Condo Media - July 2010 - 38

VENDOR SPOTLIGHT

Danversbank
Offering a Portfolio of Services Ideally Suited to the Condominium Industry
by Pamela Schweppe here are some things you can find at any bank: loans, checking and savings accounts, deposit insurance, and so on. But there’s one thing that’s all too rare: a bank that treats you as a person instead of a number. One such bank is Danversbank, which, with 25 branch offices, is the neighborhood bank not only in its Danvers, Mass., headquarters area, but also throughout the entire greater Boston area. And while this local focus is key to the bank’s philosophy, the people who make the bank what it is are proud to be able to deliver products and services that are competitive with the big national brands. “The make-up of the bank is more reflective of a larger regional commercial bank rather than a local community bank,” says Philip D. Peters, senior vice president for treasury management services. The transition from a mutual bank to a commercial bank dates to the mid-1980s, when a decision was made to develop a more balanced portfolio of the commercial and industrial (C&I) loans, real estate loans and consumer loans. Along with this strategy of diversifying the bank’s portfolio has come an enhanced focus on serving the condominium community.

Experience Property Managers Can Bank On
Serving associations and property managers is nothing new for the Danversbank team. The bank has put a seasoned team in place to serve the particular needs of the condominium industry.

“It’s very important that association deposits stay insured,” says Gabrielle A. Piasio, assistant vice president of treasury management business development. That can become complicated, however, because FDIC (Federal Deposit Insurance Corporation) insurance is limited to $250,000, causing managers to shift funds among several different banks in order to keep them protected under that cap. Danversbank, on the other hand, also offers DIF (Depositors Insurance Fund) protection — something not every bank is eligible to offer. Many property management companies manage dozens of associations, Piasio points out. Because DIF insurance has no limit, “It saves managers and accountants a lot of time on bookkeeping and reconciliation, because they can keep all deposits in one bank,” she says. She adds that, according to the DIF website (www.difxs.com), “No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.” Ann Mulry Shaw, vice president of the corporate banking group, adds that Danversbank “provides loans with competitive pricing and flexible terms and options, depending on the client’s needs. We make the application and closing process as easy as we possibly can.” Even beyond that, she says, the management team offers a “consistent, steady” approach to trustees and property managers — as well as the assurance that a bank with a 207-year history will stand ready to serve them over the long term. “We can give them one-stop banking for capital management, funding, accounting, accounts management and disbursements,” adds Peters.

Leveraging a Range of Products and Technology
One way Danversbank can offer such a range of services is through its commitment to technology. A range of treasury management services are offered — all designed to integrate smoothly into a busy property manager’s workflow. “We want property managers to be able to focus on their business, rather than their treasury management service,” explains Peters. “At Danversbank, we never set out to reinvent ourselves. We simply leverage the latest technologies — and avail ourselves of common-sense opportunities.” Among the products offered are lockbox processing, Snapdeposit, ECorp online for ACH transaction processing and escrow accounts. Snapdeposit, for example, allows managers to make deposits without physically taking them to the bank, allowing faster access to the funds and later cut-off times. “Not all banks offer this kind of automated service,” says Piasio. There are times when paperwork is necessary, however — and that’s another instance when having a neighborhood-style bank helps. Just ask Kathy DuBose, senior financial analyst for American Properties Team, a residential-association management firm based in Woburn, Mass. DuBose found that passage of the USA PATRIOT Act in 2001 posed a special burden on association trustees, who must be the signers on reserve accounts. Under the new law, trustees are required to go into the bank to sign the necessary paperwork. “Trustees are volunteers,” DuBose points out. “That’s a big imposition.”

http://www.difxs.com

Condo Media - July 2010

Table of Contents for the Digital Edition of Condo Media - July 2010