Central Bank is centered in the community.
While the company didn’t gain the name of Central Bank until 1966, the company began serving Utah County as Springville Banking Company in 1891. With 127 years under its banking belt, Central Bank has kept up with the changing tides of technology while maintaining its personal relationships.
“We try to be on the leading edge of mobile apps and electronics to allow people to do banking when they want to do banking,” says Central Bank CEO Matt Packard. “But what we don’t want to lose is the personal touch. Lots of institutions encourage you and push you to do the electronic side — and we certainly want people to have that as an option — but we don’t want them to feel like we’re trying to get them to only do that.”
And the bank has used those relationships to further link the community together. Central Bank’s services are three-fold: provide a safe, local institution to deposit money; use that money to lend locally; and give back through donations. In the end, Central Bank facilitates a “neighbor helping neighbor” financial relationship.
“We take that very money deposited in our bank and lend it out to our friends and neighbors to help them in their businesses, to build their homes and to make the economic environment that we all live in more vibrant, more conducive, and more economically sound,” Matt says.
By being this connector, Central Bank has a hand in many of Utah County’s small businesses. From doctor and dentist offices to construction loans, Central Bank builds Utah Valley.