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    What Bankers Think

    CDARS is a relationship-driven service that opens up the door where you’ve never gone before. Period.
    Francis Hornung
    Vice President and Sales Manager
    Five Star Bank, NY

    We enjoy being able to replace repos and letters of credit, as well as reducing our need for collateral, with ICS® and CDARS.
    Chris Huss
    Capital Markets Director
    CoBiz Bank, CO

    We were one of the first banks to join the [Promontory] Network. We realized that CDARS was a game changer—one that would give banks like ours not just competitive equality with large financial companies, but a real competitive advantage in attracting local customers.
    Earl McVicker
    Chairman, President and CEO
    Central Bank and Trust Co, Kansas

    The products that Promontory Interfinancial Network offers…CDs through CDARS, and money market deposit accounts, demand deposit accounts through [the Insured Cash Sweep service] that are insured—those are products that appeal to a space that has, for community banks, been difficult to garner from the big box banks over the years.
    [Pricing] is something that doesn’t get spoken a great deal about when we’re looking at [utilizing reciprocal deposits like] the Insured Cash Sweep or the CDARS [services]. You’re pricing these deposits and trying to win over these larger clients, but it’s on your terms rather than a wholesaler that says, ‘Well, this is the price for today—the all-in cost.’

    I think that’s really huge for a community bank that relies a great deal on their net interest margin because their fee-based activities are a smaller part of their overall profitability model. So it’s not just the funding…it’s also the ability to manage the pricing.
    Jim Di Misa
    EVP and COO
    Community Bank of the Chesapeake

    With CDARS, we can offer our customers the convenience of local relationship banking with the security of investing in CDs with FDIC insurance. And your CDARS transactions can make more credit available locally. We all win.
    Marty Sellars
    President and CEO
    First National Banking Company, AR

    We have been long-time CDARS users. We and our customers have come to trust the quality and professionalism of Promontory Interfinancial Network.
    James O. Donnelly
    Executive Vice President
    Machias Savings Bank, ME

    CDARS is the perfect match for us and our public fund customers. It can eliminate the need for deposit collateralization, which frees up our time, frees up their time, and reduces everyone’s administrative tracking costs. It also allows our previously restricted funds to work harder and for their funds to be channeled back into the local community. We all win.
    Russell L. Reinert
    Chief Financial Officer
    Central Bank and Trust Co., KS

    Offering CDARS has been instrumental in helping us fulfill our mission of building the economic health of the underserved communities in the Washington, DC area. We have been able to address the investment policy constraints of many of our socially motivated investors—not-for-profits, foundations, and public agencies—by offering access to multi-million-dollar levels of FDIC insurance coverage so critical to these depositors. In turn, we are able to put these large-dollar deposits to work in the communities that need it the most.
    Kimberly Levine
    EVP Chief Operating Officer and Chief Financial Officer
    City First Bank of D.C.

    Training our associates is the key to our success. Once our team rallied behind this service, deposit growth just took off. Not long after we launched this product, we had several million in CDARS deposits; in just a few months it had doubled, and in a few more months it had tripled. It grew with relative ease.
    John Paul Koch
    Senior Managing Director
    Metropolitan Bank, MS

    What Depositors Think

    I was looking for a flexible investment vehicle that I could use for a special need we had. With ICS and CDARS, I found safety, flexibility, and yield—all in one place!
    Al Braithwaite
    Director of Administrative Services
    City of Oldsmar, FL

    Upon joining the county treasurer’s office, I was intrigued to learn that a portion of the county’s funds were placed through CDARS. I quickly appreciated the security and ease of placing large deposits through a single bank while keeping the money FDIC insured, and have since added the ICS service, as well. CDARS and ICS free up the capital of smaller banks to finance community growth while still allowing them to accept our larger deposits. We can support the prosperity of the community while investing the taxpayers’ money competitively and safety through a community bank. A winning combination.
    Carla J. Manning
    Payne County Treasurer
    Stillwater, OK

    Our school system has utilized the CDARS service for years and is very pleased about the addition of the ICS service. With CDARS, we have access to FDIC insurance on our funds that are invested for a longer timeframe while meeting our investment policy mandates and earning CD-level returns. With ICS, we can protect and invest our funds on a shorter-term basis while earning a return. CDARS and ICS combined provide us with an efficient cash management solution.
    Doris Gasper
    Business Manager at Beloit Schools District 273
    Beloit KS

    I have found participation in the CDARS [service] to be simple and a time saver. We earn very competitive interest rates on our investments while freeing up staff time. We were in the CDARS [service] during our last audit and passed with flying colors!
    Christine J. Johnson
    Treasurer, DeKalb County
    DeKalb County, IL

    We use [local bank] instead of a large bank because it is high touch and they have a presence here in [local city]. They are smaller, but [with ICS and CDARS] feel big.
    COO/CFO, Investment Advisory (Trust Accounts)

    We need things as simple as simple can be. That’s how we started with [ICS and CDARS]. Been with them since 2008.
    Finance Manager, Large Trucking Company

    An important motivator in our using a single bank is that the business is a cash business, and every day we must make trips to the bank, as the company collects money from customers on a daily basis.Many still pay in checks. Having one bank to work with [using ICS and CDARS] makes it much easier.
    President, Wine and Spirit Importer

    I love it [ICS]. It tells me where our money is. We keep a minimum $150k in checking. After $200K, it moves the cash around seamlessly. I could not be happier with how the sweep works. Keeps us liquid and protected,and interest bearing, the best of both worlds. And the [ICS and CDARS] statementsreconciling is so easy QuickBooks syncs with our bank, so it shows up in QuickBooks and clearly shows interest earned and posts.
    Accounting Manager, Prep School

    What Others Think

    To price efficiently and profitably, a banker must compare risk- and cost-adjusted retail products to wholesale alternatives, measure the rate sensitivity of market segments, and choose funding alternatives with lowest marginal cost. ICS and CDARS are valuable tools that bankers can use to help meet their needs.
    Thomas A. Farin
    President & CEO
    Farin & Associates