IBAT Endorses StoneCastle Financial
AUSTIN, Texas - The Independent Bankers Association of Texas (IBAT) is pleased to announce that StoneCastle Financial has been selected as the newest IBAT Endorsed Services Provider. Formed in February 2013, StoneCastle Financial is a SEC registered, closed-end investment company established to serve as a direct investor in community banks seeking capital for growth opportunities, share repurchases and other refinancing activities.
The first investment vehicle of its kind focused on community banks, StoneCastle provides client banks with access to a new pool of permanent, passive and reasonably priced capital. It focuses its investments on community banks with experienced management teams, stable earnings, sustainable markets and growth opportunities. To date, StoneCastle Financial and parent company StoneCastle Partners have made capital contributions to more than 250 community banks across the country, including several in Texas.
“IBAT is thrilled to add StoneCastle Financial to our stable of quality endorsed service providers,” said IBAT President and CEO Chris Williston. “Access to capital is among the most pressing issues facing community banks today. New Basel III capital rules and regulatory pressures, along with a sustained low-interest rate environment, have created difficulty for community bank leaders to generate organic funds for expanding market presence and developing new products. StoneCastle Financial provides a unique, straight-forward and non-invasive solution to Texas community banks and their capital needs.”
Knowing the ability to raise capital is becoming even more important for banks to thrive, StoneCastle Financial’s goal is to be a long-term partner that understands the needs of community banks. It makes investments with a long-term view and reasonable return requirements. Upon a bank’s indication of interest, StoneCastle will initiate a four-step process that includes pre-screening, due diligence, investment committee analysis, and documentation and funding.
“StoneCastle Financial is the first investment company specifically created to make permanent, passive Tier 1 and Tier 2 capital investments in healthy community banks,” said StoneCastle Financial Chairman and CEO Joshua Siegel. “It bridges the gap between investors and community banks, allowing banks direct access to the capital they need to grow and satisfy regulatory needs.”
About StoneCastle Financial Corp.
StoneCastle Financial Corp. (StoneCastle Financial) is an investment company established to serve as an investor in community banks seeking capital for organic growth, acquisitions, share repurchases and other refinancing activities. With the experience and knowledge gained from its senior management team investing more than $5 billion directly in community banks, StoneCastle Financial was formed to provide investors with exposure to community banks. StoneCastle Financial is focused on investing its capital in long-term, passive, non-control investments and is proud to expand access to capital for publicly traded and privately held community banking institutions across the country. StoneCastle Financial is listed on the NASDAQ Global Select Market under the symbol “BANX.” Learn more at www.stonecastle-financial.com.
IBAT Board Renews Glory Global Solutions, Inc. Endorsement
The IBAT Board of Directors is pleased to announce the renewal of its endorsement with Glory Global Solutions, Inc. during its first quarter board meeting. World experts in the management of cash, Glory Global works in partnership with Texas community banks to identify their exact needs, establishing a framework of technology and process change that has a profound effect on business results. FirstBank & Trust –Lubbock, Bill Waller EVP/COO, commented, “The Cash Recyclers were the first step in moving our bank into a sales culture through the universal teller position. We now hire for our sales personality rather than a transaction based employee. We can truly place our emphasis and our time on our customers to build customer loyalty and ultimately grow the bank”
IBAT Services Vice President, Lori Cortez, commented. “As a former banker and Glory client, I was able to ensure that cash moved seamlessly throughout operations, significantly reducing costs while transforming staff productivity.”
Glory Global’s products endorsed by IBAT include Teller Cash Dispensers, Teller Cash Recyclers, and QuickChange Machines.
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About IBAT Services
Enhancing profitability of True Texas Community Banks by marketing quality products and services
IBAT Services is a subsidiary of the Independent Bankers Association of Texas. Incorporated in 1984, IBAT Services was formed to market IBAT endorsements.
As delegated by the IBAT board of directors, IBAT Services identifies and reviews products, services and providers that assist member banks in maintaining their competitive position in the marketplace. Further, IBAT Services engages in rigorous due diligence, which often includes the involvement of outside consultants for specialized reviews. The Board takes pride in its negotiation of IBAT Member Only benefits and discounts.
To learn more call Curt Nelson at 512.275-2240.