Salt Lake City — Altabank, Utah’s largest community bank, today announced it was again honored with the prestigious Utah Best of State Award in the Community Banking category. This marks the second consecutive year Altabank has been presented with the award.
“Altabank is honored to have the culmination of our work recognized by Best of State, and we sincerely thank our clients, the community and our entire Altabank family,” said Len Williams, CEO and president of Altabank. “Our dedication and commitment to serving Utah is something we take very seriously, and we look forward to a strong future and ongoing growth as Altabank continues to help power the community’s success.”
With $3.5 billion in assets, Altabank is the largest community bank in Utah. At the end of the first quarter of 2021 Altabank’s total assets grew $1.04 billion, or 42%, year-over-year to $3.52 billion, and total deposits grew $1.04 billion, or 49%, year-over-year to $3.16 billion. As important, in 2020, the bank fulfilled more than 300 SBA loans through PPP totaling $84.6 million, demonstrating its commitment to helping small businesses across the state.
For over 100 years Altabank has been a partner in those communities it serves. Bank employees serve on organizational boards spanning social services, education, and the arts. Organizations include NeighborWorks, Habitat for Humanity, CAPSA, Operation Underground Railroad, and Utah Symphony and Utah Opera. This year saw the bank hold its first Day of Service, allowing employees to take a day to dedicate time to a community organization of their choice. Altabank also contributes close to $1 million a year to hundreds of organizations across Utah and Southern Idaho.
The Best of State Awards recognizes people, organizations and businesses that are achieving, innovating and improving the quality of life in Utah. Award recipients are evaluated on overall achievement, excellence in products, and service and industry-changing innovation.
For more information on Altabank, visit altabank.com.
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About AltabankTM
Altabank’s substantial growth has led it to become the largest community bank in Utah. A subsidiary of Altabancorp (NASDAQ: ALTA) with 25 retail banking locations from Preston, Idaho to St. George, Utah, Altabank is a full-service bank, providing loans, deposit and cash management services to businesses and individuals. Altabank’s clients have direct access to bankers and decision makers who work to understand their specific needs and offer customized solutions designed specifically to meet them.
About the Best of State Awards
The Best of State Awards were created to recognize the people, organizations, and businesses that are achieving, innovating and improving the quality of life in Utah. Judges review submitted material and online nominations, and assign three separate scores to each nominee, for a total of 100 possible points. Fifty percent of the points are for overall achievement and excellence in service, products, or performance. Another thirty percent is for innovation, creativity, and differentiation. The remaining twenty percent is for contributions that make Utah a better place to live. Each company is measured against the Best of State Motto: “Excelling and Surpassing All Else."