The Independent Community Bankers of America announced last week that it extended its agreement with PMA Funding, an ICBA preferred service provider since 2009.
“ICBA is delighted to continue its relationship with PMA Funding, which brings one of the largest pools of public funding available to community banks,” ICBA Executive Vice President of Services Dan Clancy said. “This valuable program helps bankers to diversify funding and manage cash flow with flexibility regardless of funding needs.”
PMA Funding works with community institutions to estimate liquidity needs using proprietary analytic tools, thereby allowing banks to manage costs and diversify funding.
ICBA members participating in the PMA program receive value-added funding from the provider’s depositors. PMA has also partnered with QwickRate and Promontory Interfinancial Network to provide member banks with other access to funding.
“There are a variety of funding vehicles available to financial institutions. PMA, through its ICBA relationship along with other PSPs and alliances, utilizes a variety of funding solutions to support the needs of ICBA member banks,” PMA Funding Senior Vice President Jim Lutter said. “We are thrilled and honored at the opportunity to extend our relationship with the ICBA.”
The ICBA represents nearly 7,000 community banks of various sizes and charter types.