ATLANTA, March 25, 2015 – CetoLogic, a leading provider of software and analytics for financial institutions and retailers, announced that $1.3 billion WashingtonFirst Bank (Reston, Va.) has signed on as a new customer of its Deposit Reclassification retail sweep solution.
CetoLogic’s Deposit Reclassification enables financial institutions like WashingtonFirst Bank to effectively free low-earning and non-liquid funds from the Federal Reserve Bank to use for loans and additional higher yield investments opportunities. By reclassifying checking accounts into savings deposits, the solution creates a permanent, additional revenue stream for the bank.
“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,” said Leroy Morris, senior vice president of Finance for WashingtonFirst Bank.
Morris further indicated that WashingtonFirst Bank plans to leverage the revenues generated through Deposit Reclassification to fund its growing commercial real estate lending business.
“Financial institutions should be evaluating how to take a more prudent, proactive approach to managing their assets,” said David Austin, vice president of CetoLogic. “By implementing Deposit Reclassification, WashingtonFirst Bank is able to both support lending growth today and be better positioned to react to any increases in interest rates that may come in the future.”
About WashingtonFirst Bank
WashingtonFirst Bank is a community bank headquartered in Reston, Virginia. Since its inception in 2004, WashingtonFirst Bank has focused on providing quality, tailored services to its customers and conducting a full service commercial banking operation through 17 offices, with 11 located in Northern Virginia, four in Maryland and two in the District of Columbia. For more information about WFBI, please visit www.wfbi.com.
Atlanta, Ga.-based CetoLogic provides software solutions and analytics to financial institutions and retail organizations. CetoLogic proudly services the needs of more than 1,500 clients in 50 states and Canada by providing “Smart Solutions that Make Dollars and Sense.” CetoLogic is the designer of C3 Financial, a web-based cash forecasting and management software. CetoLogic also pioneered Deposit Reclassification, a retail sweep program designed to eliminate reserve balances. CetoLogic’s solutions improve earnings, efficiencies, risk management and operations.