Sunwest Bank, established in 1969, is a privately held commercial bank headquartered in Sandy, Utah. With assets exceeding $3.0 billion, the bank operates across California, Arizona, Idaho, Utah, and Florida, focusing on serving entrepreneurs, privately held corporations, family offices, small to medium-sized businesses, and real estate developers throughout the United States.
Company Overview
Sunwest Bank has a longstanding tradition of providing tailored financial services to its clientele. The bank's commitment to fostering entrepreneurial growth is evident in its strategic expansions and innovative product offerings.
Recent Developments
- Expansion into Florida: In 2024, Sunwest Bank inaugurated its first East Coast branch in Sarasota, Florida, marking a significant milestone in its growth strategy. This expansion aims to extend the bank's entrepreneurial banking services to the Sarasota community.
- Headquarters Relocation: In 2021, the bank relocated its headquarters from Irvine, California, to Sandy, Utah. This move was accompanied by plans to add up to 63 high-paying jobs in Utah over five years, reflecting the bank's commitment to the region's economic development.
- Technological Innovation: Sunwest Bank launched FOCSS (Foreign Correspondent Surveillance System) in 2024, a proprietary compliance software platform designed to monitor and analyze cross-border transactions. Initially developed for internal use, FOCSS is now available to correspondent and international banks, enhancing the security of global financial transactions.
Market Position and Competitive Landscape
Sunwest Bank operates in a competitive financial services market, distinguishing itself through a focus on entrepreneurial clients and innovative solutions. The bank's strategic expansions and technological advancements position it as a forward-thinking institution catering to the evolving needs of its clientele.
Awards and Recognitions
The bank's commitment to excellence has been recognized through various awards:
- Top Workplace Awards: Sunwest Bank has been consistently recognized as a top workplace, including being named a Top Workplace in Idaho in 2023 and receiving accolades from AZCentral for its Arizona branch.
- Marketing Excellence: In 2021, the bank's marketing department received the Best in Biz Award for Marketing Department of the Year, highlighting its effective marketing strategies and team performance.
