Sageworks, a financial information company that offers lending, credit risk and portfolio risk solutions to banks and credit unions, today announced that Peoples State Bank selected the Sageworks Banking Platform to boost efficiency and scalability of its commercial lending and allowance calculation processes.
Peoples State Bank, headquartered in Wausau, Wisc., has aggressive growth goals as the bank approaches the billion-dollar mark in assets. To assist toward these goals, the bank began vetting potential software partners for automating credit analysis and noted the user-friendliness of the Sageworks system relative to competitors. The bank ultimately chose Sageworks as its underwriting and life-of-loan solution.
Recognizing that a consolidated, single platform offered the best route to scale for continued growth, Peoples State
Bank chose to invest in other solutions complementing credit analysis, including reporting and Loan Administration. Peoples State Bank also invested in Sageworks ALLL, moving from an existing process for calculating the allowance for loan and leases losses (ALLL) in Excel to the automated module on Sageworks Banking Platform. The solution will allow the bank to simplify calculation of the allowance, as well as offer defensibility with regulators and compliance with the FASB’s new current expected credit loss (CECL) standard.
“With the goals we have in place, it was essential we find a solution offering the added speed, accuracy and
consistency we need to keep serving our customers well as loan volume increases,” said Jared Morris, Assistant Vice President of Credit Administration at Peoples State Bank. “As we work through the integration phase of our partnership with Sageworks, the company has proven to be set-apart in service and support, and we are confident this partnership will further our vision of providing superior service built on trusted relationships to more business owners in the future.”
“Peoples State Bank is an institution that understands the necessity of optimizing its processes to serve their customers more effectively and profitably,” said Sageworks CEO Scott Ogle. “We are proud to be working with the bank in advancing their digital transformation, and look forward to continuing to strengthen the partnership and support their growth.”