article thumbnail

A Utah bank is gone after 16 years of losses. Why did it survive so long?

American Banker

Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.

Utah 63
article thumbnail

FDIC's unusual order against tiny Utah bank: Sell yourself or liquidate

American Banker

One of the smallest banks in the country hasn't consistently made a profit since 2007 and has been the subject of enforcement actions. The FDIC's public rebuke against it indicates a last-ditch effort to figure out a less messy solution than receivership.

FDIC 72
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Data privacy: How to keep customer data safe

Independent Banker

But as the prevalence of security breaches grows, so do the opportunities for community banks to position themselves as guardians of their customers’ personal data through compliance, technology and relationship building. By Katie Kuehner-Hebert. Data privacy and security is a hot topic and is only getting hotter. Bob Hickok.

Data 91
article thumbnail

Small Utah bank is again in 'substantial noncompliance' with CRA

American Banker

(..)

Utah 52
article thumbnail

CFPB announces new appointments to advisory groups

CFPB Monitor

The CFPB announced the appointment of new members to its Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council. New members to the Consumer Advisory Board will serve three-year terms and new members to the Community Bank and Credit Union Advisory Councils will serve two-year terms.

Groups 60
article thumbnail

2021 GonzoBanker Awards

Gonzobanker

GonzoBanker of the Year – Bank. There are lots of entrepreneurial leaders in the banking space today, but this year the nod goes to Randy Chesler at Glacier Bancorp. Goes to Eric Sprink, Coastal Community Bank , Everett, Wash. The Gonzo Inn in Moab, Utah! 82% to over 2.3% Inspirational? You tell us.

Fintech 148
article thumbnail

5 ways AI can improve customer service

Independent Banker

AI can help solve customer pain points—but does it mean community banks will lose the personal touch they pride themselves on? As community bankers themselves tell us, the answer is no. The estimated amount of money banks will save by using AI applications by 2023. billion-asset Sunwest Bank in Sandy, Utah.