Dear Clients,

Over the past 30 years—and since 1993—our bank has endeavored to provide a premier community bank to the people of our great state of Utah that, in turn, helps achieve the dreams, ambitions, and goals of our friends and families, who we have the honor of also calling our clients.

We join you, our clients, and our partners this year to celebrate CCBank’s 30th anniversary, but we do so within a shifting landscape in the banking industry. Just recently, close to home, we had a longstanding community bank sold to an out-of-state holding company. In Salt Lake County, a large regional bank announced branch closures toward the end of last year. And this past weekend, we witnessed the quick failure of Silicon Valley Bank (SVB) and Signature Bank New York.

The opposite of disruption and chaos is happening at CCBank. Our bank is well-positioned and committed to maintaining financial responsibility and sound banking practices, both pillars of the trust you place in us. We are committed to remaining as one of this nation’s top community banks.

We’d like to also assure you of our strong financial position today and into the future. CCBank maintains a high level of diversification among our clients, and we do not have a high concentration or rely on one type of industry. Our bank carries an exceptional level of capital, and our earnings remain very strong. In fact, 2023 has been our bank’s best financial start of the year ever. We are not heavily reliant on deposits over the FDIC insurance limit and proudly invest in solutions that bring full FDIC insurance capability to our clients. Also, we do not have any risk or exposure associated with Silicon Valley Bank or Signature Bank New York.

In short, CCBank is safe, sound, and secure.

We support Utah’s startup and entrepreneurial community through our partnership with Provo’s Startup Building and coworking space. Though we are not currently aware of any local startup impacted by the situation at SVB or Signature Bank, we hold these customers in our thoughts and prayers. We wish only the best for these intrepid and rising companies.

Thank you for the trust you continue to place in our bank. Please do not hesitate to reach out with questions or concerns.

All the best to you,

Mike Watson, CEO                        

Matt Field, President & CFO