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Gunnison landmark icon gets new handle

State Bank of Southern Utah merges with Gunnison Valley Bank

 

By Robert Stevens

 

02-21-2019

 

Workers remove the Gunnison Valley Bank sign on Monday to make way for signs for the State Bank of Southern Utah, which just merged with the century-old Gunnison Valley institution.

GUNNISON—Customers of Gunnison Valley Bank can expect a host of new services but with the same local service as the century-old financial institution merges with State Bank of Southern Utah.

On Oct. 23, 1909, Gunnison Valley Bank opened its doors for business. The bank’s stately, two-story brick building has been a prominent landmark on Gunnison’s Main Street ever since.

In January, stockholders of Gunnison Valley Bank voted to merge with State Bank of Southern Utah, which is headquartered in Cedar City and has offices throughout Southern Utah.

Paul Anderson, president and CEO of Gunnison Valley Bank, said, “We are pleased to join with State Bank and view this merger as a benefit to our many loyal bank customers. I am pleased to know that community banking will continue for many years to come in Gunnison Valley.”

Eric Schmutz, president and CEO of State Bank said, “We are pleased to be a part of Sanpete County and serve the individuals and businesses who share the vision of true community banking. The bank will bring more technology and banking products to customers in the area. Online and mobile banking products, remote deposit capability, debit and credit card services, and greater ATM access are just a few of the benefits.”

Schmutz said State Bank’s $1.1 billion in assets offers strength and stability for Sanpete County.

According to State Bank officials, Gunnison Valley Bank customers can continue using their checks and debit cards for now. State Bank will be working on a system conversion over the next few months to transfer Gunnison Valley Bank customers over to State Bank’s computer system.

Payments on loans will remain the same, and loan officers are available at the same phone number to answer questions. Until Gunnison Valley Bank GVB accounts and loans are transferred to the State Bank computer system account information will only be available at the Gunnison office, not at other State Bank branches

State Bank is one of the few in Utah institutions rated “outstanding” by the FDIC for compliance with the Community Reinvestment Act. This measures how well a bank gives back to the community and serves its credit needs.

“We look forward to being part of your community and helping you succeed,” Schmutz said. “I invite you to explore the bank’s web site at www.sbsu.com to learn more about the services now available and to access more information about the merger. On behalf of our 240 dedicated employees, we welcome the community to the bank. We look forward to sharing our vision of hometown banking in Sanpete County.”