ICBA News Release
FOR IMMEDIATE RELEASE
ICBA Selects PMA Funding as Preferred Service Provider
Expands Funding Options for ICBA Members
Washington, D.C. (March 30, 2009)—The Independent Community Bankers of America (ICBA) announced today that it has selected PMA Funding, a service of PMA Financial Network Inc. and PMA Securities Inc., as a Preferred Service Provider. PMA Funding is a value-added service provider for banks, delivering access to stable and consistent deposits that help them more efficiently and proactively manage costs and diversify their funding sources. Through this new relationship, ICBA members can take advantage of multiple funding sources, including access to an established source of municipal deposits.
“Funding is and will continue to be a key priority for community banks,” said Dan Clancy, ICBA senior vice president of services. “PMA Funding offers a valuable resource for our members along with extensive knowledge and expertise gained from more than 20 years of leadership in this area. With PMA Funding, our members will benefit from year-round access to a consistent source of public funds and DTC-eligible deposits.”
PMA Funding is the new service brand name for the collective funding services offered by the two PMA companies. Over the past two decades, PMA Financial Network Inc. has established long-lasting working relationships with more than 1,800 community banks, including 712 ICBA member institutions, and has placed more than $7 billion in public fund deposits with ICBA community banks since inception. At the request of bank customers, PMA Securities Inc. introduced DTC-eligible deposits to further broaden the options available and help banks better manage their cost of funds in today’s challenging economic environment. Additionally, to provide bank customers with access to non-brokered funding, PMA Funding has partnered with QwickRate, another ICBA Preferred Service Provider.
“We congratulate PMA Funding on its selection as an ICBA Preferred Service Provider,” said David G. Schroeder, president and chief executive officer of American Enterprise Bank in Buffalo Grove, Ill. “As an ICBA member and a PMA Funding customer for the past 10 years, we know first-hand the value and personal service the company brings to community banks. PMA Funding has provided our bank with a stable source of deposits at a reasonable market price and has served as a key resource in helping us manage our ongoing funding needs.”
“We’re proud to be an ICBA Preferred Service Provider,” said Jim Lutter, senior vice president, PMA Funding. “For more than 20 years, we have been dedicated to serving community banks as a year-round, reliable source of funding, nearly half of which represent ICBA members. We work closely with our bank relationships to achieve their targeted funding objectives and provide enhanced services to these valued relationships.”
For more information about ICBA, visit www.icba.org. For more information about PMA Funding, visit www.pmafunding.com.
About PMA Funding
PMA Funding, a service of PMA Financial Network, Inc. and PMA Securities, Inc., has provided more than 1,800 banks a stable and consistent source of funds to help them more efficiently and proactively manage their costs. PMA Funding offers multiple funding options, including public funds, DTC eligible deposits and access to a non-brokered CD marketplace. For more than 20 years, banks have utilized the services of PMA Funding to manage their liquidity plans and diversify their funding resources. An ICBA Preferred Service Provider, PMA Funding has assisted more than 712 ICBA member banks in securing deposits of more than $7 billion. Note: DTC eligible CD execution is provided by PMA Securities, Inc., which is a member of FINRA, SIPC and MSRB. “PMA Funding” is a trademark of PMA Financial Network, Inc. Testimonials provided may not be representative of the experience of all clients and testimonials may not guarantee future performance or results. For information, contact 630.393.9494, or visit www.pmafunding.com.