High-Performing Community Bank Looks To Improve Regulatory Efforts And Reduce Costs
Online PR News – 29-June-2012 – New Haven, CT, June 28, 2012 – Continuity Control, the only complete compliance platform built for community financial institutions, today announced that The Bank of Marion (Illinois) has signed on to use the firm’s award-winning solution.
By centralizing all regulatory management activities, the Continuity Control platform enables financial institutions like The Bank of Marion to reduce the resources they spend on compliance while ensuring that they pass regulatory muster and effectively keep up with the steady stream of regulatory changes.
"We're a high performing bank and we try to do everything right,” says Ray Altmix, The Bank of Marion’s president and CEO, “but compliance still keeps me up at night, even more than a potential problem in the loan portfolio. Though we have done very well on our exams, I can’t say we've ever been able to keep up."
According to Mr. Altmix, by shifting certain responsibilities to the Continuity Control platform, the bank will be in position to do a more thorough job with fewer employees. “I see us getting by on one-half full-time employee less. And I’m not talking about a teller, I’m talking about mid-management."
The Bank of Marion, with over $330 million in total assets, is the largest locally owned and operated bank in Williamson County. By all key performance measures available through FDIC data, including efficiency ratio, return on assets, and return on equity, The Bank of Marion is an extraordinarily high-performing institution. The bank’s ability to achieve similar returns going forward is complicated, however, by the relentless rise in operating expenses due to increased regulations.
“Even a well-managed community bank like The Bank of Marion can't keep up with the 58 rule changes that have come down in the last six months, much less the 157 that have been issued in the past year. The costs associated with this kind of regulatory compliance represent an insurmountable challenge to their current business model,” says Andy Greenawalt, Continuity Control’s co-Founder and CEO. “Our platform is the only way for community banks to operate in this complex regulatory environment to maintain reasonable and sustainable overhead.”
Continuity Control’s mission is to help community financial institutions survive and thrive by offering personalized, expert service coupled with innovative technology to relieve the compliance burden. The firm was recognized as one of the five most interesting companies in financial services at FinovateSpring 2010 and recently named among the “10 Tech Companies to Watch” by Bank Technology News.
About Continuity Control
Continuity Control is an award-winning compliance platform that combines advanced software with personalized service to help community financial institutions effectively manage their regulatory burden. Founded in 2008 by distinguished technology, banking, and compliance specialists, Continuity Control’s platform effectively reduces the resources a bank or credit union must spend on compliance while ensuring that it passes regulatory muster. Built just for smaller banks and credit unions, Continuity Control is the most comprehensive compliance management platform on the market today for community financial institutions. For more information, visit www.continuity.net.