The Federal Savings Bank has accomplished a great deal, having obtained the inoperative and failing Generations Bank and bringing it to great success.
This year, the bank has had growth in assets, jobs, offices, investment in technology and third party endorsements testament to solid business strategy.
What has the bank accomplished?
- Since the banks acquisition in May 2011, The Federal Savings Bank has grown from one office with nine employees to over 500 employees in 12 offices today.
- It has funded $2.2 billion in residential loans and invested in an upgrade to its infrastructure and software platforms.
- Its assets have increased by 354 percent to $200 million.
- The bank has opened two new load production offices in Austin, TX and Lakewood, NJ.
What has lead to this success?
The banks success can be accredited to its strong leadership team and its investment in a four-tiered upgrade to its infrastructure and software platforms to decentralize and streamline operations. For example, the company has gone paperless, therefore allowing its borrowers to securely e-sign all documents. In addition, the bank works off a cloud-based platform and operates on an SQL server which provides the bank with the capacity to run detailed and real-time reporting, thus giving the bank a handle on sales, operational goals, and forecast as the market changes. Furthermore, the bank also redesigned its loan origination system to guarantee loan quality and minimized human errors, along with increasing process efficiency.
Third parties have also acknowledged the performance of the bank, such as having received BauerFinancial’s highest 5-STAR (superior) RATING, The ABA Banking Journal awarded The Federal Savings Bank as the #1 Performing Community Bank for 2012, BestCashCow rated The Federal Savings Bank as the fastest growing bank in the United States in 2012, and IDC Financial Publishing Inc. awarded the bank with the highest rating of 300 for the second year in a row.