ST. GEORGE – As Cache Valley Bank takes the reins of the former SunFirst Bank, the bank’s president wants customers to know business will continue unchanged.
Despite FDIC assurances that their accounts would not be affected by the Nov. 4 closing of SunFirst Bank, some customers still wondered. What change did the future hold for their accounts, loans, and savings? (See previous story here)
“Nothing will change,” said Gregg Miller, the president of Cache Valley Bank.
Miller said customers would be able to access their accounts in the same ways they had before. And while senior managers of SunFirst had been dismissed by the FDIC, the remaining employees of SunFirst Bank are now the employees of Cache Valley Bank. The familiar faces of the bank would not change, even while the name did.
Still, Miller acknowledged that new customers may be skeptical.
“We’re honestly very concerned about it,” Miller said.
Miller declared Cache Valley Bank would have complete transparency with its new customers.
“We’re hoping to gain the customers’ trust,” he said.
Miller’s central message to the bank’s new clientele was that Cache Valley was a strong and successful institution, and was a bank that they could put their trust in.
As to how Cache Valley was able to acquire SunFirst, Miller explained they were the winning bidder on a bid package organized by FDIC regulators. If the regulators make the determination that a bank is going to close, then bid packages are created and presented to perspective bidders.
“We looked at the package and liked it,” Miller said.
Miller also said Southern Utah was an attractive market and he was happy Cache Valley Bank was now in St. George.
SunFirst Bank closed on Friday, Nov.4, with Cache Valley Bank assuming operation on Saturday, Nov. 5.
Copyright 2011 St. George News. This material may not be published or rewritten without written consent.