Company news information may be sent to brice.w@thecityjournals.com.
DIVIDENDS
• The board of directors of Medallion Bank, based in Salt Lake City, has declared a quarterly cash dividend of 56.25 cents per share on the bank’s fixed-rate reset non-cumulative perpetual preferred stock, Series G, which trades on the Nasdaq Capital Market under the ticker symbol “MBNKO.” The dividend is payable Jan. 2 to holders of record Dec. 15. Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats and home improvements, along with loan origination services to fintech strategic partners. It is a wholly owned subsidiary of Medallion Financial Corp.
ECONOMIC INDICATORS
• Utah is ranked No. 20 on a list of “most financially elite states” in the U.S., compiled by GOBankingRates. It analyzed U.S. Bureau of Labor Statistics income data and Census Bureau population figures to determine the minimum income required to be in the top 5 percent of earners in each state. Utah’s median household income is $91,750, making it one of only three states outside the top 10 with median household income about $90,000. To reach the top-5-percent level, the figure is $468,603, an increase of more than 5.1 times that median. The top 5 percent earn $600,000 or more in five states, led by Connecticut ($637,673). New York is the only state where the top 5 percent make seven times more than median households. The top 5 percent make six times more than median households in 24 states and five times more in 25 states. Details are at https://www.gobankingrates.com/money/wealth/how-much-you-need-to-be-top-5-percent-in-every-state/.
• Two Utah locations are on a list of “Most Trustworthy Cities for Doing Business,” compiled by direct business loan lender Advance Funds Network and based on a survey of small-business owners to identify cities that are home to the businesses with the best reputations for paying invoices on time. West Valley City is ranked No. 99 nationally, and Salt Lake City is No. 125. The top-ranked city nationally is Clarksville, Tennessee. Details are at https://advancefundsnetwork.com/the-best-and-worst-us-cities-for-paying-invoices-on-time-2025-study/.
• Utah is ranked No. 3 on a list of “most prepared states to care for the rapidly aging population in America,” according to a study by Seniorly and CareScout. The study, titled “States Most and Least Prepared for the Silver Tsunami,” analyzes a range of factors in all 50 states and D.C. across three main categories — senior population growth, financial preparedness and health care — using data from the Census Bureau, CMS, Genworth Financial’s Cost of Care Survey and HRSA. Among the findings, Utah ranks best in the country on homeownership among seniors (85.9 percent), second on seniors living alone (35.4 percent), and fifth on doctor availability (20 per 1,000 seniors). The most prepared state is Hawaii. The least prepared state is Oregon. Details are at https://www.seniorly.com/resource-center/seniorly-news/states-most-and-least-prepared-for-the-silver-tsunami.
• Three Utah main streets are on a list of best for fall shopping, compiled by financial media company MarketBeat and based on a survey. They are Historic Main Street in Park City, ranked No. 92 nationally; No. 114 Main Street in Moab; and No. 123 Center Street in Provo. The top-ranked location nationally is Park Avenue in Rochester, New York. Details are at https://www.marketbeat.com/originals/top-125-streets-for-fall-shopping-2025-survey/.
HEALTH CARE
• The Seager Memorial Clinic has held a grand opening for its new location, at 539 E. 24th St., Ogden. The clinic said the expansion will greatly enhance access to free health care for the community’s most vulnerable residents. The newly renovated facility, formerly the Ogden Family History Library, has been transformed into a 7,000-square-foot clinic providing medical, dental, vision, mental health and pharmacy services at no cost to patients. The new space is more than 10 times larger than the clinic’s previous location in the basement of the Ogden Rescue Mission. The move will allow the clinic to increase operating hours; serve significantly more uninsured and underinsured people; and offer additional free services, including dental cleanings, fluoride treatments, mental health counseling, and community health education, in the future. The project was made possible by the generosity of over 60 donors, with several organizations stepping forward with gifts exceeding $50,000. The clinic was founded in 1988 after Ogden physician Dr. Floyd Seager witnessed a man collapse on the street and discovered he was homeless and unable to access medical care. What became Utah’s first known free medical clinic was originally called the Clinic for the Homeless. The clinic now has more than 80 active volunteers, including physicians, dentists, pharmacists, nurses and support staff. They provide over 2,700 patient visits.
INVESTMENTS
• DEBRA Research gGmbH, a global nonprofit organization dedicated to advancing research and drug development for those affected by epidermolysis bullosa (EB), has announced an investment in Eliksa Therapeutics, a Pennsylvania-based biotechnology company. The amount was not disclosed. In 2021, Eliksa in-licensed the core technology related to ELK-003, a novel biological eye drop designed to treat corneal abrasions associated with EB, from the University of Utah. Other investors in the round include the Abe Fund, U.K.-based charity Cure EB, the Epidermolysis Bullosa Medical Research Foundation and EB Research Partnership. The funding supports Eliksa’s ongoing clinical development of ELK-003, which is currently being evaluated in a pilot clinical study conducted in collaboration with DEBRA Chile.
PARTNERSHIPS
• Co-Diagnostics Inc. (Co-Dx), a Salt Lake City-based molecular diagnostics company, has announced a definitive agreement with Arabian Eagle Manufacturing, a regional manufacturing and distribution company based in the Kingdom of Saudi Arabia, to form a joint venture called CoMira Diagnostics to research, develop, manufacture, assemble, distribute and commercialize Co-Dx technologies and intellectual property, in the KSA and 18 other countries throughout the Middle East and North Africa. The CoMira partners also believe that initially pursuing regulatory clearance with the Saudi Food & Drug Administration will directly facilitate entry into many other countries in the territory, Co-Diagnostics said. The principals of Arabian Eagle ran the primary distributor in the Middle East and were instrumental in KSA being one of the largest international markets for the company’s Logix Smart tests. According to the new agreement, Arabian Eagle will contribute local operational and customer support, lead the manufacturing facility set-up and regulatory clearance/registration responsibilities, manage other logistics activities and ensure compliance with local industrial and commercial laws in pursuit of the venture’s objectives across the territory. Similar to the company’s partnership in India with its existing joint venture, CoSara Diagnostics Pvt Ltd., Co-Dx will provide CoMira an exclusive license to use, manufacture and commercialize the licensed intellectual property.
PHILANTHROPY
• Smithfield Foods Inc., a Virginia-based food company, has donated $150,000 to 30 food banks in its 22-state operational footprint to support people experiencing food insecurity. Included is Utah Food Bank. Smithfield’s hunger relief program, Helping Hungry Homes, has provided hundreds of millions of servings of protein in all 50 U.S. states since 2008. Smithfield donated more than 25 million servings of protein, valued at nearly $28 million, to food banks, disaster relief efforts and community outreach programs across the U.S. in 2024.
RECOGNITIONS
• Four Utah companies are on a list of “America’s Greenest Companies,” compiled by Newsweek, in partnership with sustainability data experts Plant-A Insights Group and GIST Impact. It recognized 450 U.S. organizations that are leading the way in environmental sustainability, transparency and impact reduction. The Utah companies receiving a rating of 4½ stars are Merit Medical Systems and Nature’s Sunshine Products. Those rated as four stars are PROG Holdings and Varex Imaging. The ranking is based on a three-part evaluation by Plant-A Insights Group and GIST Impact and includes more than 25 data points across four categories: greenhouse gas emissions, water usage, waste generation, and sustainability data disclosure and commitments. To qualify, companies were required to meet stringent data transparency standards comparable to European Union sustainability criteria and to have publicly disclosed their sustainability data as of July 31. Each company’s environmental performance was validated through data verification and media screening to ensure reliability and accountability.
• Two Utah companies are on a list of “Founder-Friendly Investors,” compiled by Inc. magazine. They are Banner Capital of Lehi and Tower Arch Capital of Draper. Both are in the private equity category. Tower Arch Capital also is in the Private Equity Market Size/Lower-Middle Market category. The list recognizes private equity and venture capital firms with the best track records of success in partnering with founder-led companies. Eligible private equity firms or venture capital firms have exited at least one founder-led portfolio company in the past five years. Lenders have provided capital to at least one founder-led portfolio company during that time.
• Two Utah costume stores were voted among the best in the country when it comes to Halloween, according to a survey by Montana Capital. They are SCERA Costume Shop in Orem, ranked No. 80 nationally, and No. 85 Costume Centre in Murray. The top location nationally is American Costumes in Las Vegas. The survey indicated that 65 percent of Utahns were planning to buy their Halloween purchases using only cash or debit, while 27 percent were putting it on a credit card. More than half said they would be cutting back this year, while 43 percent were spending roughly the same. Details are at https://montanacapital.com/best-halloween-costume-shops/.