Bank of Utah to purchase American Bank of Commerce
Ogden-based Bank of Utah is expanding.
According to a news release, BOU Bancorp, Inc., Bank of Utah’s holding company, will be purchasing AmBancorp, the holding company for American Bank of Commerce (AmBank).
According to the release, the merger has been approved by both boards of directors and a definitive agreement has been signed.
“The union of these two great Utah organizations will provide a strong set of local banking experts and the most up-to-date products and services for individuals and businesses in what will be 17 deposit branches from Logan to Provo,” Douglas L. DeFries, president and CEO of BOU Bancorp, Inc., said in the release. “We are very pleased to create a stronger, independent, Utah-based network of retail bank branches, with combined assets of over $1.4 billion.”
According to the release, the deal requires approval by regulators and AmBancorp shareholders but is expected to be finished in the fourth quarter of 2018.
There are currently 14 full-service Bank of Utah branches and three AmBank locations. The AmBank locations, in Lindon, Provo and Heber City, will have the Bank of Utah name.
“The partnership with Bank of Utah allows our trusted bankers to continue offering locally-processed and financed commercial and residential loans, with the significant new benefit of more robust cash management services and greater choice in deposit accounts and online banking,” AmBancorp President and CEO Leonel E. Castillo said in the release.
Clearfield teacher a finalist for Presidential Award
South Clearfield Elementary teacher Kirk Redford has been named one of five Utah finalists for the Presidential Awards for Excellence in Mathematics and Science Teaching.
The Utah State Board of Education announced the news in a release.
“The Presidential Award for Excellence in Mathematics and Science Teaching (PAEMST) is the highest honor bestowed by the United States government specifically for K-12 mathematics and science teaching,” the release stated.
According to the release, the awards honor those “who develop and implement a high-quality instructional program that is informed by content knowledge and enhances student learning.”
Mathematics and science teachers from all 50 states and four U.S. jurisdictions receive awards.
Cookies to help fight childhood cancer available at Kneaders
Kneaders Bakery and Cafe is raising awareness for childhood cancer.
Elephant-shaped cookies have gone on sale at Kneaders locations throughout the state. The cookies are shaped like elephants in recognition of Dr. Joshua Schiffman, a cancer researcher at Huntsman Cancer Institute who is researching elephant DNA in search of new treatments for childhood cancer.
According to information published on Kneaders’ website, 40 cancer-fighting proteins are found in the DNA of elephants, while only two are found in humans.
Cookies are available while supplies last for $2.99, and 100 percent of the sales will go to Schiffman’s team.