Composite image. Background photo of the Tabernacle branch of Cache Valley Bank in St. George, Utah, date unspecified. Inset image of Sheldon T. Banks, outgoing senior vice president of Cache Valley Bank, date and location unspecified | Photo courtesy of Cache Valley Bank, St. George News
CONTRIBUTED CONTENT – After serving clients in southern Utah for more than 40 years, Sheldon T. Banks, senior vice president of Cache Valley Bank, is retiring.
Banks have brought a wealth of credit expertise and credit knowledge, as well as dedicated service, to its role at Cache Valley Bank. He has been described by colleagues as a civic-minded lender with a genuine desire to help the small businesses in the community thrive.
“He won’t just give up or abandon a troubled credit customer,” said Scott Colton, one of the bank’s directors. “He will work himself until sick, trying to help make things better and run better, not only for the bank, but for the customer as well.”
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 intern at Zions Bank. In 1980, he was promoted to director of the Enterprise branch, where he oversaw both commercial loans and installment loans mainly associated with agricultural loans.
In 1989, the banks accepted a commercial loan position with Zions Bank in St. George. He spent the next 23 years honing his skills in commercial real estate, small business and farm lending, and guiding clients through economic cycles, including the Great Recession. He was also a credit administrator responsible for credit quality, banking policy and regulatory oversight for 12 years.
“Sheldon has what I call a ‘We can do business together’ approach to transactions,” Colton said. “He quickly understands credit and is honest and straightforward about his merits and weaknesses, but he won’t stop there. He knows how to manage or mitigate risk and finds a way to move the deal forward. ”
Banks has always stayed true to his Southern Utah roots. His first love was farming, and although he eventually decided on a different career path, he remained involved in the local industry by managing a large portfolio of farm borrowers. He also enjoyed going out to the farm with his clients.
In 2012, after 35 years at Zions Bank, Banks moved to Cache Valley Bank to oversee commercial lending for the southern Utah region.
John T. Jones, chairman of Cache Valley Bank, said Banks has played a central role in the growth and success of the business over the past nine years, particularly amid the turmoil of the COVID-19 pandemic . Cache Valley Bank led all financial institutions in the area of paycheck protection program loans from Washington County in 2020.
“During this pandemic, Sheldon has risen to the occasion,” Jones said. “He has devoted many hours to helping small businesses and helping his colleagues.”
Banks also mentored other developing lenders during his time at Cache Valley Bank, which Jones says is where his heart really lied.
The banks plan to continue this tradition of service as it moves from working life to retirement. He and his wife, Elaine, have accepted a calling 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 mentoring has played a major role in the regional growth of the bank,” said Jones. “He will be sorely missed.”
Cache Valley Bank is a member of the FDIC. They operate four offices in southern Utah and 14 other locations across the state. For more information, visit their website or call 888-418-5333.
Written by ALEXA MORGAN for St. George News.
• SPONSORED CONTENT •
- Cache Valley Shore – Tabernacle | Address: 294 E. Tabernacle Street, St. George | Telephone: 435-673-9610.
- Cache Valley Bank – River Road | Address: 1224 S. River Road, St. George | Telephone: 435-627-1100.
- Bank of Cache Valley – 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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