logicpath is proud of our client relationships. We aim to become a trusted partner, not just a provider of services. Our level of commitment to client satisfaction, years of experience and in-depth knowledge of our clients’ industry are just a few of the reasons we feel people continue to work with us. Don’t just take our word for it though, here is what some of our clients are saying about us.
Penny Cook - Community Office Manager
The inter-branch cash transfers became incredibly costly and time consuming, especially for our central branch that was responsible for servicing cash orders for our entire branch network. Now our branches simply submit their own cash orders directly through C3 Financial, which are then reviewed and approved by accounting and delivered directly to the branches. We have realized significant time and costs savings by streamlining our cash management efforts using one, central platform. In addition to streamlining cash management operations, C3 Financial uses historical data to provide accurate branch and ATM cash order and deposit recommendations to ensure each location has the correct amount of cash on hand to cover its unique member needs.
Michele Schuh - Finance Director
First National Bank Alaska is quite familiar with Regulation D sweep arrangements and the benefits they provide to our balance sheet by significantly reducing our reserve requirement. The bank through its years of use has been able to redeploy its once idle reserve balances into other revenue producing investments and loan portfolios. When we needed to make a change to our existing program due to lack of support, we made a decision to entrust logicpath and their Deposit Reclassification program. logicpath's expertise, dedicated support and industry tenure give First National Bank Alaska confidence that we will continue to reap the benefits of this program well into the future.
Suzanne Dawson - SVP of Retail
Southern Bancorp recognized a need to implement a cash management solution to properly manage our footprint’s cash position as we prepare for interest rate increases. We are impressed with C3 Financial’s capabilities to help us become more efficient with our operations, as well as, the application’s user friendly interface. We believe logicpath's cash management and forecasting expertise will translate into investable cash, greatly improved processes and stronger business intelligence.
Greg Hughes - AVP of Finance
San Diego, CA
Logicpath and their Deposit Reclassification solution exceeded our expectations. Our merger partner brought attention to the benefits of Deposit Reclassification, including their favorable results from the solution and outstanding work with logicpath. Their consultants were extremely helpful and their solution was simple to implement. We have continuously received excellent customer service and support. Deposit Reclassification provides the credit union with a competitive advantage by helping us to minimize our non-earning assets. Logicpath made a promise to us and delivered on that promise.
Beverly Wagner - VP of Members Services
Our previous cash management process was time-intensive and manual, where branches ordered cash based upon intuition or previous experience. C3 Financial will drastically reduce our cash levels by providing our branches with order and deposit recommendations based on member demand, as well as streamline processes that once required at least four employees between retail and accounting departments to complete. C3 Financial’s central requisition console and file extract feature for FedLine® Web enables AltaOne employees to receive and approve accurate order recommendations, then easily send all cash orders in one file for the credit union’s 12 branches and 15 ATMs directly to the Federal Reserve Bank.
Stephen Annis - Executive VP/CFO
Valley Republic Bank was keeping several millions of dollars at the Federal Reserve Bank, earning minimal interest as a non-liquid asset and reducing the funds available for new investment and revenue stream opportunities. logicpath's Deposit Reclassification will enable Valley Republic Bank to increase income on our earning assets and reduce our reserve requirement, which will open up more opportunities to lend to our customers in the Central Valley of California.
Ute McKinnel - Central Vault Manager
Our credit union relies on C3 Financial to manage our branch and ATM cash. Using the central requisitions feature we have centralized our ordering process, and audit our order and deposit submissions to ensure compliance with our internal cash policies. Our regional management depends on C3 Financial’s reporting of cash position and usage to manage their branches cash levels. logicpath has given us a solution to standardize our approach to managing cash and more importantly they support our needs.
Brenda Byers-Britney - Retail Branch Operations Specialist
Our branches had a surplus of cash, but we were not necessarily utilizing it in the most efficient manner to meet our customers’ needs. A few branches had more inflow than outflow, and vice versa, but the branches were unable to monitor cash levels on a daily basis. Shortly after we received our first direct mail piece about the solution, we began comparing C3 Financial to other cash management solutions, but ultimately, the software’s ease of use and logicpath's commitment to community banks, led us to further our relationship with logicpath and implement C3 Financial. C3 Financials’ ability to pull information from our core system – Insight – and the internal efficiencies it created for our branches made the selection an easy one. Since implementation, we have seen more than $2 million in cash reductions at our branches. The solution also created other efficiencies for us including a simple cash limit monthly report that our Finance group is able to send to all of our branches and the retail group in less than five minutes; whereas before we had a very time consuming process of pulling the data from multiple sources and then manually compiling the report.
Crystal Sides - SVP Enterprise Risk; Product Development
Our coin and currency platform reduces costs through shared armored courier route economies, saving an average of 15 to 30 percent. Through our partnership with logicpath, clients now have a powerful tool to help generate additional revenue by reducing up to 30 percent in excess cash. The integration of C3 Financial with our armored car providers, and our money suppliers, offers our clients greater levels of functionality without having to alter the existing processes each financial institution has to manage its coin and currency service and operations.
Barry Griffin - VP/Branch Administrator
The Southern Credit Union uses C3 Financial to streamline our cash operational practices. C3 Financial provides us accurate cash order amounts for each branch’s demand and then consolidates all of our orders for submission to FedLine and Loomis. These features have made us more efficient; saving our retail team time to remain focused on our members. I highly recommend logicpath's C3 Financial to other credit unions. It gives you branch cash management peace of mind.
Jay Jones - Director of Finance/Controller
Our credit union requires lots of cash to satisfy our member’s cash needs. We were impressed with C3 Financial’s capabilities that will assist us in gaining a better understanding of our member cash demand, as well as, centralizing our cash procedures to reduce staff time.
Patrick Brown - Chief Operating Officer
C3 Financial will empower our team to make consistent and accurate cash orders and deposits, as well as create tremendous back office efficiencies. The bank will use C3 Financial’s central requisition console to consolidate all of our cash orders for mass submission to our virtual vault with our armored car provider. The consolidation represents a tremendous reduction in back office processing time, as well as an improvement in our cash fulfillment process.
Chris Bond - Chief Financial Officer
We see the value of Deposit Reclassification as twofold. First, our increased earnings are realized by having a zero reserve requirement at Fed and second, our operations staff no longer has to move money periodically to satisfy reserve requirements. In anticipation of a normalized rate environment, Deposit Reclassification makes great sense. We recommend this solution to any financial institution seeking a permanent increase in earning assets.
Maureen Oswald - SVP of Operations
logicpath's Deposit Reclassification solution will enable us to reclaim our $6 million reserve balance from the Fed, converting these idle funds into liquid assets that we can leverage for more meaningful investment opportunities. Additionally, leveraging logicpath's Deposit Reclassification to reduce our reserve balance better positions our institution to meet our growing loan demand while preparing for a potential increase in borrowing costs.
Christine Schnoor - Accounting Manager
Our credit union uses C3 Financial to streamline our operational practices with managing cash. Branches submit their orders to the program for approval by Accounting. The ease of ordering cash for our member needs has saved us time, and taken the guess work out of the ordering process. We have become more efficient, and better at meeting member cash needs. Since we have been so pleased with the C3 Financial application, we renewed with them this year!
James Renn - President/Chief Executive Officer
The bank is very familiar with Regulation D sweep programs, having utilized a solution for many years. We approached logicpath to transition to their Deposit Reclassification program after we lost support for our solution. We value logicpath's compliance and technical expertise in the field and believe we have found the right partner to work with as regulatory environments continue to change.
Peymon Torobi - AVP/Controller
Peoples Bank’s cash management process was very challenging and we sought a solution to simplify and provide our team with accurate cash levels. With the C3 Financial tool, we have centralized our ordering process. C3 Financials’ reporting and guidance of our cash position and usage helps us better manage our 16 branches. logicpath's cash management solution has been the perfect solution for us! It is now a critical part of our cash management process.
Lyndsey Jackson - AVP of Finance
Fort Wayne, Indiana
Prior to implementing C3 Financial, each of our branches would spend up to 45 minutes each week determining their cash needs and processing their cash order. Now, this process takes no more than two minutes, and often, no time at all; freeing up our staff to redirect their time and attention toward our membership and providing excellent member service. Our branches trust C3 Financial’s order recommendations, which has led to significant cash reduction. Additionally, C3 Financial automates our cash orders to our money supplier JP Morgan Chase, via our relationship with Corporate One FCU, achieving our goals in accounting of reducing our cash management time commitments.
Chris Blastick - Branch Administration
The Farmers Bank first engaged with logicpath in 2011 to assist with our cash ordering process. C3 Financial provides accurate cash order and deposit guidance that our branch personnel trust. Our team enjoys the ease of the ordering process, which allows them to quickly submit to the Federal Reserve Bank’s FedLine® Web. C3 Financial gives us a central location where all cash data is housed and a standard process across our entire branch footprint. The Farmers Bank chose to renew with logicpath because we continue to see operational gains using C3 Financial.
Deb Garman - Director/Operations
Interra Credit Union completed a project with logicpath in 2011 and we were so pleased with the results we decided to review their cash management program, C3 Financial. Our cash management system relied heavily on our head tellers intuition which led to a higher than necessary cash in our branches. Using C3 Financial we have been able to reduce our cash levels by 35%. We are extremely pleased with the program and would recommend it to all credit unions that are looking to institute a cash management system.
Randy Johnson - VP of Operations
Storm Lake, Iowa
Central Bank recently acquired seven additional branch locations, which resulted in a significant increase in the bank’s reserve requirement. In response, Central Bank implemented logicpath's Deposit Reclassification to free those low-earning, non-liquid funds from the Federal Reserve Bank to fund more lending and higher yield investment opportunities. When we added the new branches, we also absorbed those branches’ deposit bases, which had an immediate impact on our Federal Reserve requirement levels. Concurrently, we have been experiencing a high demand for loans, so we needed a way to free up more funds to meet this opportunity, and logicpath's Deposit Reclassification enabled us to do so.
Diana Fisher - Chief Operations Officers
We previously relied on a retail sweep solution for several years, but we no longer need it when rates dropped. With interest rates expected to rise and $7 million tied up at the Federal Reserve, we wanted to be proactive and uncover those funds to support our agriculture and consumer loan portfolios. Deposit Reclassification has strengthened our liquidity position to better prepare us to fuel future loan demand when interest rates do increase.
Greg Inman - Senior VP Retail Operations
Baton Rouge, Louisiana
Neighbors Federal Credit Union relies upon logicpath's C3 Financial program to help us manage our branch and ATM cash. Implementing the program has given us a deeper understanding of how we use and inventory cash. As a result, we have reduced our excess cash and standardized our cash management process.
Nolan Falgout - Chief Financial Officer
First American Bank & Trust engaged logicpath for cash management to help us achieve our primary objective of reducing non-earning vault cash. Our cash management goals have evolved to focus on operational effectiveness. We worked with logicpath to identify best practices for centralizing components of our cash process to reduce our time commitments. Using C3 Financial’s Federal Reserve file extract feature and Central Requisitions console we have created significant efficiencies in our cash ordering process.
Lynn Chase - VP/Controller
We funded our Federal Reserve account to meet our reserve requirement, when we could have been using those funds to invest in higher yielding assets. By reducing our reserve requirement, we improved our liquidity position and overall efficiencies. The logicpath team was incredibly supportive from the beginning. They have a well-structured implementation plan that keeps the process moving. We were concerned about how our customers would react to the required disclosure letter, but the logicpath team prepared us to address any customer inquiries. They truly wanted to help us succeed. As a result, the implementation was smooth.
Kristal Ribblett - AVP of Branch Operations
Upper Marlboro, Maryland
NASA Federal Credit Union’s philosophy is ‘People Helping People,’ and in order for us to adhere to this mission and satisfy members’ needs, we required a solution that would help us understand their cash demands. Our partnership with logicpath enhances our operational efficiencies and allows us to effectively track the movement of the credit union’s currency and coin.
Jacqueline Mayo - VP of Branch Administration
HarborOne Bank required a centralized solution to manage the bank’s expanded cash inventory in efforts to streamline operations and align all aspects of the bank’s cash management process after the shift from credit union to bank. logicpath's C3 Financial will enable our staff to increase efficiencies with daily cash handling operations by eliminating cash overages and automating cash requests while significantly reducing the bank’s labor efforts. C3 Financial’s predictive analytics provides HarborOne Bank employees with the strategic forecasting tools to more proactively identify and predict future cash needs. Additionally, an established and strong integration between logicpath and HarborOne Bank’s armored car supplier further improved the bank’s cash ordering process.
Debra Wooley - SVP/Controller
North Adams, Massachusetts
Preparing for our future loan demand, MountainOne Bank sought to recover our $1.7 million Federal Reserve balance. We chose logicpath Deposit Reclassification to reduce our reserve requirement by reclassifying a portion of our checking accounts to savings. After going live, within a few short weeks, we received our Fed balance back in its entirety; allowing us to reinvest those funds into the communities we serve. We recommend logicpath and their Deposit Reclassification solution to other banks looking to capitalize on low performing assets.
Denise Gallant - Controller
After losing our deposit reclassification feature due to a core conversion, we were looking to replace this valuable tool which supplied liquidity to fund our community’s loan demand at Provident Bank. We had heard of logicpath's Deposit Reclassification solution as an answer to reclaim low-earning assets held in our reserve balance. After implementing Deposit Reclassification, we were able to eliminate our $8.4 million dollar Fed balance to zero. logicpath's team helped us step by step to ensure compliance with all Board of Governor’s requirements and the tasks required by our team members were minimal, taking less than 5 hours.
Paul Richard - Executive Vice President & Chief Financial Officer
Webster First Federal Credit Union selected logicpath for cash management via their C3 Financial solution and we believe we made a great decision. Within 2 months of our project implementation, we reduced our cash 15%. The application is efficient and easy to work with since all cash ending totals come straight from our teller platform. Our credit union has increased its branch footprint and we have relied on C3 Financial to help us control our cash inventory.
Lucinda Brown - Branch Administrator Officer
PeoplesBank has experienced a very positive experience on C3 Financial. We use the program to ensure all of our cash orders and deposits are submitted properly and within our banks tolerances for cash. Data for our cash levels is automated from our teller platform system to eliminate manual process by our front line staff. We recommend C3 Financial to other banks that want to establish a standardized and simple cash management process that works.
Craig Connolly - AVP/Controller
logicpath was referred to us by another financial institution in our footprint to help us reclaim our reserve balance. Soon after implementation we had permanent access to $5 million for reinvestment opportunities. The daily Deposit Reclassification process takes only a few minutes and the module is very easy to use. We highly recommend logicpath and Deposit Reclassification to any bank looking to gain a competitive advantage as we move closer to a more positive interest rate environment.
Filomena Lopes - Community Banking Operations Specialist
We implemented C3 Financial to give our branches a tool that would assist them with preparing their cash orders and deposits. Our branches login to C3 Financial and submit their cash request for approval by our Financial team. Once approved, we use C3 Financial’s Federal Reserve file extract feature that allows us to batch order our cash to the Federal Reserve. We have eliminated a lot of our manual processes and logicpath's support team has partnered with BayCoast Bank to maximize efficiencies within the program. BayCoast Bank has used other programs and services from logicpath and we would recommend their services to other banks that would like to improve their cash management processes.
Charles Christmas - SVP & Chief Financial Officer
Grand Rapids, MI
We are very pleased with the Deposit Reclassification program that logicpath presented to us. Utilizing their program, we were able to completely eliminate the need to maintain a non-interest bearing balance of almost $8 million with the Federal Reserve. The elimination of this non-earning asset provided us the opportunity to lessen our wholesale funding balances, thereby providing a meaningful positive impact on our earnings. We are most appreciative of logicpath’s consultants and their insight and guidance throughout the process.
Barb Najacht - Account Manager
UFCU Union wanted to reduce our reserve balance, and expand our lending. More and more members were making deposits and then letting those funds sit and earn interest over time. This flush of deposits resulted in a higher reserve balance, but unfortunately we could not capitalize on these illiquid, Fed-held funds. At first, logicpath's Deposit Reclassification system almost seemed too good to be true, but I am happy to report that was not the case. I was extremely impressed with the logicpath staff and their presentation of Deposit Reclassification – they 100 percent convinced me. It was clear that this solution was the real deal. The entire implementation went incredibly smooth. logicpath did a phenomenal job of providing us with all of the documentation that we would need in a format that was easy to understand. I wish more vendors would go through the implementation process like logicpath. They could not have done a better job. Deposit Reclassification automatically saves us this cost by eliminating our reserve balance, and that is strictly cost savings — we can further increase our revenue by reinvesting these funds in mortgage and consumer loans.
Jeff Fielder - EVP of Finance
We sought to reduce our reserve requirement without impacting our membership. logicpath's Deposit Reclassification proved to be an effective tool in this regard, as it enabled us to convert a $27 million dollar non-earning asset into earning assets Following the implementation of Deposit Reclassification, Advia Credit Union began working with logicpath's sister company Ceto and Associates, a management consulting firm, to further strengthen its profitability through its revenue enhancement solution, Market View.
Yvonne T. DeGaperis - Coordinator/Member Service Support
Lake Trust Credit Union depends on logicpath's C3 Financial solution to help us reduce excess cash, improve efficiencies around cash ordering and gain a deeper understanding of our cash behaviors and needs. In the first few months of using the application our 21 branches have reduced their cash levels significantly and streamlined their cash ordering process and we believe there is still more benefit to come.
logicpath's team is phenomenal!! Our implementation was especially challenging due to several cash dispensing machines that did not interface with our core system. They worked with us to come up with a successful solution. We can’t say enough about the support we receive from their training/tech staff – especially Brant and Grant!! They are wicked smart experts in all things “cash” related. They often bring us ideas and solutions to address our unique needs. They are responsive, innovative, professional, friendly and yes even FUNNY!! Additional refresher training 6 months post launch helped beef up our understanding of the recommendations and gave our users a deeper knowledge of the application so they can benefit from it at a higher level. We are so impressed with logicpath and their team that we are moving forward on implementing the integration options to our armored car provider and money supplier. We believe this will translate to even more increased operational efficiencies & accuracy. Lake Trust Credit Union finds the C3 Financial application easy to use and view, effective and measurable. The graphs and charts can be easily produced and are a great tool for our users to track their cash trends. We believe it is a necessary cash management tool for ANY financial institution that needs to take their cash management to the higher level.
Wayne Erdman - Executive VP of Finance
St. Paul, Minnesota
CetoLogic’s Deposit Reclassification solution has enabled our bank to transform its low-earning assets and reinvest in the communities we serve, all while generating a higher margin on these funds.By reclaiming almost $40 million in assets that were held at the Federal Reserve Bank, we have a greater opportunity to increase revenue.
Daniel Johnson - Accountant
Venture Bank has always had the fortunate position of being flush with loans and demand, so we wanted to maximize the utilization of our core deposits as funding sources. We didn’t have a large amount of excess deposits where liquidity wasn’t a consideration for us, so any solution that would reduce the amount that we would have to hold in reserve as strictly pure excess was certainly beneficial to us. We chose logicpaths Deposit Reclassification solution to help us accomplish this. By reducing our reserve requirement and reclaiming these funds from the Fed, the bank is able to lend that $13 million in excess funds, translating into additional income for the year. In addition to utilizing those funds for alternative investments, there are savings simply because we are not borrowing them. logicpath held our hand throughout the entire process. Fortunately, our implementation was not complex, but it was clear that logicpath was prepared to handle complex issues if needed.
Shirley Neukom - VP/CFO
Mill City Federal Credit Union expected a significant increase in our reserve requirement because we restructured our accounts to meet the needs of our membership. This increase would require us to keep a large balance at the Federal Reserve Bank, earning minimal returns. We selected logicpath Deposit Reclassification solution because of their trusted reputation and experience. The logicpath team insured our process followed guidelines, and assisted us with a seamless implementation. We were extremely impressed and pleased with their support and our benefits from the solution.
Vicky Washa - Operations Specialist
RoundBank enlisted logicpath's Deposit Reclassification solution to gain access to our almost $1 million dollar Federal Reserve balance. We were experiencing a healthy loan demand from our customers and sought to free up our low earning assets held in reserves to facilitate their needs. The logicpath team worked closely with us to ensure notification to the Federal Reserve and disclosure was smooth and uneventful. We would recommend logicpath and Deposit Reclassification to banks looking for a Regulation D retail sweep program.
Rick Rasmusson - VP Finance
The implementation of logicpath's Deposit Reclassification has been extremely easy, and our installation/support representative has been very responsive and easy to work with. The benefit it will provide our members for not having to monitor their accounts for Reg D violations coupled with the FED’s reserve requirements for transactional accounts enables the product to sell itself.
Susan Page - VP of Operations
The Peoples Bank depends on logicpath to give us applications that help us manage non-earning bank assets. We rely on C3 Financial to help our branches manage their cash inventory. Having order and deposit recommendations for our branches to work from has translated to a bank wide reduction in cash. The Peoples Bank has seen our cash management goals met, and logicpath is the key ingredient to our successes.
Melissa Gunlock - Deposit Operations
Kansas City, Missouri
Dickinson Financial operates in 17 states amongst 6 banks and relies on logicpath's branch cash management solution to optimize our cash levels. We are extremely happy with the program and have found logicpath´s support staff to be accommodating to our unique needs and always willing to offer best practices consulting on cash management strategies.
Don McCarthy - Chief Financial Officer
Over the years, our holding company has built up an excellent business relationship with logicpath. Our banks are very familiar with the logicpath Deposit Reclassification program which has been implemented in eight of our banks. Implementation is very easy and requires minimal efforts from bank staff. Their consultants are great to work with and they ensure client satisfaction every step of the way. We are pleased to refer other banks to them.
Patrick Naseem - Vice President/AFO
Bitterroot Valley Bank had a successful relationship with logicpath in the past and approached logicpath to implement Deposit Reclassification to tap into an additional source of liquidity, anticipating a rising interest rate environment. The bank’s reserve requirement reduced significantly and it was easily satisfied with vault cash. This has allowed us to redeploy a once idle and minimal earning asset into investment opportunities within our community and investment portfolio.
Greg Dunlap - Chief Operations Officer
We have been very pleased with the results of the logicpath Deposit Reclassification solution. The Deposit Reclassification product has worked exactly as described. Shortly after implementation, we significantly reduced our reserve requirement. This reduction allowed us to reclaim our bank’s assets from our reserve balance at the FRB. These recouped assets are now working for our bank’s bottom line. We would highly recommend logicpath’s Deposit Reclassification.
Roseanne DeLucia - Accounting Officer
We are very pleased to be a client of logicpath’s Deposit Reclassification Software. It enabled us to increase revenue with minimal time and effort. Our FRB reserve balance is now zero. We have placed these new funds into our loan portfolio and other earning assets. We implemented the logicpath solution in less than 45 days.
Charles Burnett - Chief Financial Officer
Deposit Reclassification was a great solution for us. Prior to Deposit Reclassification, our non-interest earning reserve balance at our Federal Reserve Bank was close to $3,000,000! We reclaimed this amount within 2 weeks! Our implementation of logicpath’s Deposit Reclassification system was seamless and required minimal staff time. We highly recommend it to anyone seeking a permanent increase in earning assets.
Sherry L. White - Vice President of Branch Operations
Massena, New York
Before the credit union implemented C3 Financial we relied upon guesswork at a branch to determine our cash needs. We would pour over old cash position reports at a management level to review cash usage for Christmas, tax time and other seasonal events to set cash limits. This review took time and was often not used properly by our branches.
C3 Financial calculates our usage and reviews our historical data to shape our true cash needs for orders and deposits and puts this information right at our fingertips. We have saved time, become more efficient and our cash levels have decreased even as we grow our footprint. By reducing our cash we have been able to mitigate our risk and address our security concerns for our cash. SeaComm FCU has accomplished our cash management goals with logicpath and we are extremely satisfied with our experience.
Lori Downing - Area Retail Manager
Poughkeepsie, New York
Hudson Valley Federal Credit Union entrusts logicpath with cash management for our branch network. Their cash management program (C3 Financial), empowers our staff to make accurate order and deposit decisions. Having member cash demands at our branches fingertips has translated to improved cash levels and a deeper understanding of our member’s cash behaviors.
Crystal Johnson - Accounting Specialist II
Greensboro, North Carolina
Summit Credit Union works with logicpath to streamline our cash management process. We utilize C3 Financial to give us order and deposit recommendations, as well as help us facilitate our orders to the Federal Reserve. In using C3 Financial’s Fed extract file feature, we have eliminated inaccurate orders, reduced time in Accounting and created a straight forward workflow.
Missy Preston - VP of Accounting and Card Services
Greensboro, North Carolina
logicpath and their solution Deposit Reclassification solution exceeded our expectations. Implementation was very smooth and required very little time of our people. The daily process takes less than five minutes per day. Minimizing our non-earning assets with Deposit Reclassification and putting them to work for our members was our primary focus and utilizing Deposit Reclassification we have accomplished our goal.
Lisa Lopez - VP and Manager of Deposit Operations
There was always this underlying fear of running out of cash in the branches, so we set our cash limits high to make sure we had plenty of cash on hand. It became painfully clear that this was not the most efficient way to manage our cash. We had no insight into cash cycles, so it was challenging for our back office to guess our cash needs. To improve its cash management efforts, Marquette Savings Bank implemented logicpath's C3 Financial cash management solution. We knew C3 Financial would be instrumental in improving cash management efforts, but once the implementation was complete, the benefits far exceeded our expectations! C3 Financial has completely taken the guesswork out of the forecasting cash needs of the bank, reduced the labor involved and mitigated risks associated with high cash levels.
Brian Schmitt - CFO
American Heritage FCU recently restructured its accounts to better serve our membership, and as result, we expect our reserve balance requirement to increase – decreasing the amount of funds available for new investment and revenue stream opportunities. With logicpath's Deposit Reclassification, we can maintain our zero reserve balance and continue to use these assets to invest in the communities we serve.
Michael Thomas - CFO
One of our strategic goals at Service 1st Federal Credit Union was to get a better handle on our cash management operations. We chose logicpath’s C3 Financial solution to help us achieve these goals, in addition to reducing our cash inventory. C3 Financial integrates with our teller platform, Symitar, allowing us to automate cash ending data to the solution. Our cash footprint extends over branches and ATMs. C3 Financial provides our branch tellers with accurate order and deposit guidance based on their unique location and member needs. The implementation went very smoothly and their customer service continues to be very responsive and knowledgeable.
Greg Schank - Vice President, Branch Operations
Our credit union is one of the largest in Pennsylvania and we are always looking for ways to improve our processes by seeking new technologies. As our footprint grew it became more important for us to manage our cash levels consistently. C3 Financial has positively impacted our cash management practices by providing us with an effective tool for managing our branch and ATM cash needs. We have collaborated with logicpath to mold their C3 Financial program to meet our requirements for cash order integration to our armored car provider and have found their support staff to be knowledgeable and willing to assist us with our cash objectives.
Donna M. Gregson - Senior Vice President, Retail Services
Pawtucket, Rhode Island
Pawtucket Credit Union is the largest credit union in Rhode Island and we approached logicpath to assist us with reducing our cash levels. Prior to our implementation of C3 Financial we managed cash by establishing maximum limits for our branches to stay beneath. We believed we were doing a fairly good job managing our cash levels and were amazed by our experience after utilizing C3 Financial. Pawtucket Credit Union reduced cash by 20% within 3 months of use! We have also reduced our armored expense by using C3 Financial reporting to assess our armored car needs. We rely on logicpath's products and services to assist our credit union with reducing non-earning assets and value them as a partner.
Tricia Cross - Vice President, Retail Operations
Smithfield, Rhode Island
Our frontline staff enjoys logicpath's integration with Dunbar for cash ordering. It’s one and done and a much easier process that has saved us precious time in our offices. Being notified via email of the cash orders closes the loop on ordering process for our team. We have been able to reduce the amount of cash in the branches substantially and the feature that I like best is being able to see our cash ending totals as compared to actual usage.
Patty Mogensen - DTMSC Teller Manager
Rapid City, South Dakota
logicpath is Black Hills FCU’s partner for branch cash management. We value their dedication and efforts to ensuring our cash management objectives are met. Using logicpath's new forecasting model, we have reduced our cash levels by 30%. logicpath's cash management solution is flexible, effective and a critical part of our process.
Craig Cobb - CFO
Wessington Springs, South Dakota
American Bank & Trust maintained a $4.1mm reserve balance. We worked with logicpath to deploy their Deposit Reclassification solution in order to gain immediate access to this balance to contribute to our agricultural lending within our community. Our implementation was straight forward and accomplished in 40 days with little impact on our resources. Deposit Reclassification contributed to our banks bottom line immediately post implementation, and the benefits of not keeping a reserve balance enable us to tap into a once idle balance to fund loans within our community.
Ismael Mendiola - VP of Operations
El Paso, Texas
evolve Federal Credit Union previously relied on outdated processes for cash management, which resulted in operational inefficiencies and excess cash. logicpath C3 Financial has centralized our cash order processes and provided efficiencies and time savings by consolidating all our orders to submit directly to the Federal Reserve Bank’s FedLine® Web. Now, our staff can spend more time serving our members.
Fran Spencer - Accounting Manager
Texas City, Texas
Amoco Credit Union approached logicpath on referral from a peer credit union due to their expertise and experience with Deposit Reclassification. The credit union restructured its accounts to better serve our membership, and as a result, we anticipated our reserve requirement and balance to increase exponentially. A rise in our reserve balance would limit our credit unions opportunities to fund loans for our membership. By implementing Deposit Reclassification we were able to dramatically reduce our reserve position as well as better serve our members. Our project was professionally managed and our expectations were met.
Mary O'Rourke - Chief Information Officer
Live Oak, Texas
RBFCU continues to expand its footprint with a 33 percent increase in members and a 34 percent increase in the number of accounts throughout the past three years. To support this level of growth, we required centralized cash management software that enabled our personnel to meet and sustain our high levels of member service throughout our network. C3 Financial provides us with optimal cash inventory at all locations.
Daniel Phillips - SVP of Finance
West Jordan, Utah
Our $7.1 million cash reduction translates to an average branch cash reduction of nearly $85,000, allowing us to redirect this excess cash from our branches to alternative investments and lending.C3 Financial far exceeded our expectations, and as a result, we recently renewed our partnership with logicpath and will continue to leverage C3 Financial to maintain optimal cash levels and keep cash inventory in-line with member demand throughout our extensive branch network.
Lisa Huyer - EVP of Finance
Anticipating a rise in their Federal Reserve balance, NorthCountry Federal Credit Union was proactive in our approach and selected logicpath's Deposit Reclassification. logicpath's staff assisted us by providing all necessary notifications for our Federal Reserve Bank and the exact disclosure language for our members. With our preparation and logicath's team assistance, we experienced no inquiries from our members and the implementation process went very smoothly. Deposit Reclassification was a good first step in our efforts to minimize our low and non-earning assets, as we plan to significantly reduce our cash inventory levels with their help in the near future.
Leroy Morris - VP of Finance
As an institution that is committed to investing in our community, Deposit Reclassification is a powerful, strategic tool for us as it helps our institution increase that level of investment by reclaiming those funds. Washington First Bank plans to leverage the revenues generated through Deposit Reclassification to fund its growing commercial real estate lending business.
Neil Burke - Vice President - Senior Financial Officer
Prior to Deposit Reclassification, we were holding a reserve balance close to $1.2 million which was non-interest bearing. We are able to lower our reserve to the minimum as soon as we started using Deposit Reclassification and our reserve balance has stayed there ever since. The implementation of Deposit Reclassification directly impacted our bottom line by $70,000 within the first year! logicpath’s conversion was very easy. During the Fed required customer disclosure process, logicpath’s expertise on guidance on the compliance steps was especially beneficial and contributed to the limited number of questions we received from our customers. The implementation was seamless and a non-event for our institution.
Bruce Thomas - EVP/CFO
Essex Bank used Deposit Reclassification with logicpath in the past. We deactivated that solution during the early phase of the current low rate environment when we had excess liquidity on our balance sheet. Since that time, our reserve balance has grown to more than $10 million. With inevitable interest rate increases looming, coupled with our continued loan demand, we reengaged Deposit Reclassification. Based on our past experiences, it was a very easy decision to choose logicpath a second time to reduce our reserve balance to near zero.
Noemy Correa - Branch Manager
HAPO Community Credit Union is very happy with logicpath's C3 Financial program. We reduced our cash levels by 38% two months after we were trained! Even as we have grown our branch footprint, our cash levels are still substantially less than when we began with logicpath. Their support has been fantastic and logicpath has taken a consultative approach to our relationship for managing cash. Our experience with logicpath has been nothing short of fantastic.
Cindy Leaver - CFO
We are very pleased to be a client of logicpath for Deposit Reclassification. We have been able to increase our revenue with minimal levels of effort and redeploy a once idle $8m reserve balance into loans for our membership. We implemented the project in less than 60 days and find logicpath to be a partner that easy to work with
Debbie Houdas - CFO
Fort Lewis, Washington
America’s Credit Union’s cash levels are in excess of our needs, so it is clear we need to better identify our cash positions to reduce our cash inventory. C3 Financial will not only help us reduce the amount of cash on-hand at our branches, but it will completely streamline the cash management process by providing a central console to communicate and manage cash orders for the entire retail footprint and accurate cash order recommendations based on member demand, removing these time-consuming responsibilities from our branch staff.”
Cindy Leaver - CFO
We work with logicpath to help us minimize non-earning credit union assets. C3 Financial provides our branches with recommended cash order amounts. Through C3 Financial, we have been able to reduce our branch cash and standardize our cash order process. Numerica values its partnership with logicpath. We recommend their solutions for financial institutions that want to impact their bottom lines and create efficiency.
Beth Bilotta - VP of Branch Operations
Fairmont, West Virginia
Doua Vang - VP-IS
Donna Austin - Assistant Vice President, Sales & Service
Kelowna, British Columbia
Naomi Kluk - Manager Administration