Proudly serving our community since 1891: The Past , Present and Future of Central Bank

Central Bank has been serving Utah County for over 127 years. We are proud of our history and look forward to building our community in the future. We believe our progress is directly based on how dedicated we are to caring for the individual needs of the people and communities we serve. We are committed to caring for our customers and our community — now and in the future, as we have in the past.

PAST

The Organization of the Springville Banking Company

Until 1891, the local townsfolk of Springville stored their gold at the Packard Brothers’ store, Deal Brothers & Mendenhall Company or H.T. Reynolds and Company. These stores thought that it would be wise to establish a bank for security reasons. On October 17, 1891, Milan Packard (great-great-grandfather of our president, Mark Packard) established the Springville Banking Company with the help of Deal Brothers & Mendenhall Company and H.T. Reynolds & Company. 

The bank continued to expand gradually and in 1924, officers and directors of the Springville Banking Company were instrumental in attracting the Columbia Steel Mill to build a new location on the Provo-Springville border. This mill changed Springville Banking Company’s future. The bank started to grow steadily and substantially from then on. Ably managed, Springville Banking Company was the first bank in Utah to qualify for FDIC insurance on deposits. It was also one of the few banks that did not require Government Debenture Capital during the Great Depression.

The Organization of the State Bank of Provo

In 1902, 16 men organized the State Bank of Provo. These men had incredibly diverse backgrounds — sheep farmer, plumber, attorney, etc. However, they all wanted to find a safe, stable place to save and borrow money. From its founding, the State Bank of Provo grew steadily. The officers and board members prided themselves on their reputation as the bank that knew every customer as a friend.

Central Bank is Born

On July 1, 1966, the Springville Banking Company and the State Bank of Provo merged under the new name of Central Bank and Trust. This was not simply a union of the two oldest banks in Utah County, but a consolidation of strength that would provide greater lending power, more financial stability and superior services. 

Central Bank opened its Spanish Fork office in 1969, followed shortly by offices in the Provo Riverside Plaza in 1971, and Mapleton in 1972. Continued expansion brought offices to Payson in 1980, Orem in 1982, American Fork in 1996, Lehi in 2003 and Pleasant Grove in 2008. When the economy began to falter in 2008, Central Bank relied on its reserves and did not take any government “bailout” or TARP money. Our long history of fiscal responsibility has allowed us to weather the economic downturns of the last century and is evidence that we have truly remained strong, safe and secure since our founding in 1891.

PRESENT

As seven-time winners of the Daily Herald’s Best of Utah Valley “Best Bank” award, Central Bank measures up in providing excellent products and services to customers. We are committed to offering all modern banking services and conveniences — mobile banking, online bill pay, advanced technology ATMs and online financial management tools — without letting go of the personal, friendly touch that has been important to us since the beginning. 

The opening of our Traverse Mountain office in April 2018 marked the beginning of a new customer service experience at Central Bank. Anyone who walks in the door of our new office will receive concierge-like assistance from one of our Customer Relationship Bankers. Rather than segmenting the responsibilities of teller and customer service representative, Customer Relationship Bankers can help our customers in a more seamless fashion. We are confident this change will provide our customers with a more streamlined, convenient and connected banking experience. 

Aside from providing exceptional banking services, Central Bank also makes valuable contributions that strengthen our communities. Our employees spend many hours each year participating in local programs and the bank donates to many educational, nonprofit and civic organizations throughout Utah County.

FUTURE

We value relationships and the communities we serve. Our approach to banking is guided by the personal relationships we build with our clients. At Central Bank, you get the modern banking products and services you need with the service and responsiveness only a community bank can offer.

“Where we are headed in the future is no different from where we have always been headed. Everything we do and all the decisions we make are focused on our goal of remaining an independent, community-oriented bank,” said bank President Mark Packard.

The mission of Central Bank has been and will always be to remain independent and focus on building our communities. Our standards and mission statements remain. We will work:

• To meet or exceed the expectations of our customers by providing personal services and competitive products and services.

• To create an enjoyable working environment that will encourage an atmosphere where employees and customers will feel welcome and comfortable while at Central Bank.

• To remain independent by adhering to time-tested banking values so that we may continue to provide service to our community, to our customers and to each other.

We are honored to have been able to serve our customers and the Utah Valley community since 1891 and we’re excited to continue to provide quality customer service that will benefit our customers in the future.