State Bank of Southern Utah is headquartered in Cedar City and is the 19th largest bank in the state of Utah. It is also the 501st largest bank in the nation. It was established in 1957 and as of June of 2022, it had grown to 265 employees at 16 locations. State Bank of Southern Utah's money market rates are 7X the national average, and it has a B+ health rating.
Good for locals, but only in a small geographic area
I used this bank when I was living in a small town in Utah for a brief period. The customer service reps at the building were always fair and nice as they are locals and seemed to understand how to treat regulars. Since it was a smaller bank with only branches scattered in smaller towns, I did notice some personal touches which were appreciated by me as a consumer in terms of knowing your name, face, etc.. Their facilities were also always clean and professional despite not having tons of bells and whistles. Those are the pluses, but there are some things I would change. For starters, the online experience is a bit clumsy and doesn't have the slick look that many other bigger companies have. In addition, it seems like some of the interest rates I was offered simply weren't competitive as well which was a downer. In the end, I had to go somewhere that had more services.
State Bank Of Southern Utah
I would recommend against banking with State Bank of Southern Utah for any banking needs. We have dealt with State Bank of Southern Utah for a number of years and have experienced a countless frustrating experiences with their poorly trained staff and banking practices that are both questionable and inconsistent. We have also banked with a local credit union for many years and have never encountered the numerous inconsistencies and frustrating issues that we have experienced repeatedly with State Bank of Southern Utah. When attempts to address our concerns were advanced, we were treated with disrespectful disregard-they advertise care and concern for their customers but they fail to demonstrate normal and customary client service. We have never left an online review before, but the inconsistent, distasteful, and unprofessional behavior of State Bank of Southern Utah employees should be made public.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 17964 |
| Year Established | 1957 |
| Employees | 265 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.26% |
| Return on Equity - YTD | 14.09% |
| Annual Interest Income | $35.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $2.19B$1.95B |
| Loans | Q2 2022vs Q2 2021 | $1.19B$1.01B |
| Deposits | Q2 2022vs Q2 2021 | $1.97B$1.73B |
| Equity Capital | Q2 2022vs Q2 2021 | $169.7MM$201.7MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $15.0MM$13.5MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $7.3MM$6.0MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $2.4MM$2.4MM |
