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Central Bank Frees More Than $11 Million in Funds Through CetoLogic's Deposit Reclassification, Enables Institution To Meet Loan GrowthCetoLogic, a leading provider of software and analytics for financial institutions and retailers, announced that its Deposit Reclassification retail sweep solution has enabled Storm Lake, Iowa-based Central Bank ($655 million in assets) to reduce its Federal Reserve balance by more than $11 million. Central Bank recently acquired seven additional branch locations, which resulted in a significant increase in the bank's reserve requirement. In response, Central Bank implemented CetoLogic's Deposit Reclassification to free those low-earning, non-liquid funds from the Federal Reserve Bank to fund more lending and higher yield investment opportunities. "When we added the new branches, we also absorbed those branches' deposit bases, which had an immediate impact on our Federal Reserve requirement levels," said Randy Johnson, senior vice president of Operations for Central Bank. "Concurrently, we have been experiencing a hih demand for loans, so we needed a way to free up more funds to meet this opportunity, and CetoLogic's Deposit Reclassification enabled us to do so." "Central Bank is a great example of how reserve requirements can be impacted by an institution's growth strategy," said David Austin, vice president of CetoLogic. "Fortunately, through solutions like Deposit Reclassification, financial institutions have the flexibility to pursue additional growth opportunities and continue to meet the lending needs of their customers." About Central Bank From traditional and business banking services to home loans, trust and insurance, Central Bank serves residents, businesses and communities through 18 locations in Northwest and Central Iowa. For additional information, visit www.centralbankonline.com. About CetoLogic Atlanta, Ga.-based CetoLogic provides software solutions and analytics to financial institutions and retail organizations. CetoLogic proudly services the needs of more than 1,500 clients in 50 states and Canada by providing "Smart Solutions that Make Dollars and Sense." CetoLogic is the designer of C3 (News - Alert) Financial, a web-based cash forecasting and management software. CetoLogic also pioneered Deposit Reclassification, a retail sweep program designed to eliminate reserve balances. CetoLogic's solutions improve earnings, efficiencies, risk management and operations. For more information about CetoLogic's solutions, call 1.877.495.0687 or visit their website at www.cetologic.com. |
