The Situation
When TriState Capital began offering new deposit account products, our private bankers traveled to Texas to present them to a group of our shareholders. With significant growth in the loan portfolio, the bank was seeking solid funding sources. One of the shareholders who attended the presentation was the founder of a single family office in Houston—and also one of the bank’s original investors. His family office’s investments were concentrated in the oil and gas, timber and ranching industries. Each investment partnership was unique, as it was made up of different partners. The founder was looking for a holistic deposit banking relationship, and realized that he could find that relationship with TriState Capital.
The Catalyst: Mutual interest in the bank sparked the initial conversation, and our relationship pricing approach cemented the agreement.
Assessing the Fit
Like many other family offices, this one has a variety of entities under its management. Those entities and their funds must always remain separate. Because of this structure, many banks would only offer pricing based on individual accounts. Instead, we consider the value of the entire banking relationship and offer the family office a competitive premium rate.
Plan Development and Implementation
Once the founder was confident that our money market deposit product was the right fit for holding the family office’s funds, the relationship developed quickly. Accounts were opened within just one week.
The TriState Capital Advantage
The founder appreciates the responsiveness and personal attention that working with a private bank gives him. His office can move money quickly, and at no cost because there are no incoming or outgoing wire transfer fees.
Solutions and Results
The four accounts currently held by this family office represent a $10 million relationship. Periodically, as more entities are formed, the office opens additional accounts for these funds. The total amount on deposit with TriState Capital continues to climb.
The founder of the office was looking for a holistic deposit banking relationship, and realized that he could find that relationship with TriState Capital.
