CONTRIBUTED CONTENT — After serving customers across Southern Utah for more than 40 years, Sheldon T. Banks, senior vice president of Cache Valley Bank, is retiring.
Banks brought a wealth of lending expertise and credit knowledge, along with dedicated service, to his role at Cache Valley Bank. He was described by coworkers as a civic-minded lender with a genuine desire to help small businesses in the community flourish.
“He won’t just give up or abandon a troubled credit customer,” Scott Colton, one of the bank’s directors, said. “He will work himself to the point of illness trying to help make things better and work out, not just for the bank but just as much for the client.”
Banks, the fifth of nine siblings, was born in Cedar City and raised in Enterprise, where he spent his early years working on the family farm. After graduating from Utah State University in 1977, he began his financial career as a loan officer trainee with Zions Bank. In 1980, he was promoted to manager of the Enterprise branch, where he oversaw both commercial and installment lending mostly associated with agricultural loans.
In 1989, Banks accepted a commercial lending position with Zions Bank in St. George. He spent the next 23 years honing his skills in commercial real estate, small business and agricultural loans and guiding customers through economic cycles including the Great Recession. He also served as a credit administer responsible for credit quality, bank policy and regulatory oversight for 12 years.
“Sheldon has what I call a ‘We can do business together’ approach to deals,” Colton said. “He understands a credit quickly and is honest and forthright about its merits and weaknesses, but he won’t leave it at that. He knows how to address or mitigate risks and finds a way to help the deal go forward.”
Banks always stayed true to his Southern Utah roots. His first love was farming, and while he ultimately took a different career path, he remained involved with the local industry by managing a large portfolio of agricultural borrowers. He also enjoyed getting out on the farm with his customers.
In 2012, after 35 years with Zions Bank, Banks moved to Cache Valley Bank to oversee commercial lending for the Southern Utah region.
John T. Jones, president of Cache Valley Bank, said that Banks has played a pivotal role in the growth and success of the company over the past nine years, particularly amid the turbulence of the COVID-19 pandemic. Cache Valley Bank led all financial institutions in Paycheck Protection Program loans originating in Washington County in 2020.
“During this pandemic, Sheldon has risen to the occasion,” Jones said. “He put in numerous hours assisting small businesses and helping coworkers.”
Banks also mentored other developing lenders during his time at Cache Valley Bank, which Jones said is where his heart truly lied.
Banks plans to continue that tradition of service as he transitions from working life into retirement. He and his wife, Elaine, have accepted a call as senior missionaries for The Church of Jesus Christ of Latter-day Saints in Manchester, New Hampshire.
“Sheldon’s amount of lending experience and his ability to share that experience through diligent mentorship has played a major role in the bank’s regional growth,” Jones said. “He will be missed tremendously.”
Written by ALEXA MORGAN for St. George News.
• S P O N S O R E D C O N T E N T •
- Cache Valley Bank – Tabernacle | Address: 294 E. Tabernacle St., St. George | Telephone: 435-673-9610.
- Cache Valley Bank – River Road | Address: 1224 S. River Road, St. George | Telephone: 435-627-1100.
- Cache Valley Bank – Sunset | Address: 1091 N. Bluff St., Suite 200, St. George | Telephone: 435-652-8200.
- Cache Valley Bank – Washington | Address: 710 W. Telegraph St., Washington City | Telephone: 435-656-5515.
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