About Us

Letter from the President

Dec. 12, 2008

Dear Friends,

During the past few months a lot bas been said of the $700 Billion 'bailout' money or Troubled Asset Relief Program (TARP). Originally it was approved for the purchase of troubled assets held at banks across the US. This was set up to help create stability in the financial markets.

Since that time the program has evolved to the point that the money is being used for the purchase of stock in US banks. Community banks like Central Bank have the option of taking the TARP money, if they qualify, or passing on taking it. While we are confident that we would qualify in receiving some of the TARP money, the directors of Central Bank have unanimously voted to not participate in the program.

Central Bank is an independent community bank that has its roots deep in the Utah economy. While we do not question other banks that have taken the TARP money, we do not feel that it is appropriate for Central Bank to be a part of the program. We are comfortable that the strong capital position of the Bank and the conservative business practices will help us through this economic cycle.

We have an incredible group of employees that are dedicated to your security and success. If you have any questions with regard to the Bank's decision or any other questions please do not hesitate to contact us.

May all of you have a wonderful Christmas season and a happy and prosperous 2009.

Sincerely,

Matt Packard
President and CEO
Central Bank