Wednesday, July 30, 2014

TIB Acquisition Expands Bank’s Correspondent Presence In Oklahoma And Missouri

November 4, 2013

 

TIB-The Independent BankersBank (TIB) announced today that it has reached a definitive agreement with Prosperity Bank regarding the acquisition of its substantial agent community bank credit card and merchant portfolio. The purchase expands TIB’s reach to include service to nearly 100 community banks across Oklahoma and over 30 in Missouri. The transaction also includes one bank program in Texas.
 
“Our commitment to serving the correspondent needs of Oklahoma community banks is well-established across the state,” commented TIB President and CEO, Michael O’Rourke. “This acquisition is just the latest example of that commitment. While we remain well-established in Texas, we are also well positioned for our growth in Oklahoma and Missouri to continue for many years to come.”
 
The portfolio, which consists of agent card programs for nearly 50 Oklahoma and Missouri community banks, as well as one Texas bank, was originally owned and serviced by the former Coppermark Bank. Coppermark merged into Prosperity on April 1st of this year.
 
TIB maintains one of the largest and most reputable correspondent Card Programs in the nation, supplying the Credit Card, ATM/Debit Card, Gift Card, Mobile Payments and Merchant Processing needs of over 1,000 independent community banks and their customers from coast to coast.
 
According to TIB’s EVP/Chief Operations Officer, Pat Gray, TIB’s business model makes it easy and profitable for community banks to offer a competitive card program. “Our approach is simple, straightforward and provides the banks we serve with personalized service and generous revenue sharing,” explained Gray. “In fact, over the last five years, while we have experienced significant growth in this business line, we are most proud of having been able to pass along more than $45 million in shared revenue to our customer banks during that span. We don’t know of any other provider that is able to even come close.”
 
Both sides expect the transaction to be completed and closed during November. “We are excited to move forward and are anxious to visit with these bankers and let them know how pleased and fortunate we feel to have the opportunity to serve them,” added O’Rourke.
 
TIB is the nation’s largest and most trusted bankers’ bank, providing correspondent banking products and services to nearly one-third of the independent community banks throughout the United States. From traditional correspondent lending support to investment consultation and sales to the latest in image cash letter, mobile payments and other operational solutions, TIB is a one-stop shop for community banks of every size. The bank is owned by nearly 500 of the banks it serves and can be found on the internet at www.mybankersbank.com.
 
 
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