“Using the bank’s debit card data, PRI identified several PIN networks that would be more profitable and then conducted negotiations and further analysis to determine the optimal network,” said Mike Holt, a partner at PRI. “After modeling the comparison, PRI and the bank moved forward with a multi-year agreement with the better network.” Expense savings and interchange improvement with the new PIN network are on track to produce an approximate average annual improvement of more than $325,000 during the multiyear agreement, even after the buyout of the contract with the old network. In addition to the financial improvement, the bank tapped into PRI’s expertise during discussions on card limits, fraud and new debit card PIN requirements to help it manage a highperforming card program going forward. Leveraging the expertise of an experienced banking consultant allows a community bank to dig into previously unseen places and mine the hidden profits there. Having a laser-focused partner like PRI, whose only aim is to improve the bank’s profitability, allows the improvement areas to be uncovered more quickly and thoroughly. Profit Resources specializes in identifying profitability improvement areas for community banks through revenue growth, cost control, streamlining processes and effective use of technology. Contact us to learn more about our personalized approach to propel growth and improve profitability. SOUND STRATEGIES FOR PORTFOLIO INVESTMENT OPPORTUNITIES. Trust our investment and trading desk specialists to support your goals. Serving as your partner, we provide portfolio analysis and strategies supported by the knowledge of our experienced professionals. Member FINRA and SIPC, Registered with SEC and MSRB RC 23-363 Muni 23-257 1223 NorthlandSecurities.com 800.851.2920 Rick Peters retired from Friendship State Bank in December after 41 years in the banking industry. He was with the bank for 24 years, completing his career as senior compliance officer. TAKING IT EASY Bill Zumvorde Director of Business Development Profit Resources Inc. WZumvorde@ProfitResources.com Bill has more than 30 years of experience in the financial services industry, primarily in business development, marketing and lending. He joined PRI in 2013, cultivating relationships with bankers throughout the Midwest. Profit Resources Inc. is a Preferred Service Provider of the Indiana Bankers Association. MARCH/APRIL 2024 39
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