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• W190259716 abstract "Not many community banks can claim General Motors as one of their debtors. But then again, Troy, Mich.'s Crestmark Bank isn't like most community banks. In fact, General Motors represents the bank's largest debtor. Crestmark is something of a breed apart. You won't find Crestmark winning any awards for consumer advertising. It doesn't do any. You won't find trade magazines tapping W. David Tull, chairman, for interviews about trends in retail branch banking. Crestmark doesn't have any banking branches. In fact, its only banking office isn't even on the ground floor of its building. Don't bother bringing up mortgage lending, home equity loans, credit card loans, or even your bread-and-butter business loan, either. You won't find them, at least not in any traditional nor significant way, on the bank's balance sheet. Checking accounts? Not to speak of. Savings accounts? Nope. While many other banks pride themselves on offering a full-service banking menu, you could list Crestmark's product line in a single column. And it would be a short column, at that. Obviously, much of what community bankers think of as being community banking has next to nothing to do with $112 million-assets Crestmark. As a matter of fact, some of what they'd consider as basic as gravity is turned on its head at Crestmark. And management prefers things stay that way. But there are some numbers that will draw the attention of any banker who spends time with Crestmark's financial statements. Crestmark had a net interest margin of 15.5% and a yield on earning assets of 17.93% in 2003. It had an ROA of 1.82%--double that of its UBPR peer group--and, in a time when more and more bankers complain of slackening loan demand, a net loan and lease to deposit ratio of 109.32%. And one of the best aspects of this specialty bank is that the only locally based competitor that gave it any serious trouble went out of business some time ago. It occupies a niche that not only appears to be credit-union-proof, but that many other community banks won't touch either. In fact, one of the bank's best sources of business is referrals from more traditional banks. Making a business from business Crestmark specializes almost exclusively in cash-flow financing, providing working capital solutions to companies that, for one reason or another, don't represent attractive opportunities for mainstream banks. Using asset-based financing and factoring, Crestmark, nearly eight years old, has carved out a specialty that is perhaps the closest thing to a recession-friendly business that a bank can find. And yet this specialty is one where good opportunities exist when the economy is roaring along, as well. There's a place for this business in an up economy and also in a declining Tull says. We've done extremely well in the downturning economy. It's a little easier to get business in a down economy, for us, but it's also harder to get good business. So, even factoring and asset-based lending isn't foolproof, but rich in opportunity to those willing to become students of the craft and willing to work at it. Tull came up in traditional banking, working his way to the top via a classic commercial-lending-side route until he became executive vice-president and treasurer of Michigan National Corp., which was merged out of existence in the 1990s. When Tull left Michigan National, he hooked up with a small factoring company, joining it as its seventh employee. This startup eventually became Crestmark Financial. Tull by that point had become the partner of the founder of the company. Before too long, it was realized that becoming a commercial bank was an opportunity that Crestmark could not afford to pass up. A bank charter was obtained and a holding company formed. Crestmark Financial was sold for stock to the holding company to put its operations under the bank umbrella. …" @default.
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• W190259716 date "2004-06-01" @default.
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• W190259716 title "Bring Us Your Rejects or Factoring for Profitability" @default.
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