OGDEN - The Bank of Utah announced Friday that it will reorganize its senior management team.
The shift includes the promoting of its chief credit officer, a new chief financial officer and the creation of a new position called chief administrative officer.
The reorganization is part of planning the bank is doing before the upcoming retirement of President James C. Anderson on December 31. Douglas L. DeFries, executive vice president and chief financial officer, will succeed Anderson as president on Jan. 1.
In a release by the bank issued Friday, Anderson said, "Although these changes are, in part, a result of Doug DeFries' succeeding me as president, we're also realigning our leadership positions in response to economic realities and to better position us for future opportunities."
Effective immediately, Roger G. Shumway, now the senior vice president-chief credit officer, is promoted to executive vice president.
Shumway has played a significant role in supporting the development of Bank of Utah's lending culture, the release says. Shumway has worked in banking for more than 32 years, holding positions at Wells Fargo, First Security Bank and Zions. He graduated from the University of Utah with a BS in Business-Finance.
"Shumway's responsibilities will not change," said DeFries. "However, this promotion indicates the value and importance of a strong chief credit officer in this challenging economy and banking environment."
Branden P. Hansen, now the senior vice president of residential lending, will take the role of chief financial officer.
Hansen will oversee the mortgage lending division and IT department. His new CFO duties include investment portfolio management, financial functions, performance and budgeting, interest rate risk and strategic planning.
Hansen graduated with a BS in Business Management and Finance from Brigham Young University and came to work for Bank of Utah, where he has held various positions within mortgage lending.
Menah C. Strong, vice president-controller, will take on the new position of senior vice president, chief administrative officer.
Strong will continue to oversee the accounting department, product control, back office operations for cash management products, liquidity risk funding sources and central operations, and act as the holding company treasurer.
Strong, a CPA, joined Bank of Utah in 1997 as internal auditor. She became controller in 1999. She graduated from Weber State University, earning a BS and MAcc in 1992.
Bank of Utah was founded and organized by Frank M. Browning, an Ogden business executive. It opened for business on Dec. 1, 1952, with 16 employees, and has grown to more than 300 employees and $750 million in assets.
The Bank has 13 full-service branches along the Wasatch Front, Price and South Jordan mortgage offices and corporate trust teams in Ogden and Salt Lake City.
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