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    What Bankers Think

    With great success, we are selling ICS to our large-deposit clients as a retention vehicle, as well as using ICS to lower cost of funds and attract new deposit business.
    John Calpey
    Executive Vice President and Chief Operating Officer
    Old Florida National Bank, FL

    With ICS, we compete by having the opportunity to offer a valued product that offers security to our depositors who want to earn interest. A community bank may be well-known in the community but often must compete with the global banks that may have more notoriety and the perception of greater financial strength.
    Patti H. Judson
    Executive Vice President and Chief Operating Officer
    Bank of Ann Arbor, MI

    We signed up for ICS for three key reasons. First and foremost, it fills a need of our customers by providing them with flexible funds that are eligible for FDIC insurance. Second, it lets us keep those funds on our balance sheet, which gives us the dollars to lend into our communities. Finally, 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
    Bangor Savings Bank, ME

    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 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

    We love that ICS gives us options. We can either attract deposits and sell the excess to other banks through One-Way Sell® or purchase funding through One-Way Buy®. This is especially helpful in today’s regulatory environment.
    Gray Flora
    EVP/Investment Officer
    BankFirst, MS

    Our public funds customers appreciate knowing that when they place their funds through ICS, those funds are eligible for FDIC protection beyond $250,000 and earn interest. That benefits them, as well as local taxpayers, as our bank can make those funds available for investment within the community.
    Mario Martinez
    Chairman and Chief Executive Officer
    Catskill Hudson 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

    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 safely 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

    With ICS, our town can access multi-million-dollar FDIC insurance protection, as well as earn interest. Plus, our bank can make these funds available for investment within the local community.
    Stan Harmon
    Finance Director
    Bar Harbor, ME

    I’m comfortable we are protected [with ICS]. The money was sitting in a non-interest account. Watching interest come in was lovely. And we need to have access to cash quickly. Some restricted, some operational, some for purchase of land we account for that separately in house but it’s all lumped into one account for interest purposes.
    Operations Director, Land Conservancy

    I like that I can log in [to the ICS Depositor Control Panel] and see where funds are and can show a client to explain how more than $250K is insured. It’s nice to pull up a website and show them where their money is, even if in 25 different banks overnight.
    VP Finance, Religious-Based Fund

    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)

    [My boss] has an ‘on top of it’ philosophy. ICS gives us a single statement and we know we’re protected, and where the money has been transferred to. The service was made for someone like him.
    Business Manager, Insurance Company

    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

    All the work is done on institution’s part and not ours [with ICS]. One less thing I have to do. It’s all under one roof but not under one roof. [My bank rep] was able to bring everything under one bank. So wonderful.
    VP, Healthcare Industry Vendor

    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

    ICS came in and it’s been amazing. And we’re getting more money out of the sweep than money markets originally. Sweep makes so much sense. We cut checks once a week. We don't have to think about it [managing the ICS process]. It has helped to solidify our relationship with our bank. Also I have been with lots of banks here [at my chosen local bank] I can get someone on the phone at any time. Don't have to have to talk to 18 different people. I can get one person. And when I get someone on the phone, they're there. The large banks treat you like a cattle car.
    CFO, Industrial Pump Distributor

    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.
    Thomis A. Farin
    President & CEO
    Farin & Associaties

    Integrating the ICS service with the FIS Cash Manager system automates many of the features and functionalities banks look for in a core-processing solution.
    Jeff Bloedorn
    Vice President for Business Development, Trust and Wealth Management Solutions