ATLANTA, September, 19, 2013 – 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.”
“CetoLogic 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.”
About CetoLogic
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.
