Central Bank (UT) is headquartered in Provo and is the 21st largest bank in the state of Utah. It is also the 662nd largest bank in the nation. It was established in 1891 and as of June of 2020, it had grown to 245 employees at 11 locations. Central Bank (UT)'s money market rates are 14% higher than the national average, and it boasts an A+ health rating.
Great bank!
When I lived in Provo, I used Central Bank, switching over from Wells Fargo. Personable service, and you can actually get to know the people that work there (turnover seems low). This has been a good overall banking experience for me, and even after moving to a different state, I've found it easier to continue working with them rather than switch to a new bank. They post funds quickly, offer free checking (or at least did when I signed up), and have a great online banking application that allows you to take pictures of checks and submit them rather than have to mail them in or hand-deliver them, which has been a lifesaver living several states away. Overall, a very positive experience, and I'd highly recommend them to anyone in the area; I do know they have other branches in the state, though this was the Provo Office was the only one I ever dealt with.
Warning To All Who Might Use Central Bank
Never use Central Bank they are thieves and dishonest.
i call to fix a problem with my account
then without telling me closed out my account
even though the problem was because of a technical error on central banks part.
NEVER NEVER NEVER get an account with them or you will be sorry.
Data as of Q2 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 9204 |
| Year Established | 1891 |
| Employees | 245 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.82% |
| Return on Equity - YTD | 11.47% |
| Annual Interest Income | $30.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $1.43B$1.15B |
| Loans | Q2 2020vs Q2 2019 | $799.3MM$727.3MM |
| Deposits | Q2 2020vs Q2 2019 | $1.13B$861.7MM |
| Equity Capital | Q2 2020vs Q2 2019 | $210.8MM$189.4MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $23.8MM$21.7MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $653.00K$0 |
| Real Estate Owned | Q2 2020vs Q2 2019 | $5.5MM$6.9MM |
