Last week, NOVA Bank of Berwyn, PA, became the 25th U.S. bank to fail in October. Over 400 banks have failed since the last election, after Lehman Brothers filed for bankruptcy protection, tipping the world into a financial and economic crisis of nearly unprecedented magnitude.

In Utah, the only state in the Union to have never lost the sterling AAA credit rating, it is a bank in American Fork that is quickly becoming a model on how to weather the worst financial crisis since World War II.

The Bank of American Fork, a 280-employee community bank headquartered on Main Street, made a $6.5 million profit in 2011, according to the latest financial data available, an eye-popping 93% increase when compare to the year before. Better yet, throughout the entire Great Recession of 2007 to 2009 and the sluggish recovery of 2010 and 2011, Bank of American Fork has always made a profit.

“The recovery seems to be more robust here and the ‘can-do’ spirit of the Utah people, which is the ‘secret sauce’ of our culture, is alive and well,” Bank of American Fork CEO Richard Beard told investors.

Since its modest roots dating back 1913, the bank has sometimes struggled. It took Bank of American Fork no fewer than six decades to open its second branch, and the bank hunkered down during the Great Depression of the 1930’s by temporarily closing its doors, leaving customers fidgety. But the move paid off, and now, on the eve of its 100-year anniversary, the bank seems as healthy as ever, poised to open its 13th branch on Nov. 19. It announced yesterday it had hired three new officers to open the Layton location.

“Yes, business is good,” said Heidi Carmack Pfaffroth, the bank’s Communications Specialist. “In August of 2010, we opened a loan production office in Layton. We have a team up there that has been developing business, and since it has been going well, we’re really excited to be opening a full-service branch this month.”

Nationwide, it seems that most banks have turned a corner. Bank earnings have increased for ten consecutive quarters, year over year. According to Ely & Company, Inc., a financial consulting firm, 63% of banks in the U.S. had higher earnings year-over-year.

But as Utah continues to rank as one of the top states in the country in which to do business, with a GDP in the last ten years significantly exceeding the one of the nation, Utah community banks are turning out to be an investor’s best-kept secret. Banks continue to monitor the economic slowdown in Europe because of its negative impact on the U.S. economy. Experts say a slowing European economy will import less from the United States, and a weaker Euro relative to the dollar will impair the competitiveness of U.S. exports.

But for Bank of American Fork, lending money in a state that has the lowest unemployment rate in the nation is key to its success.

“Our customers’ deposits are used locally to support and grow Utah businesses and provide jobs, housing and education for our families, friends and neighbors,” Mr. Beard wrote in a report. “As we near our 100-year anniversary we believe that the fundamental principles of community banking that have served us well during the last century will provide a solid foundation for the coming century.”