PROMONTORY INTERFINANCIAL NETWORK, LLC, ANNOUNCES
1,200 BANKS NOW PARTICIPATE IN BANK ASSETPOINT
Service’s Participants Include One in Six U.S. Banks and
One-Third of the U.S. Banking Industry by Asset Size
ARLINGTON, VA – December 16, 2013 – Promontory Interfinancial Network today announced that 1,200 banks have become participants in its new Bank Assetpoint® service, which enables banks and other financial institutions to connect when they want to buy or sell loans, real estate, or other bank assets. Participants in the Bank Assetpoint service represent one in six U.S. banks and more than one-third of the U.S. banking industry by asset size.
“If you want to sell assets to banks, our service gives you immediate access to 1,200 potential buyers,” said Richard Walter, Senior Managing Director at Promontory and head of Bank Assetpoint. “If you are a quality loan originator looking for banks to partner with on new originations, using the Bank Assetpoint service can open the door to a large number of potential relationships,” Walter said.
In addition to banks, five of the six largest national commercial real estate brokerage firms and thousands of buyers have become Bank Assetpoint participants. Eligible participants are able to post or search listings for a wide range of bank assets, including bank-owned commercial real estate, commercial and industrial loans, consumer loans, real estate loans, and other types of loans.
“Bank Assetpoint offers a comprehensive online platform that provides information for both asset buyers and sellers,” said Mark P. Jacobsen, President & CEO of Promontory. “Ours is the largest dedicated online marketplace connecting banks and other financial institutions looking to buy or sell bank assets.”
The Bank Assetpoint service includes a secure virtual data room feature powered by IntraLinks, the industry leader, which allows sellers or their advisors to post and control access to confidential content for use by buyers in performing due diligence. The platform also enables seasoned professionals – including brokers, loan sale advisors, and other specialty service providers – to provide participants with information about transaction-support and strategic services.
Bank Assetpoint is operated by Assetpoint Services, LLC, a wholly owned subsidiary of Promontory Interfinancial Network, LLC. More than 3,000 financial institutions participate in Promontory’s network by using one or more of its deposit allocation services, such as CDARS®, the Certificate of Deposit Account Registry Service®; ICS®, the Insured Cash Sweep® service; and IND®, the Insured Network Deposits® service. These institutions include approximately 40 percent of the banks in the United States.
About Promontory Interfinancial Network, LLC:
Promontory Interfinancial Network was founded by leading figures in the banking industry to provide financial institutions with profit-enhancing solutions. The founders envisioned a network, composed of thousands of financial institutions, whose “synthetic size” would help each member institution to compete more efficiently. Today, Promontory’s network of participating institutions includes more than 3,000 members nationwide. These members use Promontory's services to acquire and retain large-dollar customer relationships, purchase funding, manage liquidity, reduce collateralization costs, and buy and sell bank assets.
Senior Vice President, External Affairs
Promontory Interfinancial Network, LLC