Financial products have a lot of intricacies. Many different factors are taken into account to make quality decisions. Communities are in some ways just as intricate and nuanced as any financial product. For local banks, like Bank of Utah, they make it their priority to know the complexities of both, because more often than not they are tied together.
Stacey Mackay, branch manager at Bank of Utah, as you would suppose, spends a great deal of time running the day to day operations of the bank, from trainings, to meeting customers, and working with her staff. However, just as important as being in the bank, much of Mackay’s time is spent understanding the dynamics of the Heber Valley community.
Bank of Utah’s missions is simple, “Experience Service.” According to Mackay Bank of Utah likes to be highly engaged in the community through a variety of different service oriented and partnership programs. For example, when Bank of Utah purchased AmBank last winter one of the important roles they wanted to keep was sponsorship of the Heber City Farmers Market and Concert in the Park.
“When they [the owners] heard about concerts in the park and how it effects the community and how many people are involved and how important it is, they just jumped in with both feet,” said Mackay. Additionally, they encouraged her to remain active in the community. Mackay is currently serving as president of the Rotary Club, she’s active with the Heber Valley Chamber of Commerce, the staff at the bank also participates in a reading program with Heber Valley Elementary, and they have developed a partnership with Peace House to help them with some resources.
Mackay says it’s hard to measure whether or not these things bring clients in to open new accounts or apply for a loan, but instead she says it helps them to get to know the community by building relationships.
“As a small community bank we have the same products as the bigger banks, but what we do offer is a relationship, and we’re finding that most people are looking for that,” said Mackay. With local banks loan decision are usually made by the local loan officer. They don’t have to send out the application to some corporate headquarters that doesn’t understand the current conditions of the community. Mackay says her staff is more than willing to take the time they need to learn more about their client’s interests, learn about their business, and to know what’s happening locally. All this helps them make quality decisions.
Learning to understand the ideas and values of the Heber Valley through community service, active participation in the concerts in the park and through other programs helps Mackay and her staff get a pulse on how they help their clients “experience service” through Bank of Utah.
With their commitment to the Heber Valley community the Heber Valley Chamber is proud to recognize Bank of Utah as the August Business of the Month.