Bank of the Pacific selects Sageworks Banking Platform to further business development and mitigate portfolio risk

Hannah Blair Rapp from Sageworks
28 Aug 2018

Raleigh, N.C., August 28, 2018 – Sageworks, a financial information company that offers lending, credit risk and portfolio risk solutions to banks and credit unions, today announced that Bank of the Pacific has chosen to partner with Sageworks to propel commercial loan activity and mitigate portfolio risk.

Bank of the Pacific, a community bank with 8 commercial banking centers and 18 retail operations across Western Washington and Northwest Oregon, realized its current system was not delivering the functionality or efficiency the bank required, and entered into a search for a new set of solutions. The bank sought a powerful CRM (customer relationship manager) that would optimize its use of data and offer greater transparency into its pipeline. With employees spending time on retrieving data from the core system, manually entering data into Excel, and deriving loan documents from credit memos in different formats, the bank also needed a loan origination system that would add uniformity to its credit presentations and make the creation of credit memos and documents, and management of existing loans more efficient. The announcement of the required adoption of the CECL (current expected credit loss) model also precipitated the bank’s third goal; to find an automated solution for its allowance for loan and lease losses in compliance with the new standard.

As an educated buyer that has experienced disappointment with past vendors, Bank of the Pacific had a clear vision in its search. The bank sought a vendor that offered software with an intuitive user interface, presented a track record of delivering on promised functionalities and, most importantly, provided a wealth of high-caliber onboarding resources. Over a 10-month period the bank did extensive research, ultimately identifying Sageworks Banking Platform to meet its needs.

Though two separate teams at the bank were vetting lending and ALLL (allowance for loan and lease losses) solutions, both came to the conclusion that Sageworks was the optimal choice for meeting their goals. Bank of the Pacific now looks forward to utilizing a single platform for automating the entire life of the loan in addition to CRM, workflow automation and reporting capabilities. Sageworks Banking Platform will create a faster, streamlined set of processes the bank hopes will propel its success and future growth.

“Our employees come first in our mission statement,” explained G. Walker Evans, EVP & Commercial Banking Manager at Bank of the Pacific. “Our staff are committed to success, they’re motivated, and they are entrepreneurial. If we can set them up with the best, most efficient tools to make them better producers, they’re going to be more satisfied given increased bandwidth to attract and serve more customers, and they are going to do a darn good job taking care of customers who come next in our mission. With the resulting revenue growth, we’ll then take care of our shareholders and also reinvest in our community as both are also key parts of our mission. That kind expertise and can-do attitude we saw in Sageworks during due diligence and now during implementation. Working with Sageworks has been delightful so far, and we’re looking forward to what the future holds.”

“Bank of the Pacific is a savvy group of buyers who knows what they’re looking for in a partner” commented Jay Blandford, Sageworks’ President. “We’re glad that the bank recognized Sageworks’ potential to empower them with the right tools and guide them in their transformation, and we look forward to seeing them reach their goals for business development.”

About Sageworks Sageworks offers banks and credit unions lending, credit risk and portfolio risk software to efficiently grow and improve the borrower experience. By automating the life of the loan with Sageworks, bankers book commercial loans faster and reduce risk. Sageworks uniquely provides integrated solutions and industry expertise to more than 1,300 financial institutions that achieve an average 38% higher loan growth than peers. Visit www.sageworks.com to learn more.

About Pacific Financial Corporation Pacific Financial Corporation of Aberdeen, Washington, is the bank holding company for Bank of the Pacific, a state chartered and federally insured commercial bank. Bank of the Pacific offers banking products and services to small-to-medium sized businesses and professionals in western Washington and Oregon. At June 30, 2018, the Company had total assets of $887 million and operated fourteen retail branches, a home mortgage office, and six commercial banking offices in the State of Washington, and three branches and two commercial offices in northwest Oregon. Visit the Company’s website at www.bankofthepacific.com. Member FDIC.

Media Contact Media Relations / Email: research@sageworks.com / Phone: 919-851-7474 ext. 2596 / Twitter: @Sageworks

For more information, please contact:
Hannah Blair Rapp
Sageworks
hannah.rapp@sageworks.com
9842422591
5444 Wade Park Blvd
27607 Raleigh
USA

Category: Banking
Back To All Press Releases

Powered by

EBICS::BOX
How EBICS should have been built - A modern API for bank accounts. Fully automatized processing of incoming and outgoing money transactions.

Railslove
Railslove - Ruby on Rails, JavaScript, and HTML5 web development. We're a team developing products for the web. Web apps are more than our daily business. We closely accompany our clients throughout the process of turning an initial idea into a product ready to launch - and beyond.

Subscribe to FinTechWeekly

* indicates required
How did you hear about FinTech Weekly & FinTech Press Releases?
Please tell us your age:
Do you work in the fields of banking, finance, etc