Bank of Utah Aircraft Owner Trust Statement

OGDEN, Utah, Nov. 6, 2017 - Bank of Utah participated in a very open and transparent conversation with
the New York Times this past fall, to talk about the Bank’s expertise in corporate aircraft trusts. This
statement is in response to the recently published article.
Bank of Utah has a well-respected Trust Department, which handles both corporate and personal trusts,
and has built a special expertise and reputation in aircraft trusts over several years. Their expertise is
sought after by corporations from around the world, which may be surprising to some who are unaware
of Bank of Utah’s depth of services and expertise.
The importance and legitimacy of aircraft owner trusts in the United States have been well-recognized
by the Federal Aviation Administration for many years. Bank of Utah works diligently to follow all FAA
and bank regulations and procedures, and continues to update policies and practices to be the best in
the industry. If any account is found non-compliant by the FAA or if questions arise, Bank of Utah works
hand in hand with the FAA and takes immediate, appropriate action. Also, the Bank’s internal riskmanagement processes are considered to be “a living and breathing methodology,” always growing to
implement best practices and enhancing our risk-assessment of countries as the world changes.
Bank of Utah follows standards that are mandated by the highly-regulated banking industry. As a
regulated financial institution, the Bank follows all laws and regulations regarding the people and
companies with whom it does business.
Published media comments that Bank of Utah “would not reveal” ownership or details of aircraft trusts
is due to the fact that Bank of Utah is both contractually and legally prohibited from sharing ownership
information unless the requesting party is a government regulator or if the request is pursuant to a legal
subpoena. Therefore, Bank of Utah is not able to discuss ownership information or actions taken within
our customer portfolio, even though some of this information is a matter of public record. This is
consistent with both FAA and banking regulations.