state bank of southern utah company logo industry banking financial services founded 1957 1957 headquarters cedar city utah united states number of locations 12 branches 2016 area served utah arizona nevada key people eric schmutz president & ceo products consumer banking credit cards auto lender financial services foreign currency exchange investment banking mortgage loans number of employees 195 2016 website sbsu.com state bank of southern utah is a community bank in southwestern utah . its corporate headquarters are located in cedar city . it was established in 1957 and has 12 branches . the president is eric schmutz . 1 as of march 2011 the bank holds approximately 550 million in deposits . most of its lending is for land purchases and small business loans . the vast majority of its mortgages are sold on to the federal housing administration or fannie mae . 2 history edit in 1954 as a result of a rift between its major stockholders stock in the bank of southern utah then the only bank in town was sold to first security corporation a regional banking firm headquartered in salt lake city . on november 21 1956 prominent community leaders met to discuss the need for a bank headquartered in cedar city . by december of 1956 eleven directors of the proposed new bank were selected by secret ballot stanley bradshaw dr. l.v. broadbent warren h. bulloch clarence e. miller william r. thorley elwood j. corry lehi m jones loren a. whetten alex b. williams maeser dalley and arthur joseph . each director provided 100 in personal funds to cover initial organization costs and committed to subscribe for 500 shares of stock . as soon as the bank commissioner of the state of utah approved the application on february 25 1957 the articles of incorporation were filed with the secretary of state and an issue of common stock was made available to the general public with a limit of 500 shares per person . the offering was quickly oversubscribed by 2 330 shares . directors relinquished some of their stock purchase rights so that every interested subscriber could buy shares . at the first official meeting of stockholders it was announced that november 18 1957 was the target opening date with or without fdic insurance . the grand opening date was later changed to november 25 1957 with overwhelming support from the community . one month later a total of 901 332.10 had been deposited . the fdic was not willing to approve the bank s application in 1959 until the bank s capital had been increased by 50 000 before the end of the year . that goal was met the bank was insured and by january 9 1961 the first cash dividends were paid to investors salaries were increased and employees were provided with a retirement plan . state bank of southern utah employed five people when it opened . robert b. white a native of beaver utah who was employed by a bank in northeast colorado was hired as the bank s first cashier . he was paid a yearly salary of 6 600 and was authorized to hire an assistant . eldon w. schmutz a previous employee of first security bank was hired for that job and paid 4 800 plus medical benefits . tellers were paid 1 per hour . in 2016 the bank has over 195 employees in thirteen locations with over 900 million dollars in assets . the first year s payroll of 20 000 has grown to a payroll in the millions . state bank of southern utah is member fdic and equal housing lender . references edit state bank announces schmutz as new ceo . southern utah news . 2010 02 24 . personal touch helps keep banks healthy . cnn . 2008 10 17 . retrieved 2008 10 28 . external links edit official website this section needs expansion . you can help by adding to it . july 2015 retrieved from https en.wikipedia.org w index.php title state bank of southern utah & oldid 740200517 categories banks based in utahbanks established in 19571957 establishments in utahhidden categories articles to be expanded from july 2015all articles to be expandedarticles using small message boxes navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages add links this page was last modified on 19 september 2016 at 17 38 . text is available under the creative commons attribution sharealike license ; additional terms may apply . by using this site you agree to the terms of use and privacy policy . wikipedia is a registered trademark of the wikimedia foundation inc. a non profit organization . privacy policy about wikipedia disclaimers contact wikipedia developers cookie statement mobile view