CINCINNATI, July 12, 2011 /PRNewswire/ -- Vantiv is pleased to announce that CB&S Bank has signed a new agreement to launch an innovative Merchant Bank program called Sales Force Administration (SFA). CB&S Bank, a 42-branch bank based in Russellville, Alabama, is a long-time Vantiv financial institution services processing client.
"Most service providers offer one or the other - either financial institution services or merchant processing services. However, Vantiv offers both and we are very excited about that," commented Heather Green, Retail Director, CB&S Bank. "We have dedicated support to manage both solutions and we feel confident that our Vantiv team has a thorough understanding of our customers because they are entrenched in our communities. They are a terrific partner to help our institution both grow and expand."
Vantiv's Merchant Bank program is an effective sales referral strategy utilizing local personnel and products and services. The key to the Merchant Bank program is that a business development team is assigned to the financial institution to help drive new business campaigns while the leads are managed by local bank personnel. This approach to uncovering leads is a powerful driver for cultivating new business and making the program a success.
The SFA component of the Merchant Bank program is a tested and proven method for reaching new business including debit, credit, and merchant services. Originally utilized as an internal tool, the innovative Vantiv Product team modified and further developed the system specifically for client use. "This is a product our own teams have used. We are able to take the end user knowledge and enhance the functionality for each individual financial institution," noted Bill Weingart, Chief Product Officer at Vantiv.
"We are very pleased that CB&S Bank chose to renew their long-standing relationship with Vantiv," stated Royal Cole, President, Financial Institution Services at Vantiv. "It is exciting that CB&S will be the first of our partners to offer this full enterprise solution."
About CB&S Bank
CB&S Bank is a $1.25 billion community bank, headquartered in Russellville, Alabama operating 42 offices in the Alabama, Mississippi, and Tennessee markets. The company offers a complete line of full-service banking products and other related financial services to retail and commercial customers through its subsidiaries. To learn more about CB&S Bank, visit www.cbsbank.com.
Vantiv, LLC is one of the largest providers of payment strategies and technology solutions for financial institutions and businesses worldwide. Formed in 1971 and most recently known as Fifth Third Processing Solutions, LLC, the Company builds strategic partnerships with its customers, helping them become more efficient, more secure and more successful. Headquartered in Cincinnati, Ohio, Vantiv, LLC is a joint venture between Advent International and Fifth Third Bank, a subsidiary of Fifth Third Bancorp (FITB).
Vantiv, LLC supports more than 400,000 merchant and financial institution locations and 12,000 ATMs in 46 states and 8 countries. The company processes more than 11.4 billion ATM and POS transactions and nearly $400 billion in debit and credit sales volume annually. Its subsidiary, NPC, is the largest provider of payment processing services exclusively focused on the small-to-medium merchant processing market. According to the Nilson Report (March 2011), the Company is the largest PIN Debit U.S. acquirer and third largest U.S. merchant transaction acquirer ranked by general purpose transaction volume. For more information, visit www.vantiv.com.
Lynn M. Rhoads,
Senior Vice President