Industrial banks arose more than a century ago. Their original purpose was to make loans available to industrial workers who could not find credit elsewhere. Today, industrial banks offer a wider variety of financial services, some still catering to a narrower group of customers than a typical bank (e.g., student loans, business loans, and healthcare).
Utah is currently one of only six states home to industrial banks and holds more than 90% of all industrial bank assets. Specifically in 2019, Utah’s 14 industrial banks held $140.6 billion in assets, such as loans, 93.5% of the total for all industrial banks in the United States. These institutions anchor Utah's financial services industry and can support fast-growing fintechs.
The Kem C. Gardner Policy Institute has released an economic overview of the sector in our state’s financial services industry. More here.