Independent Banker - January 2024 - 43
more of a business advisor relationship.
The community bank is developing
case studies, for example, to show
prospects that Altabank has experience
with a range of business issues.
Altabank has also hired experienced
bankers from larger banks who
welcome a smaller, less bureaucratic
environment. Since being hired, they
have amped up Altabank's business
advice capabilities.
" [The new hires] bring the
sophistication of attracting and
working with businesses, " Sorensen
relates. " They bring expertise in long
range planning and digging into the
details of a business. They're used
to dealing with a lot of complexity.
They do a great job of working
with customers. "
Growth through education
Breakfast events with presentations
on topics of interest to business
professionals are another Altabank
initiative. Recently, the community
bank brought in the Gardiner Policy
Institute from the University of Utah
to give a presentation on 'the New
Utah' that detailed relevant economic
and demographic research.
One trend is increased racial/ethnic
diversity in the state. Nearly one in
four Utahns is now a member of a
racial or ethnic minority, compared
with about one in 10 in 1990. Hispanic
or Latines currently form 15.1% of
the population.
In response to the changing
demographics, Altabank has started
more Spanish-language advertising.
" Paying attention to the
demographics is really important,
especially in those places where
growth is occurring due to diff erent
ethnicities, " Sorensen says. " You have
to listen to those needs and, where you
can, adapt to those needs. Meet the
customer where they are. "
Top: Altabank's CMO Stan Sorenson (right) and chief
banking off icer Judd Austin on Main Street in Lehi,
Utah; the city is one of America's fastest growing.
Photo (top): Lindsey Stewart
This year, Altabank began working
with the Suazo Business Center, a
community development fi nancial
institution (CDFI) in Salt Lake City
and Ogden, Utah, which provides
independentbanker.org // 43/
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Independent Banker - January 2024
Table of Contents for the Digital Edition of Independent Banker - January 2024
Contents
Independent Banker - January 2024 - Cover1
Independent Banker - January 2024 - Cover2
Independent Banker - January 2024 - Contents
Independent Banker - January 2024 - 2
Independent Banker - January 2024 - 3
Independent Banker - January 2024 - 4
Independent Banker - January 2024 - 5
Independent Banker - January 2024 - 6
Independent Banker - January 2024 - 7
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Independent Banker - January 2024 - Cover3
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