Independent Banker - May 2019 - 38
3 minutes with ...
Kent Landvatter, president
and CEO, FinWise Bank
Two cool programs at
Independence Bank
1
Working Capital Express Loan program
Also known as the " Cool Cash Connect "
program,
small-business
owners can get
pre-qualifi ed in
as little as one
business day for
a working capital
loan of $100,000,
$125,000 or
$150,000. The
loans are off ered
through the U.S.
#2
Independence Bank
East Greenwich, R.I.
Assets: $63.8 million
3-yr average ROA: 7.20%
independence-bank.com
What makes FinWise Bank successful?
We've developed a very strong SBA and local lending
team. Because of technology, we've been able to
move outside our geographic containments, and
we have a loan
production off ice
on the East Coast.
We've also
#7
Small Business Administration's (SBA) 7(a)
guaranteed lending program, and Independence
Bank is particularly good at it: It is consistently
one of the top SBA 7(a) lenders in Rhode Island.
SBA Loan Referral Agent Program
Independence Bank actively recruits referral
agents to work remotely, supplying them with
sophisticated platforms to enable them to serve
clients in a variety of industries and locations. For
each successfully funded referral, the bank off ers
up to 1 percent of the loan amount.
How we compiled
these rankings
ICBA compiled this year's rankings with the
aim of recognizing community banks that are
consistent high performers. Using FDIC data,
we took into account return-on-assets (ROA)
figures from 2016, 2017 and 2018, with 2018
carrying the most weight. We then divided the
community banks into three broad segments
based on asset size, and ranked each
segment based on our three-year weighted
average ROA.
2
introduced
complementary
products for small
businesses. Let's
say a merchant
selling bicycles
comes to us for a
loan on a building.
We can also off er them a small business working
capital loan, as well as point-of-sale financing for
their customers. Customers can apply for a loan to
buy an expensive bike, and with us they can get an
immediate turnaround. This helps the business sell
even more products.
FinWise Bank
Sandy, Utah
Assets: $116.3 million
3-yr average ROA: 4.04%
finwisebank.com
Why do you call FinWise 'the financial tech bank
with a community heart'?
The proper use of technology
can really be a big leveler
with big banks. Making
banking more eff icient
really strengthens customer
relationships. But we've also
partnered with a company
to build out consumer
education in our
communities, especially
in Title I schools.
Kent Landvatter
" The proper use of
technology can really be a
big leveler with big banks. "
-Kent Landvatter, FinWise Bank
38 Q ICBA Independent Banker Q May 2019
Illustration: Joel Kimmel
Under
$300 Million
By Katie Kuehner-Hebert
http://www.finwisebank.com
http://www.independence-bank.com
Independent Banker - May 2019
Table of Contents for the Digital Edition of Independent Banker - May 2019
Table of Contents
Independent Banker - May 2019 - Intro
Independent Banker - May 2019 - Cover1
Independent Banker - May 2019 - Cover2
Independent Banker - May 2019 - Table of Contents
Independent Banker - May 2019 - 2
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Independent Banker - May 2019 - Cover3
Independent Banker - May 2019 - Cover4
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