Testimonials

Calumet Bank joined [IntraFi] so we could provide [two depositors] access to full federal deposit insurance coverage through reciprocal deposits. We learned that reciprocal deposits were a way to meet the needs of these two depositors, and we reasoned that they could also be used to attract new depositors who wanted [access to] full [multi-million-dollar] federal deposit insurance coverage.

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 users of other [aspects of the product]. We and our customers have come to trust the quality and professionalism of [IntraFi].

Every dollar that you put into our bank through ICS or CDARS (IntraFi’s brand names for reciprocal deposits) comes right back here, and we can then lend it back out to help keep the local economy vibrant.

Because we are a member of the [IntraFi] network, we have an opportunity to generate fee income on deposits we are not using for lending when loan demand is slack.

[Reciprocal deposits] have been a key driver for us in the last several years. We’ve been able to drive the wholesale brokered deposits down and substitute [them] with [reciprocal deposits]. The big difference that I see, in addition to just sheer volume, is the pricing. Wholesale pricing is a lot higher. You can drive and price these deposits the way your market [commands] and the way you would your other pricing decisions.

The most important factor in a turnaround is to ensure your capital is adequate….One-Way Sell allowed us to move deposits off our balance sheet to shrink the asset size of the bank and help our capital ratio.

Outstanding record of being responsive and engaged.

We received a ton of deposits during [a specific time], and IntraFi’s services were important in helping us manage our balance sheet and capital position through that growth

Half of our members rely on [IntraFi’s] services to attract deposits so they can make loans supporting community development in some of the most underserved urban neighborhoods and rural communities in the country. On average, the community development banks attract reciprocal deposits at four times the level of other community banks. That translates into loans to small businesses, loans for mortgages and home improvement, loans for revitalization projects - loans that otherwise would not be made.

We enjoy being able to replace repos and letters of credit, as well as reducing our need for collateral, with [ICS and CDARS].

The resources and the individuals and the integrity of the organization are above reproach. There’s never been a question that’s gone unanswered. Whenever we've had challenging times as an organization, they’ve been by our side.

[IntraFi] gives us a lot of advantages that some of the largest institutions may have today so that we can provide some of our more sophisticated borrowers with the products and services that they really want.

A valuable partnership means helping each other succeed, and IntraFi allows us to do so. Their reciprocal offering enables us to provide our customers access to millions in FDIC insurance while growing our deposit base. We are proud to provide a solution for our customers and bank with IntraFi’s services.

The ACT Deposit Program created a secure and efficient way for community development banks to attract and retain large institutional deposits

It’s fair to say that [IntraFi’s] deposit placement services provide a lifeline to minority-owned banks by enabling our members to attract large deposits from civic-minded and socially motivated investors and to put those deposits to work in communities we serve.

[Section 202 of S. 2155] gives Empire State Bank a powerful new tool to compete with the largest institutions for the deposits generated by small professional offices. It provides a way for Empire State Bank to attract new, valuable customers - customers that not only have sizeable deposits, but who can act as a referral source to other customers for our lending and other services. It also gives the bank a tool for managing liquidity.

IntraFi is a different kind of fintech. IntraFi partners with banks and provides solutions for banks. In fact, it weaves the nation's banking industry together in order to provide increased deposit insurance coverage and this ability to gain wholesale deposits. And so [IntraFi is] certainly not a competitor with banks.

We love that [IntraFi] gives us options. We can either attract deposits through and sell the excess to other banks through or purchase funding. This is especially helpful in today’s regulatory environment.