ICBA News Release
FOR IMMEDIATE RELEASE
ICBA Extends Exclusive Relationship with QwickRate
Washington, D.C. (March 21, 2011)-The Independent Community Bankers of America (ICBA) announced today that it has extended its relationship with QwickRate of Marietta, Ga., as an ICBA Preferred Service Provider (PSP). Under this new agreement, ICBA members will continue to receive exclusive discounts on annual subscriptions to QwickRate's premier non-brokered certificate of deposit (CD) marketplace.
"As an ICBA Preferred Service Provider for almost a decade, QwickRate continues to be a tremendous resource for our members," said Dan Clancy, ICBA senior vice president of services. "The QwickRate marketplace is enabling community banks to increase their deposit volume at a reasonable price and show examiners that they have a reliable source of contingency funding readily available. We are pleased to extend this relationship and the distinct advantages it provides our members."
Since ICBA and QwickRate joined forces in 2002, more than 1,400 ICBA member community banks have subscribed to the QwickRate marketplace. During that time, these members have realized savings of more than $1,850,000 on their initial fees due to the ICBA/QwickRate relationship. QwickRate is the largest non-brokered listing service for institutional buyers and sellers of CDs.
QwickRate helps community banks augment local lending opportunities and gain higher yields on excess funds by enabling them to purchase and sell non-brokered CDs through fast and easy access to its more than 3,000 nationwide subscribers. In addition to maintaining a robust marketplace averaging $1.7B in monthly activity, QwickRate provides regulatory guidance and unlimited customer support to its subscriber base.
"We take pride in our relationship with ICBA and serving its member banks nationwide," said Shawn O'Brien, president of QwickRate. "We look forward to providing even more community banks on Main Street with a prudent source for generating deposits that will help them continue to meet the local lending needs of their customers and meet regulatory requirements for contingency funding."