1997 |
- Bank Services Corporation Established.
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- Started process to raise capital.
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- Applied for Bank Charter.
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1998 |
- Applied for FDIC insurance.
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- Applied for Fed Membership.
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- $5.8 million in capital raised.
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- Opened offices at 655 Winding Brook Drive
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- September 8, 1998: Officially opened for business.
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1999 |
- Signed first Cash Letter customer.
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- Over $50 million in Fed Funds sold.
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- Expanded services to non-investors.
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2000 |
- Established relationships with over 60 banks.
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- A 12% market penetration in New England.
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- A 19% market penetration in Connecticut and Massachusetts.
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- Implemented International Services.
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- Average client bank uses 2.5 services.
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- 555 locations being serviced for Coin & Currency.
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- Averaged over $200 million per day in Fed Funds sold.
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- Over $49 billion in Fed Funds processed.
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- 4.6 million Cash Letter checks cleared.
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- Processed over $3 million in International Wires.
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2001 |
- Implemented Official Check Program.
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- Implemented Investment Advisory Service.
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- Opened New Hampshire Market.
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2002 |
- Implemented Merchant Processing Program.
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- Became a member of the Federal Home Loan Bank of Boston.
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- Implemented Letter of Credit Services.
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2003 |
- Winter Hill Bank in Somerville, MA becomes 100th Client.
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- Implemented Consumer and Corporate Credit Card Programs.
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- Implemented Sales Culture Training Program.
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2004 |
- Implemented Lockbox Service
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- Implemented a new bank-to-bank communications system ( S TAR S )
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- Fed Funds automated sweep feature implemented
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- Implemented Loan Participation Program
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- Implemented CheckTrack Program
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2005 |
- Biometric Security System Introduced
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- Introduced Cash Letter Remote Capture
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- Introduced Merchant Remote Capture
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2006 |
- Doing Business With Over 160 Client Banks
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- A 30 % Market Penetration in New England
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- Obtained First Investor Bank From Maine
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- Implemented Payroll Service
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- Implemented Leasing Program
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- Selected As The Settlement Bank For The Fiserv Clearing Network
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- Processing over 6,000 Domestic Wires Monthly
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- Processing over 2,000 International Wires Monthly
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2007 |
- Relocated Corporate Offices to a larger facility
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- Implemented Risk Management Consulting Service
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- Implemented a privatized Student Loan Program (MyDegree™)
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- Implemented the STARS™ OnWe Network® for
image cash letters
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- Declared First Investor Bank Dividend for Investors
of Record as of 12/31/07
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- Added 20 New Client Banks
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