Feb. 10, 2010
Newsletter Archive

Economic Review
Jeff Edwards, president & CEO of EDCUtah

President's Message

Specialized Bicycle Opens
Its Doors to New
Distribution Facility

Last week I had the pleasure of attending the ribbon cutting ceremony for Specialized Bicycle Products' new distribution facility in Salt Lake City. Specialized Bicycle has had a presence here for 11 years. Its growth and commitment to Utah is indicative of the success we have seen in attracting, recruiting, and retaining outdoor product companies to the state. EDCUtah continues to focus on this area and the Governor's Office of Economic Development (GOED) continues to pursue activity related to this cluster as well. I am thrilled to see the expansion of Specialized Bicycle and look forward to the company's continued growth in Utah. You can read more on this great story in Bicycle Retailer and Utah Business Magazine.

Today's Economic Review also includes links to many of the ED-related news stories from the past week. As always, if you have comments, suggestions or topics you'd like to see in the Economic Review, please contact us by clicking the "Comments" link on the bottom of this page. Enjoy!
Jeff Edwards

Jeff Edwards
President and CEO

Feature Story
Introducing Greg Winegardner, Utah Regional President for Wells Fargo
On a typical business day you might find Greg Winegardner poring over earnings reports, analyzing risk-based capital ratios, or reviewing economic forecasts.

Greg Winegardner On a typical vacation day you might find the 38-year financial services veteran bailing hay or herding cows on his ranch.

What you won't find him doing is taking life easy. In September, 2009, Winegardner became Wells Fargo's regional president of Community Banking for Utah, transitioning into his new role as 40-year veteran Robert A. Hatch prepared for retirement, which Hatch did in November of that year.

An Impressive Workforce
"I've known Bob for some time. He did a remarkable job and I am honored to be his successor here in Utah," Winegardner says. "Wells Fargo employs 4,700 people in Utah and has assets of $17 billion here. It's a tremendous franchise and what makes it work is the quality of the people. The work ethic is fantastic; it's a values-based society, and the people are highly educated. I think the workforce is second to none."

Before locating in Utah, Winegardner was partial to Colorado. However, his feelings changed during his first 90 days here, as he traveled the state to meet with approximately 200 Wells Fargo branch managers and visit all 140 branch operations. "Utah really stands out. I have traveled all over the state and I am extremely impressed with the workforce, Utah's diversity and its breath-taking beauty," he says. "Colorado doesn't have a thing on Utah."

Optimistic About the Future
As the economy begins to show signs of recovery, Winegardner has high expectations for the Beehive State. "I think Utah will be a high-growth area going forward. Wells Fargo is a strong organization and the company is positioned for a strong future here. Like other businesses, we try to play to our strengths," he adds. "We are trying to take care of our customers and grow our business, just like every other business in the state. We want to see every business survive and thrive here."

Winegardner says Wells Fargo can only be as successful as the community itself. "That's why economic development is so critical to creating quality jobs and job growth. It's also important if we are to retain the best and brightest students graduating from local colleges and universities."

He believes strongly that economic development means more than recruiting new businesses to the state; it's also about retaining existing businesses. "I think it is essential that we retain our existing companies and help them grow, while also recruiting new businesses to the state," he says.

In addition to his role at the helm of Wells Fargo's Utah operations, Winegardner is active in the Salt Lake community and volunteers his time as a member of EDCUtah's board of directors and executive committee. "EDCUtah is top tier," he says, "and I am so impressed with the caliber of people representing business, government and public organizations on the board of directors. It is a real pleasure to serve with this group of people -- they are so devoted to building Utah's great economy."

Banking Career
Before coming to Utah, Winegardner managed Wells Fargo's New Mexico region, which has 1,200 team members and 97 banking stores in 53 communities. Earlier, he was community banking regional president for Western Colorado. He also has been community banking president for Wells Fargo in Durango, Colorado, Flagstaff, Arizona and Victoria, Texas.

Born and raised in Ohio and a graduate of Ohio State University, Winegardner began his banking career in the West at United Banks of Colorado. That operation was acquired by Norwest Bank, which later acquired Wells Fargo Bank, but kept the Wells Fargo name. In 2001, Wells Fargo acquired First Security Bank. At that time, Winegardner was based in Grand Junction, Colorado, where he served as regional president for western Colorado.

Winegardner is a devoted family man. He and his wife have been married for 38 years. They have four children and four grandchildren. Seeing the cowboy in him, his wife says he was born 100 years too late. "My passion is ranching," Winegardner adds. "It's kind of my therapy." Consequently, the family spends many vacation days working at the ranch, building fences, bailing hay, or herding cows.

"It's a true working operation -- with all of the romance," he says.

Join the Utah Pavilion at BIO 2010

In the News

Specialized Bicycle Components chooses Utah
Specialized Bicycle Components opened a new 250,000-square-foot Western Distribution Center at 1475 South 5070 West.
(Utah Business Magazine) (Bicycle Retailer) (Fox 13)

Utah economic development agency lands new financing
The Utah Fund of Funds, a state economic-development program, has received a $20 million line of credit from Zions Bank.
(Salt Lake Tribune)

IRS to extend its footprint in Ogden
The Internal Revenue Service's growing presence, which has spread from its original 12th Street location to encompass 12 buildings in the downtown area, is not slowing.
(Salt Lake Tribune)

Ogden & the IRS, a love story
Depending on the time of year, up to 7,000 people draw paychecks in or around the Internal Revenue Service campus. At least 6,500 are full time, with the rest seasonal workers brought in during tax-crunch time.
(Salt Lake Tribune)

Airport showing signs of economic recovery
Signs of economic recovery are being seen at Salt Lake International Airport. Even in off hours, airport administrators say it's definitely busier.

Federal grant aims to stimulate growth in energy jobs
A $4.6 million federal grant is invigorating a broad-based effort by state government, educational institutions and the private sector to develop more energy-sector jobs.
(Salt Lake Tribune)

Final frontier for ATK? Utah cities, jobs, hang in the balance of national space debate
Few cars were parked outside of the bar after quitting time Wednesday. Inside, the deep fryer, waiting for some raw potatoes, cast a heavy odor.
(Deseret News)

Utah's grass-roots effort a model Ariz. can follow
When Arizonans look at their elected leaders, they see people with priorities far different from their own.
(Arizona Republic)

Utah company wants to turn caverns into batteries
A Utah company plans to dig a series of caverns that it hopes to one day fill with compressed air, releasing it to generate electricity by turning a turbine and solving one of the most vexing problems facing the clean-energy industry -- how to store power.
(Salt Lake Tribune) (KSL)

Economic Forecast: it's getting better, slowly
The Park City Chamber/Bureau's Groundhog Day Economic Forecast luncheon Tuesday was full of optimism if you're willing to be patient.
(Park Record)

Eugene B. Jones elected director of World Heart Corporation
World Heart Corporation, a developer of mechanical circulatory systems, announced today that on February 4, 2010, the Company's Board of Directors elected Eugene B. Jones to serve as a director of the Company.
(Utah Pulse)

Tear down this wall: Doing business in Russia
Fourth in a series of 2010 articles by the International Trade & Diplomacy Office of the Governor's Office of Economic Development.
(Utah Pulse)

Grow Utah Ventures pushes the button on new digital media summit
Pushbutton 2010, Utah's digital media event, will focus on expanding and growing Utah's digital media companies, organizations and educational facilities.
(Utah Pulse)

SLC looks to recast transit hub's downtrodden neighborhood
Salt Lake City has its eyes on a sweeping face-lift for the blocks just east of the FrontRunner transit hub in an effort to transform the moribund "Depot District" into a thriving city gateway.
(Salt Lake Tribune)

Construction to start on condo, theater complex
In a couple of weeks Farmington residents will start to see the beginnings of what will be one of the largest mixed used developments in South Davis, complete with a large condominium complex, Harmons and 14-screen Cinemark movie theater.
(Davis County Clipper)

West Valley City mall getting face-lift
In some of the most difficult times for malls and other retail developments, Valley Fair Mall in West Valley City is expanding -- and in the process, reinventing itself.
(Salt Lake Tribune)

Cline: Water, power limiting economic development
Tooele County's top economic development official says lack of power and water are hindering the county's ability to attract new industrial businesses.
(Tooele Transcript)


February 18-19
9th Annual Rural Business Conference, Price, Utah

March 9-10
pushbutton summit 2010, presented by Grow Utah Ventures. Utah's premiere Digital Media Summit for digital animation, gaming, mobile distribution, web development, movies and entertainment. Rose Wagner Theatre, Salt Lake City

March 18
EDCUtah Quarterly Investor Update

March 22
Governor's Economic Summit

May 3-6
BIO (Chicago, IL)

June 2
Save the Date! EDCUtah Match Grants Golf Tournament, 7:30 a.m. start (Eaglewood Golf Course) Title Sponsor: CB Richard Ellis

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The EDCUtah Economic Review is a weekly publication of the Economic Development Corporation of Utah. It is distributed to EDCUtah partners and selected other government and civic organizations interested in Utah's economic development.

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