The Situation
A third-party retirement plan administrator had already had money-market deposits with TriState Capital for a while when we began to look for opportunities related to operating accounts and services. Several of our team members had existing relationships with key individuals in the company, so we responded quickly when we learned about an opportunity.
Assessing the Fit
The company had developed a private label for a very large client, which represented a relationship between $50 million and $100 million. Their demands were specific and couldn’t be met with an off-the-shelf product. As is typical in this space, the company used several banks to meet their needs. However, only TriState Capital was willing to build a customized product that included specialized imaging fi les and formats.
Plan Development and Implementation
There was no “ramping up” period; all the transactions would switch to TriState Capital in a single day. This required an extremely detailed project plan. For about six months, multiple TriState Capital departments collaborated with the administrator’s IT specialists, accounting group and CFO to ensure that the proprietary product and processes would work correctly, accurately and efficiently.
The TriState Capital Advantage
Our willingness to listen to the company’s needs and respond with a custom product made us the obvious choice, and a unique account pricing structure was another advantage. Our concierge-level service and accessibility were important factors in the decision-making process.
Solutions and Results
The relationship continues to grow. In less than two years, TriState Capital has become one of the plan administrator’s primary operating banks. Recently, after we demonstrated our capabilities for specialized exception processing, we also began to expand our relationship to also manage the company’s receivables.
“Our willingness to listen to the company’s needs and respond with a custom product made us the obvious choice.”
– TriState Capital Relationship Manager
