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Utah: Banks’ Economic Impact

Banks support Utah's economy with consumer, business and other loans, and by providing more than 26,000 people with a rewarding place to work.

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Serving Customers

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Jobs

Jobs

  • 26,877Employees

  • $3.2 BillionTotal Annual Compensation & Benefits

  • $118,082Average Total Compensation & Benefits

  • 42Banks Headquartered in State

Source: FDIC Call Report 2024Q4, Bureau of Labor Statistics 2024, ABA analysis

Lending

Lending

  • $15.5 BillionNew Home Loans Booked in 2024

  • 33,019Number of New Home Loans in 2024

  • $435,000Median New Home Loan Size in 2024

  • $7.1 BillionSmall Business Loans

  • 262.4 ThousandNumber of Small Business Loans

  • $27,070Average Small Business Loan

  • $720.7 MillionSmall Farm Loans

  • 7,307Number of Small Farm Loans

  • $98,620Average Small Farm Loan

Source: FFIEC HMDA 2024, FFIEC CRA 2023, FDIC Call Report 2024Q4, ABA analysis

Customers

Customers

  • $990 BillionDeposits

  • 64Banks Operating Branches

  • 518Branches & Offices

  • 344Branches Offering Low Fee Bank On-certified Accounts

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Bank of Utah Helps Customers Spot Scammers

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Bank of Utah, committed to protecting their customers from online scams, was a very active participant in ABA’s #BanksNeverAskThat campaign. Their efforts to educate customers included posts on their social media platforms, as well as publishing blog posts and news stories about the importance of anti-phishing awareness. They provided their customers with tips for spotting a scammer, and best practices for avoiding other account-draining schemes.

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Source: FDIC Summary of Deposits 2024Q2, CFE Fund, ABA analysis

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