PRESTON – As Cache Valley Bank continues to look for opportunities for growth, they will soon be opening a new branch in Preston, Idaho. This will be their first location outside of Utah and their 18th branch overall. Wells Fargo abandoned its Preston location in September giving the Logan-based financial institution an opening in the community.
“We are excited about the new branch. It is the first one our side of the Utah border,” said Scott Beckstead, a Cache Valley Bank board member and Preston resident. “We plan to open a branch in Stokes Market located at 217 South Main St. Nov. 1.”
Lindon Beckstead, Scott’s father, was with Cache Valley Bank since its beginning in the mid 1970’s. Scott followed in his father’s footsteps and has been on the banks board for 30 years.
“We have purchased property in Preston and plan to build on it in the future,” Beckstead said. “We are concentrating on getting this Preston Branch open on November 1.”
Preston has four other banks, including Zions Bank (which mostly handles commercial loans), and consumer banks like Ireland Bank, US Bank and Altabank.
“We do have a significant number of customers already in Franklin County,” he said. “We are excited to be up.”
Beckstead said the bank is growing, not just to get bigger but to serve under-served communities.
“We look for opportunities in areas to move into that could use our services,” Beakstead said. “The growth has come organically; we aren’t just beating the bushes for places to put banks.”
For Cache Valley Bank the people are the most important part the decisions they make, he said.
“That’s what makes the bank successful,” he said. “It is the people more than the building.”
Darren Cole was named the branch manager at the Preston location.