Bo Hughes

Bodil (Bo) Hughes is the president and chief executive officer at Canyon Community Bank, an Asian American-owned bank founded in 2000. Canyon Community Bank is a $225-million minority-designated institution (MDI) based in Tucson, Arizona, serving clients in Maricopa, Pima and the rural/minority-populated Arizona counties of Navajo, Yavapai and Coconino. Canyon’s primary mission is to provide best-in-class commercial banking and lending to small- to medium-sized businesses in Tucson, Greater Phoenix and beyond, with a specific emphasis on serving the needs of hotel owner/operators, not-for-profit organizations and other minority-owned businesses. 

Hughes is first and foremost an entrepreneur. She started her own bungee jumping business in Mexico and flipped her first house at 22. Hughes is a native Oregonian, who started in banking directly out of high school as a way to pay for college. Initially self-taught, she began reading bank manuals while working as a teller. Her initiative and curiosity helped her advance her banking career and pinpoint her interest in finance and accounting. She became a Certified Public Accountant, graduating summa cum laude with a B.S. in economics, philosophy and political science from Eastern Oregon University and a M.S. in accounting from the University of Nevada-Las Vegas. Hughes spent time in Las Vegas in the banking and public accounting sector before relocating with her daughter to Arizona in 2008. She moved to Scottsdale to join Pinnacle Bank and ended up falling in love with the summer monsoons and Arizona lifestyle. 

At the peak of the last recession, Hughes learned critical lessons about revitalizing companies impacted by the banking crash. She partnered with a resilient team to recapitalize and grow Pinnacle Bank, culminating in the sale to Arizona Federal Credit Union in 2019, marking an unprecedented merger between a bank and credit union. The successful sale and merger confirmed that Hughes thrives on a challenge. When Hughes was presented with the opportunity to join Canyon Community Bank, she was excited to collaborate with an incredible ownership group and build a team focused on helping small businesses and underserved rural communities. 

In 2021, Hughes joined Canyon Community Bank as the president and CEO. She is proud to work with her talented executive team, including CFO Monica Solo, COO Karla Wright, CCO Sean Faulk and CGO Tom Dickason. The bank is supported by its primary shareholder, Mahmood Khimji, founding principal of Highgate Hotels, a fully integrated real estate investment, management and development company. Canyon Community Bank was a significant SBA PPP lender in 2021, with strong capital and liquidity to support its customer base. Recently, Canyon was ranked No. 1 in ICBA’s 2021 List of Top Lenders for commercial banks less than $500 million in assets. 

In 2023, Hughes is excited to continue to expand the bank’s footprint and build strong relationships. Hughes believes that commitment drives success, and innovation along with teamwork will foster continued growth within the community. She understands the challenges that small businesses face and is a firm believer in helping others access capital. 

Learn more at Member FDIC.


Banker of Excellence: Bo Hughes
Position: President and CEO
Company Name: Canyon Community Bank
Main Local Office Address: 2801 E. Camelback Rd., Suite 200, Phoenix, AZ 85016
Phone: (520) 529-5500
Number of Offices in Metro Phoenix: 1
Year Established Locally: 2000
Headquartered: Tucson
No. of Years with Firm: 1
Industry Expertise:  USDA and SBA Government Guaranteed Lending, Hospitality, Business Accounts

Speak Your Mind

In Business Dailies

Sign up for a complimentary year of In Business Dailies with a bonus Digital Subscription of In Business Magazine delivered to your inbox each month!

  • Get the day’s Top Stories
  • Relevant In-depth Articles
  • Daily Offers
  • Coming Events