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.
