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GreatAmerica Financial Services Applies to Establish GreatAmerica Bank

March 06, 2020, 09:10 AM
Filed Under: Banking News

GreatAmerica Financial Services Corporation announced it has submitted an application with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to establish GreatAmerica Bank, an industrial bank to be located in the Salt Lake City, UT, metropolitan area. The proposed GreatAmerica Bank will be a wholly owned subsidiary of GreatAmerica, helping it expand its ability to help its customers be more successful.
“Our team is excited to continue working with the FDIC and UDFI in moving towards the establishment of GreatAmerica Bank, and officially filing the application is the next step forward,” said GreatAmerica Chairman and CEO Tony Golobic. “If the application is approved, GreatAmerica and GreatAmerica Bank will work in tandem to help manufacturers, vendors and dealers be more successful and keep their customers for a lifetime.”

As the largest independent, family-owned national commercial equipment finance company in the U.S., GreatAmerica views establishing GreatAmerica Bank as a strategic expansion, aligning GreatAmerica entrepreneurialism with the strength and stability of an FDIC-insured banking institution.

“A banking subsidiary would allow us to collectively provide a more comprehensive suite of financing options to small and medium-sized businesses looking to acquire the equipment necessary to support their growth,” said Golobic. “For the past 27 years, our manufacturer, equipment distributor, and dealer customers have relied on GreatAmerica to provide the financing needed by their customers to purchase equipment. Establishing GreatAmerica Bank is just one of the things we are doing to ensure continued support of our customers into the future.”

A $2 billion company, GreatAmerica was established in Cedar Rapids, IA, in 1992 and has a staff of over 600 employees with offices in Iowa, Georgia and Minnesota.

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