ICBA News Release
FOR IMMEDIATE RELEASE
ICBA Selects ProfitStars LendingNetwork as Preferred Solution for Community Banks
Washington, D.C. (Feb. 15, 2013)—The Independent Community Bankers of America® (ICBA) today announced that it has expanded its Preferred Service Provider (PSP) relationship with ProfitStars® to include the LendingNetwork™ service, enabling community banks to facilitate financing for lending opportunities that do not meet their standard lending criteria.
“As a Preferred Service Provider since 2008, ProfitStars has offered essential services to ICBA members including web design, hosting, remote deposit capture, and remittance processing,” said Dan Clancy, ICBA executive vice president of services. “The addition of LendingNetwork to this family of services further enables community banks to grow their relationships with small and newly-started businesses and clients with challenging funding needs by offering alternative financing options—all while retaining a valuable relationship with the customer.”
ProfitStars’ LendingNetwork offers alternative financing from a group of more than 50 dedicated, responsive commercial lenders. As relationship lenders, community banks will be able to use this program to retain the customer and serve their future business needs. The LendingNetwork will assume all risk and provide the borrower with a variety of financing options.
“We have used the LendingNetwork extensively as a source for temporarily relocating challenging credits,” says Gray Goldsmith, senior vice president of Valley Bank in Roanoke, Va. “It is also a great business development tool to attract prospects that wish to deposit locally that we cannot lend to directly. We have earned meaningful referral fee income from this partnership.”
“LendingNetwork is a strategic solution enabling ProfitStars to meet the critical and evolving business needs for ICBA member banks. LendingNetwork supports the relationship-based lending model that has worked for community banks for over a hundred years,” says David Foss, president of ProfitStars. “So, we are pleased with the potential these banks now have to reach this segment while growing and prospering in their own right.”
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.