How UMB is delivering unique business banking needs in Utah
UMB Bank’s recent expansion of business banking services in Utah involved adding a team of experienced bankers led by Joseph Eyre, who has more than 15 years of experience in the region. His team joins the 150+ UMB corporate trust and Fund Services associates in the market and further delivers financial value to businesses in the state.
Meet Joseph and learn more about how his team will continue UMB’s growth in Utah, as well as how the market aligns with UMB’s values and strategies.
How does UMB’s expansion of services in Utah better serve business owners and operators in the area?
UMB has long been recognized in Utah due to our Fund Services and corporate trust presence. My team and I have decades of business banking experience in the market, with expertise in C&I lending, commercial real estate, practice finance and treasury management.
We are thrilled to join UMB and lead the bank’s business banking growth in this market, but we’re equally excited to join a bank whose values align with our own. UMB has long been focused on building relationships and learning about our clients and the intricacies of their businesses, which ultimately leads to strong partnerships. That’s something Utahns expect in their bankers, and something my team has always prioritized.
How has your team adapted and helped business owners through the disruptions brought by COVID-19?
From the early stages of COVID-19, our team proactively worked with customers to understand their individual challenges and unique situations. Whether it was a relief payment deferral, PPP loan, or other measure that would help their business navigate this turbulent and unexpected time, we listened and worked around the clock to help our new clients as well as our prospective clients.
Like larger banks, we offer a full spectrum of financial services at every stage of the business lifecycle to help companies of all sizes. At the same time, we focus on building relationships with a personal touch, which is something businesses value now more than ever. Our clients have the best of both worlds – the services provided by a big bank with the individual attention provided by a community bank.
How do you envision UMB’s future in Utah? What are the greatest opportunities for business banking moving forward?
Utah has a robust economy with thriving industries that UMB has a long, successful history serving. In fact, entering 2020, Utah was experiencing some of the strongest job growth in the country while also boasting the second-lowest unemployment rate in the U.S. as of August 2020, according to the Bureau of Labor Statistics‡. The state also has the highest economic diversity, which helps to lessen the economic toll of COVID-19.
The state’s largest industry based on employment is trade, transportation and utilities, which has contributed to a significant amount of that job growth, even through COVID-19. The industry thrives in part due to the state’s geographic location. Interstates 70, 15 and 80 uniquely connect the state to the rest of the country, which has led to the construction of large warehousing facilities and the growth of transportation companies in the area.
Utah also has the most dentists per capita in the United States, according to Dentistry Today‡. To stay competitive, dentists are continually investing in their practices so they have the best technology and equipment. UMB’s practice finance offering is highly desired in the market due to the bank’s range of creative solutions that help dentists maintain a competitive edge while navigating through the pandemic.
Additionally, Utah’s rapidly growing tech community – namely Silicon Slopes – is having a positive residual effect on Utah’s economy and small business growth.
UMB has a strong history of working with these sectors, and the region’s economic diversity offers significant opportunity for the bank. We have deep technical expertise, regional familiarity and provide customized solutions that fit businesses across these and other industries. As we continue to grow in the Utah market, UMB is well-poised and excited to deliver value to Utah business owners and operators.
Our history and track record of stability no matter the economic climate make us an excellent match to serve Utah industries and businesses. Your business is our business. We, have the tools, insight and scope to help you and your company thrive. Visit www.UMB.com/Utah to learn more.
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