Platinum Community Bank, an Illinois based institution with USD135 million in assets, has selected the on-demand lending software from WebEquity Solutions to automate its commercial real estate and industrial loan processes.
Platinum Community Bank has recently opened a de novo branch in Ocala, Fla., as part of its strategy to diversify the growing bank’s portfolio and expand its commercial lending business.
The bank recognized that WebEquity’s on-demand model offers distinct advantages over the alternatives. A fully hosted solution, WebEquity: eliminates the need to incur the expense of extensive internal technology support and hardware acquisition; doesn’t require any software installation; provides anywhere access for all users; and, puts the responsibility for software upgrades in the hands of the Company.
“We have built an experienced commercial lending team which enables us to be highly competitive in the markets we serve. However, we came to realize that with continued growth and the further diversification of our loan portfolio we would not be equipped with the analytical tools necessary to support our new operations,” says Jim Hogan, senior credit officer, Platinum Community Bank. “With the WebEquity system we are able to more efficiently manage uniform, thorough credit analysis and facilitate responsive decisioning.”
“WebEquity’s on-demand and pay-by-use model is very attractive for an institution of our size which has aggressive growth plans,” continues Jim Hogan. “It provides us with a robust commercial lending solution we can afford today and into the future; there is not a big up-front capital investment and the cost will continue to align with the size of our business.”
“By selecting WebEquity, Platinum Community Bank has gained a single lending solution that will scale to help the institution manage credit quality and portfolio risk as it continues to expand,” says Doug McGregor, CEO of WebEquity Solutions. “WebEquity is an attractive solution for lending institutions of all sizes and we are very excited to work with Platinum Community Bank as they grow their franchise.”
L.D.