OGDEN, Utah, Dec. 19, 2018 – Douglas L. DeFries, President and CEO of Bank of Utah, announced that Bank of Utah has established a new foreign currency exchange department to better serve its customers. Doug Reichman has been appointed as vice president and manager of foreign exchange. The locally-owned and operated Bank has also signed an exclusive referral agreement with TurnPoint Foreign Exchange.
“We have built strong online banking, commercial lending, cash management, corporate trust and wealth management services through the years,” added DeFries. “Foreign exchange service is one more arrow in our quiver that will allow us to better help our customers.”
Establishing foreign currency exchange services has been a goal for the Bank, according to Roger G. Shumway, Bank of Utah’s Executive Vice President and Chief Credit Officer. “We’re pleased that the right opportunity and the right caliber of people have come together at this time, so that the Bank may offer foreign exchange services to our customers locally and globally. Bank of Utah is the only bank with corporate foreign exchange services headquartered and managed in Utah.”
Shumway, who will be overseeing the foreign exchange operations, explained that operating foreign exchange services locally gives Bank of Utah’s customers an opportunity to meet face-to-face, build a trusted relationship and talk about their foreign exchange needs with an expert in Utah.
“This agreement is a game-changer in the corporate foreign exchange space,” said TurnPoint’s CEO, Jason R. Langston.
Reichman has prior experience as a foreign exchange manager and expert for 21 years in the financial industry. Most recently, he served as vice president, foreign exchange manager for Umpqua Bank in Los Angeles and as vice president, senior foreign exchange advisor at California Bank and Trust. Reichman graduated from the University of Utah with a BA in Spanish and minors in chemistry and economics.
Langston is a 25-year veteran in foreign exchange services. Formerly, he served as foreign exchange relationship manager for First Security Bank and Wells Fargo Bank and then went on to be managing partner and CFO for GPS Capital Markets. He graduated from the University of Utah with a BA in accounting.