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• W38797771 abstract "It may be time to reevaluate your bank's correspondent service arrangements. What has worked for several years may be less effective in the years to come. On the other hand, a closer look at current pricing and service arrangements relative to newer offerings may indicate that change is unnecessary. Is your current upstream bank investing in the systems necessary for you to deliver competitive products and services to your customers, such as check image processing technology? Is your correspondent provider responsive to your needs, or is it bogged down in merger concerns? As commercial banks consolidate, reducing the number of commercial bank correspondents, niche providers of correspondent services are proliferating. These include bankers' banks, third-party processors (including large outsourcing vendors), and bank-chartered, nonretail correspondent banks. latter refers to such hybrid organizations as Nationar, a bank-chartered, Woodbury, N.Y., company that provides back-office operations and correspondent investment services but not retail banking services. Nationar is similar to bankers' banks, but it is not owned by the institutions it serves, as bankers' banks are. new players expand the options for community bankers. But an old song in the business, that yesterday's correspondent banks become today's competitors, has moved to a higher pitch now that so many mergers have occurred. Some community bankers are reluctant to maintain relationships with their correspondents once they open a branch office across the street. Banker Brad Williams, president of Eminence Security Bank, a $14 million assets independent bank in Eminence, Mo., avoids that issue by obtaining services from Missouri Independent Bank (MIB), a Jefferson City, Mo.-based bankers' bank. We're not putting money into a correspondent bank that is our competitor, says Williams. MIB invests in Fed funds for the bank and handles its bank-card transactions and automated clearinghouse (ACH) payments through the Fed, sparing the bank what can be complex tasks. While the cost of obtaining correspondent services should figure heavily in who provides them for the bank, less tangible factors are important, too. Small banks, such as Williams's, can scarcely afford the human resources to offer and support the services on their own. convenience of the services be measured in dollars and cents, says Williams. know that some of the larger independent banks are thinking of going with the Fed, but I don't think it's feasible for a bank in rural Missouri to do so at this time. Government players. Competing with bankers' banks and traditional correspondent banks for community bank business are government-related parties including the Federal Reserve and the Federal Home Loan Bank System. latter is an increasingly active player in such correspondent bank services as check clearing, securities safekeeping, and the overnight lending of Fed funds. Some FHLBs, including the New York one, have sold their correspondent check services to third parties, but others have not. The Federal Home Loan Bank of Des Moines happens to be a very aggressive correspondent services provider, notes Camden Fine, president and CEO of Missouri Independent Bank. feel that that is blatantly unfair, because they are a government services entity, and they are exempt from many of the regulations that we labor under--it's a blatant intrusion of government into the private sector. Because bankers' banks generally are owned by their respondent banks, the pricing structure tends to be more attractive than that of other providers, largely because fees are offset by dividends. In fact, 70% of the dividend income is tax free. Federal Reserve System, which also offers correspondent services, is required to operate the regional Federal Reserve Banks on a profitable basis and therefore can't offer services that could lose money. …" @default.
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• W38797771 title "Competitive Forces Expand Correspondent Options; Community Banker's Loyalty to Their Correspondent Banks Is Being Tested by Nonbank Providers of the Same Services" @default.
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