Utah

Sluggish but durable: The U.S. economy’s expansion

Washington • The U.S. economy acquired an exclusive label Friday: Recession-free for eight full years. Yet the third-longest economic winning streak in American history still doesn’t get much love. No wonder: Despite its longevity, this expansion has delivered subpar gains in its pace of growth, full-time hiring and pay increases since it emerged from the wreckage of the Great Recession in June 2009. It’s the weakest economic recovery since World War II. And the gap between the richest among us ...


Utahn to pay $3M for luring away ADT customers with false statements

A North Salt Lake businessman has agreed to pay $3 million to settle a lawsuit alleging he lured away customers of ADT’s home security and automation services by getting them to accept phony “upgrades” to their existing systems. Adam Schanz and his business, Alder Holdings LLC, agreed to settle a lawsuit filed in federal court in Florida by Boca Raton-based ADT. But the two sides are disputing some of the details in the settlement and ADT is asking the judge to enforce general provisions they h...


Lendio of South Jordan passes $500M mark in loans to small businesses nationwide

Utah-based financial tech company Lendio Inc. says it has arranged more than $500 million in loans to over 21,000 small businesses across the nation. The South Jordan company takes in online applications for funding from small businesses, transmits the information to lenders selected from the 75 it works with, and then goes back to the businesses with proposed terms from those willing to fund the loans. If the business owner chooses one of the lenders, then Lendio will close the deal. “What ...


Deal values Utah ‘bed-in-a-box’ mattress maker Purple Innovation at $1.1B

A New York acquisition company is buying “bed in a box” manufacturer Purple Innovation LLC in a deal that values the new but rapidly growing Utah company at $1.1 billion. Global Partner Acquisition Corp., a publicly traded company, anticipates putting up $90 million in cash that will go to Purple’s current owners, with the rest of the purchase price provided by equity in the new public company they plan to create, the two companies said Thursday. Purple Innovation, based in Alpine with manufac...


Bank of American Fork to acquire Banner Bank’s Utah branches

The Bank of American Fork is buying all seven Utah branches of Banner Bank of Walla Walla, Wash., for an estimated $15.3 million. While the deal is subject to approval by regulators, the branches being acquired are expected to operate under the Bank of American Fork name beginning in October, the Utah-based bank said in a Thursday news release. The seven branches are in Woods Cross, Salt Lake City, Provo, South Jordan, Orem, Salem and Springville. The bank said it plans to consolidate the Wood...