Northern Trust and TBS have Agreed to Jointly Offer an Insured Deposit Program Tailored to Meet the Unique Needs of Trust Companies, Banks and Their Clients
PHOENIX, AZ and CHICAGO, IL–(Marketwired – February 29, 2016) – Today Northern Trust® and Total Bank Solutions® (TBS) announced the immediate availability of the Insured Deposit Program, providing clients the benefit of extended FDIC insurance, daily liquidity, a diversified source of stable funding and the opportunity for improved returns.
“We are very excited to be able to offer a compelling alternative for investors who require principal protection, same-day liquidity and operational convenience for their cash. We believe the combination of our proprietary technology platform and large bank network with Northern Trust’s legacy of strong client-service and innovative custodial services will set the industry standard for Insured Deposit Programs,” said Kevin Bannerton, Managing Director – TBS
Northern Trust and TBS will be at the American Bankers Association annual conference today to officially launch the program. For Northern Trust, the initiative reflects the bank’s ongoing commitment to delivering innovative solutions for their clients and continued focus on the trust and wealth management businesses.
“We are pleased to offer our clients the ability to maximize their returns while having the security of extended FDIC insurance coverage and daily liquidity with the Insured Deposit Program,” said Pete Cherecwich, Americas head of Corporate & Institutional Services at Northern Trust. “The strength and stability of our custody offering combined with our extensive cash management expertise makes this a significant value-add.”
The Northern Trust and TBS supported Insured Deposit Program is available immediately with plans for integration to be completed across most major trust platforms beginning in April 2016.
Total Bank Solutions (TBS), a privately held technology firm located in Hackensack, NJ, was founded in 2004 to serve the needs of banks and financial intermediaries. Leveraging proprietary technology, TBS’ FDIC Insured Deposit Program, currently with over $30 billion in assets under administration, is designed to provide their clients with the benefit of extended FDIC insurance and for participating banks, a stable, diversified and cost-effective source of deposit funding. By providing participants with access to innovative and customized products and services, TBS seeks to deliver solutions to help clients meet their unique funding and investment needs today and position their firms for future success.
TBS Bank Monitor offers clients the ability to conduct surveillance of all FDIC insured institutions. TBS Bank Monitor provides enterprise grade analytics and privileged process support for risk surveillance, compliance testing and investment research through an online subscription service.
For more information about TBS, visit www.totalbanksolutions.com.
Northern Trust Corporation (NASDAQ: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 20 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2015, Northern Trust had assets under custody of US$6.1 trillion, and assets under management of US$875 billion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at http://www.northerntrust.com/disclosures.
For more information about the Insured Deposit Program: www.totalbanksolutions.com.