Annual Reports,
Newsletters &
Milestones

Annual Reports
Newsletters
Milestones

   Major Milestones

1997
  • Bank Services Corporation Established.
  • Started process to raise capital.
  • Applied for Bank Charter.
  • State Charter Issued.
1998
  • Applied for FDIC insurance.
  • Applied for Fed Membership.
  • $5.8 million in capital raised.
  • Opened offices at 655 Winding Brook Drive
  • September 8, 1998: Officially opened for business.
1999
  • Signed first Cash Letter customer.
  • Over $50 million in Fed Funds sold.
  • Expanded services to non-investors.
  • Y2K preparedness.
2000
  • Established relationships with over 60 banks.
  • A 12% market penetration in New England.
  • A 19% market penetration in Connecticut and Massachusetts.
  • Implemented International Services.
  • Average client bank uses 2.5 services.
  • 555 locations being serviced for Coin & Currency.
  • Averaged over $200 million per day in Fed Funds sold.
  • Over $49 billion in Fed Funds processed.
  • 4.6 million Cash Letter checks cleared.
  • Processed over $3 million in International Wires.
2001
  • Implemented Official Check Program.
  • Implemented Investment Advisory Service.
  • Opened New York Market.
  • Opened New Hampshire Market.
2002
  • Implemented Merchant Processing Program.
  • Became a member of the Federal Home Loan Bank of Boston.
  • Implemented Letter of Credit Services.
2003
  • Winter Hill Bank in Somerville, MA becomes 100th Client.
  • Implemented Consumer and Corporate Credit Card Programs.
  • Implemented Sales Culture Training Program.
  • Opened Vermont Market
2004
  • Implemented Lockbox Service
  • Implemented a new bank-to-bank communications system ( S TAR S )
  • Fed Funds automated sweep feature implemented
  • Implemented Loan Participation Program
  • Implemented CheckTrack Program
  • Opened Maine Market
2005
  • Biometric Security System Introduced
  • Introduced Cash Letter Remote Capture
  • Introduced Merchant Remote Capture
2006
  • Doing Business With Over 160 Client Banks
  • A 30 % Market Penetration in New England
  • Obtained First Investor Bank From Maine
  • Implemented Payroll Service
  • Implemented Leasing Program
  • Selected As The Settlement Bank For The Fiserv Clearing Network
  • Processing over 6,000 Domestic Wires Monthly
  • Processing over 2,000 International Wires Monthly
2007
  • Relocated Corporate Offices to a larger facility
  • Implemented Risk Management Consulting Service
  • Implemented a privatized Student Loan Program (MyDegree™)
  • Implemented the STARS™ OnWe® Network for image cash letters
  • Declared First Investor Bank Dividend for Investors of Record as of 12/31/07
  • Added 20 New Client Banks
2008
  • Fed Funds Program reached a record $ 1 billion on March 7, 2008
  • Implemented Allpoint Surcharge-Free ATM Network
  • Implemented BITS (Banking Infrastructure & Technology Services)
  • Implemented Certificate of Deposit Registry Service® (CDARS®)
  • Implemented Visa® TravelMoney® Card
  • Celebrated our 10th Anniversary on September 8, 2008
2009
  • Instituted a Preferred Bankers' Bank Northeast Stock option that pays a 5% dividend
  • Became authorized to act in an "as agent capacity" when placing client banks excess liquidity at the Federal Reserve under the Excess Balance Account option
  • Implemented a formalized client bank training program for our products and services
  • Became an image cash letter settlement partner with COCC via our OnWe® Network
  • Implemented "SWIFT" (Society for Worldwide
    I
    nternational Financial Transactions) allowing Bankers' Bank Northeast to communicate directly with foreign banks for all incoming international wires
2010
  • Implemented QwickRate® Program
  • Enhanced the Monthly Account Analysis Statement
  • Implemented eZforex -online solution for foreign currency exchange
  • Presenter at European Correspondent Banking Conference in London
 
2011
  • Added 7 new shareholder client banks
  • Added the state of New Jersey to our market footprint
 
 
 
2012
  • Relocated corporate offices to a larger facility
  • Implemented Comprehensive Financial Planning service
  • Implemented IT Help Desk service
 
 

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Last Updated: March 26, 2012
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