Washington, D.C. (Aug. 20, 2019)—The Independent Community Bankers of America® (ICBA) today announced it has extended its ICBA Preferred Service Provider agreement with PMA Funding (PMA), continuing a long relationship that provides community banks with a valuable service to manage their liquidity needs through stable, flexible funding alternatives.
“The liquidity and funding management program by PMA offers community banks the flexibility they need to maximize fundamental services such as taking deposits and lending,” ICBA Services Network Chief Operating Officer Kevin Tweddle said. “ICBA is pleased to continue this relationship, which gives our member banks access to PMA’s specially designed, cost-effective funding alternatives, minimizing their risk exposure and putting them in a stronger position to serve their customers.”
As a Preferred Service Provider since 2009, PMA Funding draws upon individual public fund depositors and local government investment pools to create a balanced portfolio, enabling financial institutions to diversify their funding option needs. This allows community banks to efficiently and proactively manage funding costs by accessing consistent deposits using proprietary analysis, regardless of size.
“PMA Funding works with community banks to identify their current funding needs and develop a complementary funding strategy in line with their strategic business objectives,” said Jim Lutter, senior vice president of Trading and Operations at PMA Funding. “We are proud of our ongoing relationship with ICBA and proud to provide our services to the nation’s community banks.”
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. With more than 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ nearly 750,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, nearly $4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
About PMA Funding
PMA Funding is a service of PMA Financial Network, LLC and PMA Securities, LLC (collectively “PMA”). For over 35 years, financial institutions and political subdivisions have utilized PMA as a trusted partner and integral component of their long-term funding and investment planning. Serving over 2,500 public entities nationally, and developing over 1,000 financial institution partnerships, PMA provides the efficiency of a wholesale market while maintaining a custom-tailored approach.
When used in conjunction with primary sources, PMA’s public fund clients have proven to be more than just a deposit, but a program that allows for predictable and stable levels of funding. PMA has been at the forefront of educating and providing solutions for banks under all economic environments, and institutions have maintained stability through the understanding of their funding source. PMA has been recognized as a preferred service provider and is accepted by leading governmental and financial associations across the nation. For more information, visit http://www.pmafunding.com/.