ICBA News Release
FOR IMMEDIATE RELEASE
ICBA Extends Exclusive QwickRate Relationship
Provides Members with National CD Network to Help Meet Liquidity Needs
Orlando, Fla. (March 3, 2008)—The Independent Community Bankers of America (ICBA) announced today that it has extended its agreement with QwickRate of Marietta, Ga., as an ICBA Preferred Service Provider through February 2011. The new three-year agreement will allow ICBA members to continue receiving exclusive discounts on annual subscriptions to QwickRate's premier, wholesale certificate of deposit (CD) trading network.
QwickRate is the largest non-brokered wholesale CD trading network for institutional buyers and sellers of certificates of deposit and has held an exclusive service contract as an ICBA Preferred Service Provider since 2002. The company helps community banks expand local lending opportunities by allowing them to purchase and sell non-brokered CDs through fast and easy access to an online database of more than 1,800 national subscribers. In addition to maintaining a robust trading network, QwickRate provides personal interactive training and conducts compliance and regulatory research and assistance.
"For community banks like ours, it might be too challenging or costly to raise the deposits that I need to satisfy local loan demand," said Frank A. Suellentrop, chairman of the ICBA's Bank Services Committee and president of Legacy Bank, Wichita, Kan. "QwickRate's network expands our access and enables us to increase our deposit volume at a reasonable price. QwickRate's longevity and historical performance have made them a valued resource for our bank."
"We are proud to be an ICBA Preferred Service Provider," said Shawn O'Brien, QwickRate president. "Our relationship with the ICBA has been incredibly beneficial for both parties, and we look forward to continuing to provide new opportunities and valuable resources to help community banks gather deposits to meet local lending needs."
Since the two organizations began doing business together, more than 750 ICBA member community banks have joined QwickRate and have saved more than $900,000 on initial and renewal fees.
QwickRate is the premier, online marketplace for non-brokered funds. We provide banks with a cost-effective approach to gain access to the national CD market and speed the process for wholesale funding. Our automated tools put banks in control to get the best rates for their institution and more efficiently manage their portfolio. With no transaction fees and unlimited support and regulatory guidance, our clients rely on QwickRate as a fast and efficient source of liquidity. ICBA members receive a 10% discount on their QwickRate subscription! Make QwickRate a part of your Liquidity Plan for 2008! For information or a tour of QwickRate, contact: 800-285-8626 or visit www.qwickrate.com.