People's Utah Bancorp Wants Community Banking Expert Appointed to Federal Reserve Board of Governors

AMERICAN FORK, Utah, April 30, 2014 /PRNewswire/ -- People's Utah Bancorp joins several congressional leaders in their support of the nomination of an official with community-banking experience for at least one of two open seats on the Federal Reserve Board of Governors.

"Community banks understand and provide great service to their communities," said Richard Beard, president, CEO and board member of People's Utah Bancorp and Bank of American Fork and newly named chairman of the board for the Western Independent Bankers' Association. "We encourage the appointment of a qualified person with community-banking experience as a governor to the Federal Reserve Board."

According to the Independent Community Bankers of America, community banks fund nearly 60 percent of loans to small businesses, although they compose just 10 percent of the nation's banking assets. Community banks are focused on the unique needs of local businesses and families. Loans are generally invested in the local economy and decisions affecting customers are made locally, by people who live and work in the communities they serve.

Beard's support of a community banking expert on the federal board joins several other Banking Committee members from both sides of the aisle. Sen. Mark Warner, D-Va., and Sen. Pat Toomey, R-Pa., jointly sent a letter recently to President Obama encouraging him to appoint someone with community-banking experience.

Such an appointment would help ensure that community banks continue to provide the banking services and products uniquely suited for the people and businesses in their local communities.

About People's Utah Bancorp

People's Utah Bancorp was established in 1999 as the holding company for Bank of American Fork, established in 1913. Lewiston State Bank is also part of the People's family, and has been serving customers in the Logan area since 1905. People's is Utah's community-bank leader, with 18 locations from Cache Valley to St. George and more than $1.3 billion in assets. People's, through its family of banks, is committed to preserving the community-bank model and providing exceptional service with a full range of bank products and the best available technologies. More information about the People's family of banks is available at www.bankaf.com and www.ls-bank.com.

CONTACT: Cory Maloy, 801-994-9625, [email protected]

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SOURCE People’s Utah Bancorp