected to be initially funded with $20 million in capital and will be headquartered at 1 South Main Street in downtown St. George, next to City Hall and across from the historic St. George Tabernacle and Town Square. The bank also plans a loan production office in Salt Lake County focused on commercial borrowers in Northern Utah. The organizing group formed in January and submitted its regulatory application in March, moving quickly toward the conditional approvals.

The Leadership

Leadership includes Fred Lampropoulos, chairman and principal shareholder, and veteran banker Bruce Jensen, president and CEO. Lampropoulos founded Merit Medical Systems in 1987 and helped grow the company to more than $1.6 billion in annual revenue and 7,600 employees. He has also been involved with the Tuacahn Center for the Arts and has maintained a residence in St. George for nearly 25 years.

Concierge-Style Banking

Lampropoulos tells KDXU News that the new bank intends to offer a different kind of customer experience. “We’ll offer high-touch, concierge-style service to every single customer,” he said. “Whether it’s via state-of-the-art digital means or via an in-person, one-on-one encounter, we’ll do everything possible to deliver the very best customer experience. St. George is a special place, and it deserves a special bank.”The bank says its approach will include concierge-style service, combining modern digital banking with one-on-one customer relationships. Jensen said customers will have access to their banker’s mobile phone number, while the institution also plans a major emphasis on Small Business Administration and other government-guaranteed lending.

The Board

The board includes Lampropoulos, Jensen, Tuacahn CEO and Ivins Mayor Kevin Smith, Pepperdine University finance professor Craig Everett, longtime banker West Martin and former Merit Medical executive Anne-Marie Lampropoulos.

Bank of St. George expects to open before the end of 2026 once its core processing system is fully implemented.