"NEWS OF NOTE No. 7" Covers Transactions Involving 14 Utah-based Entities and Two Firms from Outside of the State

EXECUTIVE SUMMARY: 

✅ Draper, Utah-based HealthEquity repurchased 1.2MM common shares for $108MM during its second fiscal quarter;

✅ The State of Utah purchased the former FranklinCovey corporate campus in West Valley City for $40MM;

✅ Lehi-based LifeVantage saw Q4 2026 revenue drop $12.7MM, a 23.1% decrease;

✅ Midvale-based Utah Medical Products acquired UK-based Orion Medical Supplies for £3.6MM in cash;

✅ Utah-HQ'd Zions Bancorporation and Sunwest Bank expanded their commercial real estate and regional branch portfolios, while New York City-based Flexible Finance filed paperwork to establish a state-chartered industrial bank headquartered in Utah;

✅ One out–of–state entity, Anfield Energy, has advanced critical mine rehabilitation in San Juan County, Utah;

✅ St. George-based Curant.ai closed a $3.1MM round of Seed funding;

✅ Lindon-based Trucordia completed another acquisition in its ongoing rollup strategy; and

✅ Major executive transitions were announced at CHG Healthcare, Extra Space Storage, and Nature's Sunshine.

14 September 2026 — LEHI, Utah — Welcome to another edition of NEWS OF NOTE.

In this writeup, we track everything from completed multi-million-dollar capital buybacks and real estate acquisitions to strategic bank charter applications, specialized insurance roll-ups, as well as southern Utah industrial development, and three senior leadership transitions.

Shown below are developments at 16 different entities, including three high-level C-suite transitions at Utah-based firms.

1. HealthEquity Completes $108.1 Million Stock Repurchase in Fiscal Q2

Draper, Utah-based HealthEquity (NASDAQ:HQY) completed the repurchase of 1.2 million shares of its common stock for $108.1 million during its second fiscal quarter ended 31 July 2026.

Based upon an analysis tied to the company's Q2 earnings release, the buyback was executed at an average price below $90 per share as part of the health savings account (HSA) custodian's active capital allocation strategy. The completed cash capital return deployed $108.1 million in cash during the quarter.

As of 31 July 2026, HealthEquity maintained approximately $948.4 million in remaining authorized capacity under its cumulative $1.6 billion stock repurchase program.

2. The State of Utah Acquires the Former FranklinCovey Corporate Campus for $40 Million

The State of Utah recently completed its acquisition of the former West Valley City, Utah-based campus of FranklinCovey (NYSE:FC) for $40.0 million.

According to reporting by Building Salt Lake, the multi-building campus is designated to serve as the consolidated state headquarters for the Utah Department of Health and Human Services (DHHS), unifying administrative offices under a single state-owned property asset.

Funded via a $35.0 million state legislative capital appropriation, the all-cash transaction represents a strategic transition for DHHS as the department moves its administrative footprint out of multiple leased commercial offices across Salt Lake County into a unified, state-managed property footprint.

3. LifeVantage Tracks 23.1% Fourth-Quarter Revenue Decline of $12.7 Million Amid Strategic Realignment

Lehi, Utah-based health and wellness products company LifeVantage (NASDAQ:LFVN) reported financial results reflecting a substantial top-line contraction during its fourth fiscal quarter ended 30 June 2026.

As noted in its quarterly results news release, LifeVantage revenue declined 23.1% to $42.4 million, down from $55.1 million in the fourth quarter of fiscal 2025, a $12.7 million drop in top-line revenue on a Year-over-Year basis.

For the full fiscal year 2026, revenue decreased 20.1% to $182.6 million, down from $228.5 million in the prior fiscal year (a decline of $45.9 million).

LifeVantage President, Chief Executive Officer, and Board Member, Terrence Moorehead, took over his positions as of 5 August 2026.

Most recently, Moorehead was the President and CEO of Nature's Sunshine. He also spent over 20 years with Avon Products, including roles as

🟢 President of Avon Canada, and

🟢 President and Chairman of Avon Japan.

4. Utah Medical Products Acquires UK-Based Orion Medical Supplies for £3.6 Million

Midvale, Utah-based medical device manufacturer Utah Medical Products (NASDAQ:UTMD) acquired UK-based harm-reduction device supplier Orion Medical Supplies through its UK subsidiary, Femcare.

According to the company's acquisition announcement, the purchase price was £3.6 million in cash, or the equivalent of approximately $4.9 million delivered at closing.

The all-cash transaction is projected to add approximately $6.0 million in annual sales to Utah Medical Products' top line while expanding its international specialized medical distribution channels.

5. Zions Bancorporation Acquires Basis Investment Group's Multifamily Business Line

Salt Lake City-headquartered regional banking giant Zions Bancorporation (NASDAQ:ZION) completed the acquisition of the Fannie Mae and Freddie Mac multifamily lending business line from Basis Investment Group.

The acquisition enhances Zions' commercial real estate footprint, allowing its mortgage division to scale origination and servicing capabilities across federal agency multifamily programs.

According to the Basis news release, the transaction was structured as a business line asset purchase; the financial terms were undisclosed/unknown.

6. Sunwest Bank Completes Colorado Branch and Deposit Asset Acquisitions from Nicolet

Sandy, Utah-headquartered Sunwest Bank completed the acquisition of multiple Colorado branch locations from Nicolet National Bank.

The transaction transfers the physical facilities, operations, and associated deposit accounts of Nicolet's former MidWestOne Bank and Bank of Denver Colorado branches to Sunwest.

According to the official news release, this bolt-on expansion represents a direct capital deployment that solidifies Sunwest's commercial banking presence throughout the Mountain West region.

The transaction was structured as a cash branch asset purchase and deposit assumption, and the financial purchase premium above net asset value was undisclosed/unknown.

7. Flexible Finance Files Regulatory Applications to Establish Flex Bank in Salt Lake City

Financial technology firm Flexible Finance (Flex) submitted formal applications to the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to establish a state-chartered industrial bank.

As noted in the company announcement, the proposed entity, Flex Bank, will be headquartered in the Salt Lake City area and would issue Flex's core credit products, including Flex Rent, directly, helping responsibly scale its suite of products and services and providing Flex customers with access to FDIC-insured deposit accounts. 

According to the charter filing announcement, Flex has appointed former WebBank executive Jeff Berkson to serve as Chief Executive Officer of Flex Bank upon receiving formal regulatory approvals.

8. Lindon, Utah-based Trucordia has Acquired the Assets of Shipley & Pease Insurance, also based in Lindon

Lindon, Utah-based insurance brokerage Trucordia has acquired the assets of Shipley & Pease Insurance.

As detailed in the Trucordia announcement, the acquisition was structured as an asset purchase with the financial terms undisclosed/unknown.

Founded in 1996 and a founding member of AE ProNet, Shipley & Pease has achieved 500% growth over the past decade, specializing in professional liability insurance and risk management for architects and engineers.

Trucordia is currently ranked #18 on Business Insurance's Top 100 Brokers list, and this most recent transaction expands Trucordia's national specialty insurance lines and technical advisory capabilities.

9. Anfield Energy Restarts Underground Work at Velvet-Wood Uranium Mine

Vancouver, British Columbia, Canada-headquartered Anfield Energy (NASDAQ: AEC) has completed its first underground blast in nearly 40 years at the Velvet-Wood Uranium Mine in San Juan County, Utah.

According to the company's blast announcement, Anfield has already

💥 Rehabilitated the first 700 feet of the decline, and

💥 Completed

▪️ Essential ground support,

▪️ Road-building,

▪️ Mucking, and

▪️ Installation of mine ventilation.

The inaugural blast initiates active underground rehabilitation and re-entry operations at the site, which last produced in 1984.

This physical rehabilitation moves Anfield closer to dewatering the historic workings.

According to the company, deployed production from Velvet-Wood is slated to feed Anfield's nearby Shootaring Canyon mill, standing as one of only three licensed and constructed conventional uranium mills in the United States.

10. Curant.ai Closes $3.1 Million Seed Round to Scale its AI Claims Automation Platform

St. George, Utah-headquartered AI developer Curant.ai has closed a $3.1 million Seed financing round.

According to the financing announcement, the round was led by Diagram, with participation from Humania Insurance, Element Ventures, Blue Plains Capital, and several individual angel investors.

Curant.ai intends to use the funding to scale its enterprise-grade AI safety and orchestration layer.

Founded by software architect John Haller, Curant.ai's platform operates directly on top of legacy carrier databases to streamline disability and complex medical claims adjudication.

11. Roundup of Three Senior Executive Leadership Changes in Utah

🔶  Salt Lake City-based Extra Space Storage (NYSE:EXR) has announced that Chief Executive Officer Joe Margolis will retire on 31 December 2026.

The board of directors unanimously appointed President Noah Springer to succeed Margolis as CEO, effective 1 January 2027.

According to the company's leadership transition release, Margolis will continue to serve as a strategic board advisor post-retirement.

🔶  Lehi-based Nature's Sunshine (NASDAQ:NATR) has appointed Janine Weber as its Executive Vice President and President, North America, effective 10 August 2026.

According to the company's appointment announcement, the veteran sales executive is in charge of direct-to-consumer and wholesale operations across its primary domestic market.

🔶  Midvale, Utah-based CHG Healthcare has hired Ryan Solomon as Chief Financial Officer. Solomon succeeds Rob Millard, who is retiring after directing CHG’s corporate finance, capital structure, and risk management functions since 2018.

According to the official transition announcement, Millard will remain in an advisory capacity through 1 January 2027 to transition the role.

Publisher's Note

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