Utah has strong local and nationally chartered banks with the experience to work with all the financial needs of business in Utah. As of June 2008 there are 28 Utah state chartered FDIC insured commercial banks with 89 branches and over $7 billion in assets. The oldest two such banks were both organized in 1891. There are also 5 nationally chartered FDIC insured banks with headquarters in Utah with over 200 branches and over $35 billion in assets. In addition to these there are 10 out of state FDIC insured banks with branches in Utah. Very importantly every county in Utah is served by an operating bank.
Following the settlement of the Great Salt Lake Valley in July of 1847 pioneers used bartering to carry on commerce. The first currency, in the form of "bank bills" in what would become the Utah Territory, was signed by Brigham Young on January 1, 1849. Gold dust and gold coins were used prior to and after this currency and other currencies that were put into circulation. Prior to the development of banks, merchants as early as 1859 performed banking functions within their commodity businesses. Banks were organized within the second decade after settlement. In 1873 Brigham Young chartered the oldest currently operating bank today in Utah.
As banking has developed, banks remain in the forefront of developing new technologies to facilitate the critical processing of payments, extending credit for personal homeownership and education, and the funding of small and large businesses as well as the financing needs of local and state governments. Banks in Utah serve the savings and borrowing needs of all Utahns.
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