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1st Utah de novo gets FDIC nod for deposit insurance application

The Federal Deposit Insurance Corp. conditionally approved the federal deposit insurance application of de novo St. George, Utah-based Bank of St. George

Organizers of the proposed bank also await approval from the Utah Department of Financial Institution for a state commercial bank charter.

Bruce Jensen will serve as CEO of the proposed bank.

Bank of St. George, when it becomes operational, would become the only locally headquartered bank in St. George, Utah. The proposed bank is expected to open in early 2020 and will operate out of temporary offices located at 148 East Tabernacle Street in St. George, for about two years.

Bank of St. George is accepting subscriptions for common stock, with a minimum investment of $25,000, or 2,500 shares at $10 apiece.