Cache Valley Bank acquires eight branches in central, southern Utah

Logan-based Cache Valley Bank will acquire eight AmericanWest Bank branches in central and southern Utah, with the transaction expected to be completed in the third fiscal quarter of this year.

The banks have entered into a definitive agreement, and the acquisition is subject to regulatory approval and all other customary conditions of closing. The branches included are Price, Fairview, Mt. Pleasant, Nephi, Loa, St. George and two in Ephraim.

The sale will also allow AmericanWest Bank to reshape its service area in Utah, focusing on serving the communities along the Interstate 15 corridor from North Salt Lake to Utah County, according to a joint news release. Herald Journal

Local Insights and Utah Insights updated on the Web

The Fall 2012 issues of Local Insights has been updated on the web.

This edition focuses on the most recent recession and the long-term unemployed.

The statewide edition includes a feature article on Unemployment Insurance Outcomes in Utah.

To see more, click here.









To receive a copy, call 801-526-9785

Wildfires threaten summer Rocky Mountain tourism

Searing, record-setting heat in the interior West didn't loosen its grip on firefighters struggling to contain blazes in Colorado, Utah and other Rocky Mountain states.

Colorado has endured nearly a week of 100-plus degree days and low humidity, sapping moisture from timber and grass, creating a devastating formula for volatile wildfires across the state and punishing conditions for firefighters.

"When it's that hot, it just dries the fuels even more. That can make the fuels explosive," said Steve Segin, a fire spokesman for the U.S. Forest Service.

Much of Nevada, Utah, Wyoming and Colorado are under a red flag warning, meaning conditions are hot, dry and ripe for fires. CBS News

Utah producers, rural areas awarded federal funds

Agriculture Secretary Tom Vilsack has announced that funding is being provided to producers and development organizations to promote job creation and to implement renewable energy in their operations.

Among the awards is a $299,900 Rural Business Enterprise Grant in Blanding to purchase buildings, which will provide job-training space to train disadvantaged residents and for business development. In all, 69 awards totaling more than $14.7 million were announced to promote economic-development efforts in 39 states. 

In addition, $27 million was provided in grants and loan guarantees through the Rural Energy for America Program to help farmers, ranchers and rural small businesses purchase and install renewable energy systems.

In Utah, funds will be used to finance the Feasibility Study for the development of a potential Geothermal Power Plant located near Sulphurdale, and BMB Enterprises received grants and loans to provide hydroelectric power to the Six Mile Creek area in Sanpete County. K Bar Ranch also received a $160,410 grant to construct 18 miles of a power transmission-line extension for an energy efficiency improvement project, which would convert diesel generators to electrical generatorsthree miles south of Green River to the Ruby Ranch area. Salt Lake Tribune

Sundance rebounds, Utah movie industry on the rise

The Sundance Film Festival is bouncing back from a two-year economic downturn, and the head of the Utah Film Commission said the state has seen an upturn in the film business in recent months.

“Our projections are the overnight attendance for the festival will be up 12 percent this year over last year,” said Chamber of Commerce CEO Bill Malone. “It’s not just on the front end or the back end, it’s an increase in visitation every day of the festival.” This comes after Sundance business took a hit in 2009 and 2010 because of the struggling economy.

For his part, Utah Film Commission Director Marshall Moore described an uptick of another kind.

“Not only are we the host state of the Sundance Film Festival, we hosted 25 film and television productions” in 2010, Moore said. The list includes “127 Hours” and the upcoming movies “John Carter of Mars,” “Darling Companion,” “The Age of Dragons” and “Unicorn City.”

“Overall, the film industry in the state of Utah is healthy. We had our best year ever last year,” said Moore. Movie and TV productions brought the state “over a thousand jobs last year, and over a $50 million impact for the state of Utah.”

He said that was especially true in rural Utah, “where much of the economic impact took place. Although a lot of it does take place in Salt Lake, we saw it in areas like Moab and Kanab and Delta and Hanksville. More than we’d seen in any other single year since I’ve been the director of the film commission.” Salt Lake Tribune