FOR IMMEDIATE RELEASE
ICBA and PMA Funding Extend Preferred Service Provider Relationship
Washington, D.C. (Sept. 19, 2013)—The Independent Community Bankers of America® (ICBA) today announced that it has extended its agreement with PMA Funding™ as an ICBA Preferred Service Provider (PSP), ensuring that community banks will continue to enjoy a broad array of cost-effective funding alternatives.
“ICBA is delighted to continue its relationship with PMA Funding, which brings one of the largest pools of public funding available to community banks,” said Dan Clancy, ICBA executive vice president of services. “This valuable program helps bankers to diversify funding and manage cash flow with flexibility regardless of funding needs.”
PMA Funding, a Preferred Service Provider since 2009, works with community banks to facilitate liquidity needs using proprietary analysis, delivering access to stable and consistent deposits to help them efficiently and proactively manage costs and diversify funding sources. Chuck Christmas, senior vice president and CFO of Mercantile Bank of Michigan in Grand Rapids, Mich., said, “PMA has proved to be a strong and consistent funding partner for Mercantile Bank of Michigan. As part of our wholesale funding program along with FHLB advances and brokered deposits, PMA has provided us the opportunity to take advantage of lending and market opportunities that otherwise we would have to decline.”
By participating in the ICBA-PMA program, ICBA members receive value-added funding from PMA Funding’s network of political subdivision depositors. Additionally, PMA Funding has partnered with QwickRate, another ICBA Preferred Service Provider, and Promontory Interfinancial Network, which has engaged in a cooperative alliance with ICBA, to provide member banks with additional access to funding solutions.
“There are a variety of funding vehicles available to financial institutions. PMA, through its ICBA relationship along with other PSPs and alliances, utilizes a variety of funding solutions to support the needs of ICBA member banks,” Jim Lutter, senior vice president of PMA Funding, said. “We are thrilled and honored at the opportunity to extend our relationship with the ICBA.”
The Independent Community Bankers of America®, the nation’s voice for nearly 7,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit www.icba.org.
PMA Funding is a trademark of PMA Financial Network, Inc. and a service of PMA Financial Network, Inc. and PMA Securities, Inc. PMA Financial Network, Inc., PMA Securities, Inc., and Prudent Man Advisors, Inc. operate under common ownership. PMA Securities, Inc. is an SEC and MSRB registered broker-dealer and municipal advisor and a member of FINRA and SIPC. Prudent Man Advisors, Inc. is an SEC registered investment adviser. For more information, please visit us at http://www.pmanetwork.com/.