Qualified Depository List

July 1, 2020

TO:      PUBLIC TREASURERS   

The Commissioner of Financial Institutions (DFI) has certified the following depository institutions to be QUALIFIED DEPOSITORIES eligible to receive UNINSURED public funds in the amounts shown, for the calendar quarter beginning July 1, 2020 and ending September 31, 2020.  However, DFI has stated that the only assurance a public treasurer has to prevent loss of public funds is to keep deposits under the FDIC or NCUA insurance amounts at any one qualified depository. If you place more than the insured amount at any qualified depository, you should perform your due diligence on that depository. This list supersedes the list dated April 1, 2020.




CHANGES

Additions: None.  Deletions: Enerbank USA and Members First Credit Union opted not to be a qualified depository .  Name Changes: None. Changes of note: None. Other institutions allotments are up or down due to changes in Utah deposits.** Please check your financial institution’s allotment.  You as a public treasurer are responsible for making sure that your deposits into qualified depositories meet the criteria of the Act.  If you are depositing funds over the maximum allotment in any one financial institution you could be subject to penalties under 51-7-22.  Please monitor your deposits.          




!!NOTE!!

All of the financial institutions on this list are required to pay public entities on a 360 day basis on CD’s issued for $100,000 and over.  You should make your institution aware of this when purchasing CD’s.




QUALIFIED DEPOSITORY

  • Altabank
  • America First Credit Union
  • Bank of the West
  • Bank of Utah
  • Brighton Bank           
  • Cache Valley Bank
  • Capital Community Bank
  • Central Bank             
  • Chartway Federal Credit Union
  • Continental Bank
  • Cyprus Credit Union
  • DesertView Federal Credit Union   
  • D.L. Evans Bank       
  • Eastern Utah Community Credit Union
  • Education First Credit Union
  • First Utah Bank
  • Glacier Bank DBA as Mountain West Bank & FNB Layton
  • Goldenwest Federal Credit Union
  • Grand Valley Bank
  • Granite Credit Union
  • Green Dot Bank DBA Bonneville Bank
  • Holladay Bank & Trust
  • Home Savings Bank
  • Jordan Federal Credit Union
  • JP Morgan Chase Bank
  • Key Bank NA  
  • Kings Peak Credit Union
  • Mountain America Federal Credit Union
  • NBH Bank, DBA Hillcrest Bank
  • Nebo Credit Union
  • Prime Alliance Bank
  • Rock Canyon Bank  
  • San Juan Credit Union
  • State Bank of Southern Utah
  • US Bank NA
  • Utah Community Credit Union
  • Utah First Federal Credit Union
  • Utah Heritage Credit Union
  • Utah Independent Bank
  • Wasatch Peaks Credit Union
  • Washington Federal Bank NA                        
  • Web Bank
  • Weber State Federal Credit Union
  • Wells Fargo Bank NA            
  • Zions First National Bank

** “Maximum Amount” means the amount of deposits in excess of the federal deposit insurance limit.  Depositories showing a “‑0‑“maximum amount may only accept insured deposits of public funds.