Central Bank has been serving Utah County for over 120 years and we are proud of our history of sustained growth in strength and security. Since the economy began to falter in 2008, we have relied on our own strength and reserves by not taking any "bailout" or TARP money - evidence that we truly have remained strong, safe and secure since 1891. We believe our strength and continued progress is a direct result of our dedication to caring for the individual needs of the people and communities we serve. Here is a brief view of our history.
On October 17, 1891, Milan Packard (great-great-grandfather of our president, Matt Packard) helped establish the Springville Banking Company. The bank expanded gradually until 1924, when the community-focused officers and directors were instrumental in attracting the Columbia Steel Mill to the site between Provo and Springville. From this point, the bank enjoyed steady and substantial growth and was one of few banks that did not require Government Debenture Capital during the depression years. Progressive and ably-managed, Springville Banking Company was the first bank in Utah to qualify for FDIC insurance on deposits.
The State Bank of Provo was organized in 1902, by 16 men of incredibly diverse backgrounds - sheep farmer, plumber, attorney, you name it - who all had the common desire to find a safe, stable place to save and borrow money. From its founding, the State Bank of Provo grew steadily and the officers and board members prided themselves as they came to be known as the bank that knew every customer as a friend.
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 doors in Spanish Fork in 1969, followed shortly by offices in the Provo Riverside PIaza in 1971 and Mapleton in 1972. Continued expansion brought offices to Payson in 1980, Orem in1982, American Fork in 1996, Lehi in 2003, and Pleasant Grove in 2008. These new facilities demonstrate Central Bank's commitment to serving Utah County and the people who call it "home."
Central Bank is committed to offering all modern banking services and conveniences - mobile banking, online bill pay, advanced technology ATMs, and online financial management through FinanceWorks to name a few - without letting go of the personal, friendly touch that got us where we are today. Aside from providing exceptional banking services, Central Bank makes many valuable contributions that strengthen our community. Our employees spend many hours each year participating in local programs and the bank donates to many educational and civic organizations throughout Utah County.