Established by Congress in 1977, the Community Reinvestment Act encourages banks to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. The CRA requires that banks' efforts be evaluated periodically, and the report be publicized.
Bank of Utah received a rating of “Satisfactory” in its most recent CRA Performance Evaluation, which spans Jan. 21, 2021 through April 25, 2023. The rating reflects the Bank’s commitment and responsiveness to the communities it serves.
2024 CRA Highlights
At Bank of Utah, our mission is rooted in restoring local jobs, expanding economic opportunity and investing in the future of our great state.
During the 2024 review period, our lending activity reflected a strong commitment to meeting the credit needs of our communities. The Bank originated 45 community development loans, totaling $344 million.
Several of these loans supported essential infrastructure projects, including upgrades to power transmission lines and the construction of a new substation to bring electricity to rural areas. We also helped finance multiple water treatment facilities. In addition to infrastructure, many of our loans contributed to economic development by creating jobs for low- to moderate-income individuals and supporting small business growth.
Since our founding in 1952, we’ve remained deeply committed to uplifting our communities and the people who live in them. In 2024, our team members contributed 1,598 service hours — 845 of which qualified under CRA guidelines —across 77 organizations. These included Family Promise of Ogden, Junior Achievement, YCC Family Crisis Center, Weber-Morgan Children’s Justice Center and many others. Through these efforts, employees delivered financial literacy education, supported nonprofits aiding abuse victims, and assisted organizations focused on job training and vital services for low- and moderate-income families.
Our CRA investment target is 5 percent of the total investment portfolio. At the end of 2024, Bank of Utah’s CRA-qualified investments totaled $55,733 — representing 18.49 percent of our total investment portfolio, 1.69 percent of total assets and 13.62 percent of capital. For investments, the Bank has placed a strong emphasis on affordable housing, helping expand access to safe, stable homes for individuals and families across our communities.
In addition to our investment efforts, Bank of Utah provided $162,424 in CRA-qualified donations to nonprofit organizations within the communities we serve.