Utah State Treasurer
David Damschen

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Qualified Depository List

July 1, 2019

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, 2019 and ending September 30, 2019. 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 April 1, 2019.


CHANGES

Additions: None. Deletions: First National Bank of Layton was purchased by Glacier Bank and is no longer on the list. Name Changes: Glacier Bank does business (DBA) under two names now, Mountain West and FNB Layton. Changes of note: Other institutions allotments are up or down due to changes in Utah deposits.*** There are some changes in allotments both up and down due to changes in capital or deposits in the state.****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

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