What Our Clients Are Saying
“As background, Superior Bank is a $3 billion asset bank headquartered in Birmingham, with 75 branches in AL and FL. Despite the current difficult economic envirornment, one of our core objectives this year is to subsatntially enhance the proportions of non-interest income while improving the company’s overall profitablility. We found Lodestone’s proposal and guarantee to be highly compelling.
Over the course of an eight week engagement, Lodestone was able to discern pockets of income opportunity. As they said they would, Lodestone presented over fifteen recommendations. Some had annual earnings under $50,000 and some were significantly higher. However, all represented sound banking and all were taken seriously by management.”
“I am delighted to recommend Lodestone as a company that truly partnered with our bank to understand our customers, market and systems while producing bottom line financial results. The original proposel that guarenteed $1 million revenue actually produced more than twice that amount in recommendations.” “Data was always presented in a legable format with the recommendations documented for system changes, customer impact, compliance notifications and procedural change requirements.”
“They provided valuable insights and financially beneficial recommendations. In fact, we have engaged their exspertise for a second project which has generated over $1 million in additional recommendations to date.”
“... regarding my thoughts on the work Lodestone Banking did for us at Partners Trust (which was a $3.7 billion bank until we sold it at the end of 2007). I was the Senior Executive Vice President & Chief Operating Officer at Partners. Initially, I was intrigued by their promise to find $1 million of revenue enhancements for us as well as the fee structure that guaranteed at least that result or we didn't have to pay. I also liked the fact that they were not going to focus on operating expenses and were not simply planning to raise our existing fees.
So, we figured if they felt they could identify at least a $1 million, it was worth bringing them in and I'm pleased to report that they did indeed identify opportunities we agreed with that would increase Partners' income by over $1 million a year (conservatively). Beyond the financial impact we also benefited from the in depth review in other ways. Lodestone examined system set up parameters and actually traced transactions from the point of initiation to the general ledger. We were pleased to find that we were charging and receiving the fees we expected despite complex system conversions. They also gave us comfort from a Sarbanes-Oxley perspective.
“Lodestone Banking of Syracuse was retained by OnBank & Trust Co. to analyze opportunities for increased revenues in the interest & non-interest categories. The goal of the bank was to increase services charges from transaction account processing by 10%. Lodestone Banking initiated their work at OnBank & Trust Co. in July of 1995 and as of August over $4 million in revenue enhancement opportunity has been identified within fourteen very specific categories. MORE IMPORTANTLY, these revenue enhancements are being achieved without any increases in operating costs. As a matter of fact, operating costs are being driven down concurrently with the execution of the profit improvement strategies identified by Lodestone Banking.
Rather than the “gotcha” attitude of so many consulting firms, Lodestone Banking has created a cooperative atmosphere for OnBank & Trust Co. employees to work in.”
