Utah Financial Institutions

Department of Financial Institutions regulates 25 banks, 69 credit unions, 35 industrial banks, 2 savings and loans and 2 trust companies. There are also 11 national banks, 3 out of state banks, 50 federal credit unions and 6 federal savings and loans, operating within the state of Utah.

As of June 30, 2004 Utah depository institutions had combined total assets of 212.4 billion dollars. Of that total, 57.3 billion were in banks, 9.0 billion were in credit unions, 108.9 billion were in industrial banks and 37.2 billion were in savings and loans associations.

All banks, credit unions, savings and loans and industrial banks operating within the state of Utah have its deposits insured by the Federal Deposit Insurance Corporation (FDIC).

There are approximately 192 residential mortgage lenders, brokers and servicers conducting business in Utah. The Utah Division of Real Estate is now the primary regulator of residential first mortgage lenders and brokers.

For the fiscal year ended September 2003, Zions First National Bank approved 355 US Small Business Administration loans in Utah, ranking Zions Bank as the State’s top provider of SBA loans to small businesses. In Utah, approximately 97 percent of businesses qualify as “small businesses”, (businesses with fewer than 500 workers).