|[September 19, 2013]
United Bank of Michigan Selects Deposit Reclassification
ATLANTA --(Business Wire)--
CetoLogic announced that United Bank of Michigan in Grand Rapids, Mich.
has selected CetoLogic's Deposit Reclassification solution to manage its
Federal Reserve balance.
Deposit Reclassification is a retail sweep program designed to reduce a
financial institution's reserve liability. By reclassifying
transactional deposits, financial institutions are able to increase
liquidity and recover low earning assets.
"CetoLogic approached us to discuss our reserve balance and I am glad
they did," said Mark Wild, executive vice president and chief financial
officer of United Bank of Michigan. "Our project is complete and the
bank has access to funds that were previously unavailable to invest."
"CeoLogic is excited to work with United Bank of Michigan on this
engagement. We believe this project will positively impact the banks
bottom line for many years to come," said David Austin, vice president
of CetoLogic. "Once a reserve balance is compressed it offers a bank the
unique ability to aggressively manage its branch and ATM cash as a
secondary opportunity to eliminate non-earning assets."
CetoLogic provides software solutions to financial institutions and
retail organizations. Headquartered in Atlanta, Georgia, CetoLogic
proudly services the needs of over 1,500 clients in all 50 states and
Canada. CetoLogic is the designer of, C3 Financial, a
web-based cash forecasting and management software. In addition,
CetoLogic pioneered Deposit Reclassification, a retail sweep program
designed to eliminate reserve balances. CetoLogic's solutions improve
earnings, staff efficiency, risk management and back office operations.
For more information about CetoLogic's solutions, contact them at
1.877.495.0687 or visit their Web site at www.cetologic.com.
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