Citibank, the local subsidiary of the New York-based Citicorp., is entering the commercial bankng business in Utah, according to Larry Frost, president.
The move reflects Citibank's confidence in the Utah marketplace and is evidence of Citibank's desire to continue being a significant contributor to Utah's economic development, said Frost. Randy Emery has been appointed to manage the company's business and professional department.Not only will Citibank deliver a competitive range of commercial financial services locally, but it also can draw on the wide range of sophisticated financial services from Citicorp.
A Utah native, Emery formerly was vice president and manager of corporate banking at First Interstate Bank of Utah. A graduate of the University of Utah, he has been in the banking and finance business for 12 years and also completed studies at the Pacific Coast Banking School at the University of of Washington.
Emery said the bank's primary strengths will be with companies having the capacity to borrow more than $1 million, but Citibank also will maintain relationships with companies needing as little as $250,000.
Citibank obtained a full-service banking license in Utah in 1986 and initially concentrated its attention on rescuing and firming up the two failed banks it acquired from the Federal Deposit Insurance Corp.