Bruce Jensen is again looking to lead a de novo bank in Utah.
Jensen is the proposed CEO of Bank of St. George, which recently applied to the Federal Deposit Insurance Corp. He was also set to lead a bank with the same name that received conditional FDIC approval in 2019 but ultimately did not open.
The latest iteration of the bank would be completely funded by Fred Lampropoulos, who plans to invest $20 million in the effort, according to the group’s application. The proposed bank would be based in St. George but plans to open a loan production office with a deposit-taking ATM in Salt Lake County.
Lampropoulos founded Sentir Semiconductors, which later merged into Merit Medical Systems. Jensen recently served as CEO of Redemption Bank, which was sold in June 2025 and rebranded as Holladay Bank and Trust.
Bank of St. George is pitching a classic community bank model, with a twist.
The bank plans to offer a full range of commercial and retail banking services, with an emphasis on commercial and commercial real estate loans, residential construction lending, and government-guaranteed loans administered through the Small Business Administration and the Department of Agriculture.
Pre-opening expenses are budgeted at about $1.5 million.