Financial Services Industry Members
Contact: Patrick Dwyer
Mastercard is a leading global payments & technology company that connects consumers, businesses, merchants, issuers & governments around the world.
200 Purchase Street
Purchase, NY 10577
Promontory Interfinancial Network, LLC
Contact: Brendan Carry
1300 North 17th Street, Suite 1800
Arlington, VA 22209
Phone: (866) 776-6426, ext. 34
With the largest bank network of its kind, a Network comprised of thousands of financial institutions nationwide, Promontory Interfinancial Network offers unique services that bring banks and other institutions together in a way that enables each to benefit from The Power of ManySM. Promontory Network members use its services—Insured Cash Sweep®, or ICS®; CDARS®; Promnet RepoSM; IND®; Yankee Sweep®; and Bank Assetpoint®—to manage their balance sheets more profitably. Promontory Interfinancial Network can help your bank:
Promontory Network’s ICS®, and CDARS® services can help your bank to attract large-dollar customers and provide cheaper funding to support other initiatives. Offer your customers the unique combination of return and access to multi-million-dollar FDIC insurance.
By offering ICS and CDARS, your bank can:
- Offer a differentiated service—access to higher levels of FDIC insurance than any bank, even the nation’s largest, can offer on its own.
- Add local relationship-based funding that increases franchise value.
- Attract deposits in larger increments.
- Replace more expensive funding, like routinely collateralized deposits and those from listing services.
- Improve profitability and asset liquidity by repurposing funds invested in collateral into higher-earning assets.
- Spread customer acquisition and retention costs over larger average per-customer holdings.
- Keep underlying funds on balance sheet or, if your bank’s liquidity position changes, sell the excess for fee income (either way, the customer relationship remains with your bank).
- Set the interest rates offered to ICS and CDARS customers as your institution sees fit.
Visit promnetwork.com to learn more.
State Farm Mutual Automobile Insurance Company
Contact: Floyd Holloway, New York State Counsel
6 Hillman Drive, Suoite 200
Chadds Ford, PA 19317
Phone: (610) 361-4149
Fax: (610) 361-4152
Like an enormous corporation, State Farm is everywhere. The leading US personal lines property/casualty company (by premiums), State Farm Mutual Automobile Insurance Company is the #1 provider of auto insurance. It also is the leading home insurer and offers nonmedical health and life insurance through its subsidiary companies. Its products are marketed via some 17,000 agents in the US and Canada. Competition has increased with the fall of barriers between the banking, securities, and insurance industries. State Farm’s efforts to diversify include a federal savings bank charter (State Farm Bank) that offers consumer and business loans through its agents and by phone, mail, and the Internet.
Contact: John Friedman, VP, State Government Relations
325 Columbia Turnpike
Florham Park, NJ 07932
Phone: (973) 377-6662
Fax: (866) 267-0902
USAA Federal Savings Bank (FSB), established in 1983, is the 33rd largest bank, based on deposit balances as of March 31, 2010. Along with its two main subsidiaries, USAA Savings Bank and USAA Relocation Services Inc., USAA FSB provides a full range of financial products and services to the U.S. military and their families. The Bank is considered well-capitalized by federal banking regulators and its deposits are insured by the FDIC up to the applicable limits. USAA was ranked 66th in net worth among the Fortune 500 and 132nd for revenue. Member satisfaction remains consistently high at 97%.