Discover more from ModernFi Insights
Mid-Size Bank Coalition of America and ModernFi Partner to Support and Accelerate Deposit Growth
August 29, 2023 | Company Announcement
The Mid-Size Bank Coalition of America (MBCA), a distinct and singularly-focused “self-help” alliance representing the nation's mid-size banks, and ModernFi are pleased to announce a partnership to support coalition members’ deposit growth, retention, and management.
Across the country, mid-size banks play a vital role in their communities by providing financial solutions to entrepreneurs, professionals, their businesses, and their families. The MBCA, which represents over 100 of the most influential regional banks in the nation, proudly serves as their voice and self-help network.
Deposit retention and growth have become key priorities for U.S. banks over the past year. Prompted by rising interest rates and magnified by recent bank turmoil, deposits have quickly left the banking sector. Small, mid-size, community, and regional banks have been disproportionately affected by the outflows.
Through ModernFi's deposit network, banks can grow, retain, and manage their deposit base by sourcing deposits, sweeping funds, and providing extended insurance to depositors through program banks. ModernFi’s solutions help banks attract and retain large-value depositors, driving growth and increasing balance sheet stability. Unlike alternatives, ModernFi streamlines onboarding and operations for banks and their clients, increasing the usability and reach of sweep and reciprocal products.
Brent Tjarks, Executive Director at MBCA, said, “We’re pleased to partner with the ModernFi team to enable a more efficient deposit marketplace. America’s mid-size banks play a crucial role in meeting the credit needs and serving as catalysts for economic and job growth in towns across America. By allowing these banks to source cost-effective funding on demand and manage balance sheet size, ModernFi is fundamentally improving how mid-size banks across the country operate and who will therefore be even better able to serve Main Street businesses and consumers.”
The ModernFi team is privileged to help the deposit growth and stability of mid-size banks across the country. As significant providers of capital and banking services to their communities and industries, mid-size banks form the backbone of the American economy in many ways. Their contributions to the vitality and growth of their regions are indispensable, and the ModernFi team is honored to support them as the sector focuses on deposit growth.
The ModernFi and MBCA partnership brings ModernFi’s products and services to MBCA members and ensures close alignment and collaboration between the organizations. Moving forward, America’s mid-size banks are well positioned to continue helping their clients, colleagues, and communities flourish.