The Situation

A property management company was frustrated that neither of its two banks was meeting its needs. The smaller community bank’s products lacked the sophistication the company needed, and the larger regional bank couldn’t provide the level of service the company desired, and was difficult to work with. Recognizing this gap, the company’s leaders made a decision to proactively pursue a new solution.

Assessing the Fit

One of the company’s primary owners, who was interested in depository services and treasury management, contacted us through a connection at TriState Capital. Immediately, it became apparent that trusted day-to-day contacts were essential and the ease of banking was critical. Multiple site visits by our staff gave the client confidence—and continue to build the relationship today.

Plan Development and Implementation

The relationship began with the company’s operating accounts and expanded to include other property management entities. TriState Capital currently holds depository funds in addition to providing the entire cash management suite of services. The company was able to automate its day-to-day receivables and payables process while adding fraud prevention tools to efficiently manage its daily process. The company also had financing needs, so a member of our lending team became involved.

The TriState Capital Advantage

Being assured of convenient access to competent contacts who can resolve issues quickly was a key advantage of TriState Capital. In addition, bank fees can burden mid-sized companies. TriState Capital’s cost-effective business model allows us to reduce the fees associated with treasury management.

Solutions and Results

The company is so pleased with the relationship that it has already referred us to one of its international investor groups. This represents TriState Capital’s first full-fledged treasury management venture outside the U.S. We anticipate that the depository relationship will continue to grow over the next year because of the additional purchases and sales that are part of the company’s growth plan.

The Situation

TriState Capital was presented with a new opportunity at an industry conference in San Diego, CA, in 2016. The CEO of a broker/dealer firm stopped by our booth and inquired about our experience with 15c3-3 reserve requirements. It took only a few moments for him to surmise that our bank understood his business model. During a follow-up conference call, we learned that the company’s CFO was unhappy with the service that a large national bank had been providing for treasury management. Fees were high, processes were difficult, returns were nominal, and day-to-day contact was absent. TriState Capital was invited to submit a proposal for the business.

Assessing the Fit

Instead of arriving with a generic list of offerings, as many larger banks might, TriState Capital proposed a customized solution. Our team stood out because of our thorough understanding of 15c3-3 reserve requirements. While our fees weren’t the lowest, we demonstrated our knowledge of SEC Broker/Dealer regulations and our flexibility to customize a deposit account structure that fi t the needs of this client. The firm officially became a TriState Capital client in 2017.

Plan Development and Implementation

The TriState Capital team visited with the client’s team on-site to introduce the full suite of treasury management products. We demonstrated how our product sets can earn competitive interest while making their day-to-day treasury activity easy. When some features of the previous system didn’t meet the firm’s needs, we demonstrated ours and provided extensive on-site training. Representatives of the firm also traveled to our office to meet with our senior management and compliance specialists, further solidifying their confidence in our depth of knowledge.

The TriState Capital Advantage

Our knowledge of 15c3-3 and our ability to customize the Treasury Management services and account structure made the difference. The CEO of the firm was so confident in our expertise that he also became an investor in TriState Capital.

Solutions and Results

The firm is in the process of developing another 15c3-3 product that will involve additional deposits. Numerous referrals to individual investors and companies demonstrate the firm’s continued confidence in our abilities.

The Situation

A multi-family office and wealth management firm began discussions around a comprehensive relationship. While familiarizing themselves with the company’s lending needs, the TriState Capital team noticed an immediate need to upgrade the company’s treasury management services, which were antiquated and inefficient.

Assessing the Fit

Paying bills is one of many services that family offices provide to their clients. This company disbursed payments for between 80 and 100 individuals, which necessitated keeping a corresponding number of accounts. Finding a trusted banking partner was an especially sensitive issue because, ultimately, that bank might become a competitor.

Plan Development and Implementation

Our team demonstrated how much efficiency could be gained by switching to an automated bill payment solution. What once required the tedious and time-consuming task of handling paper checks is now accomplished with an electronic solution. The same controls remain in place, and initiation and approval/release of the payments can be accomplished by different people.

The TriState Capital Advantage

While pursuing the treasury management business, team members from every level of the bank visited the company to introduce themselves and demonstrate our capabilities. In the previous banking relationship, no one at the family office knew whom to contact when issues arose. Our one-on-one meetings and training took a little getting used to, but personal contact and our experienced regulatory team were main factors in winning the business. And, because we’re a niche bank, financial advisors can feel confident that we are focused strictly on providing the best banking products and services—not poaching their clients.

Solutions and Results

The relationship currently includes substantial deposits, and the number of family office clients who use TriState Capital’s bill pay services is likely to grow over time. Moving forward, the company also plans to involve TriState Capital in its operating business.

The Situation

When one of the nation’s oldest and largest foundations began searching for a new bank, it signaled the end of a relationship that had existed from the organization’s inception more than 70 years ago. The decision was monumental, and one that would require great trust in the new partner bank.

Assessing the Fit

The foundation distributes donor contributions among various community groups in response to critical needs. Policies dictate that the group’s funds cannot lose principal. Previously, this requirement had been satisfied through the trust department of a large national bank. In early 2017, because of a relationship with a member of TriState Capital’s Commercial Banking team, the foundation’s investments director invited us to respond to an RFP. He was aware that TriState Capital would not be able to replicate the current structure since the bank doesn’t have a trust department or custody area, but he was open to new ideas. Principal preservation was the top priority, while improving the rate of return was also an important consideration.

Plan Development and Implementation

The first hurdle was establishing credibility with members of the foundation’s executive team, most of whom were not familiar with TriState Capital. During the four month courtship process, foundation executives toured our office, met with all levels of the TriState Capital team, and conducted rigorous, thorough reference checks. We presented an insured cash sweep product to meet the company’s regulatory needs while also providing a competitive interest rate not usually found on risk-free accounts. We also uncovered a way to streamline operations by collapsing several different accounts into two primary ones. The foundation’s board of directors approved our proposal in June 2017, and two months later, the relationship became official.

The TriState Capital Advantage

Committing to a new relationship after ending a longtime partnership with a larger bank required signifi cant trust. Foundation executives were impressed by our bank’s transparency and nimble service and the accessibility of our leadership. Having a single point of contact— and not a list of 800 numbers—also played a key part in the decision.

Solutions and Results

The foundation relies on TriState Capital for all daily transactional activities, including wire transfers, fraud protection, and check writing. Large amounts of money flow through the foundation’s accounts, shifting according to the grant writing cycle. Although the relationship is a new one, because of the foundation’s positive experiences, it has already awarded TriState Capital the business of two ancillary foundations it manages.

The Situation

When we presented our cash management strategy and banking industry overview during a meeting of a regional investment group, the owners of a local single family office approached us for several reasons. This registered investment advisory firm was seeking a solution that could be applied first in its own family office, and later—if successful—offered to its high net worth clients. In the past, the firm had been unable to offer its clients any tangible value for their cash holdings and transactions, so the search was on for a strategic partner that could help address this important asset class. The Catalyst: Although the firm wasn’t familiar with TriState Capital before the meeting, our alignment with the investment group, customized solutions, and competitive interest rates paved the way for meaningful dialogue about our offerings.

Assessing the Fit

The firm had existing relationships with other banks for deposits and lending, but TriState Capital’s rates, treasury management and client service model were attractive. The owners were searching for a provider that could devise optimal solutions for their high net worth clients’ intensive treasury management, bill pay and remote deposit needs. Our client service team spent six weeks communicating with the firm and learning about its needs through phone calls, emails and personal visits. We also provided on- and offsite training in treasury management, bill pay and other aspects of our systems. This convinced the firm that we would be an innovative and dedicated partner willing to work through any issues that might arise— and that our Pittsburgh firm is fully qualified to service a Florida family office.

Plan Development and Implementation

We took our typical hands-on, sleeves-rolled-up approach to help create the necessary infrastructure within the firm while accommodating the key players’ business model and preferences. From conference calls to on-site support, TriState Capital was ready and available to help the firm navigate the startup of a new process and system. Our attentiveness during the transition process was a value added service that other banks weren’t equipped to provide.

The TriState Capital Advantage

We are only 60-90 days into our working relationship, and we are continuing to customize for our client’s needs. There have been many administrative tweaks along the way. However, the firm is confident enough to begin offering the system to its other clients. By proving ourselves to be the right solution for this one family office, we will ultimately become the right solution for the families it serves as clients.

Solutions and Results

This client relationship currently represents approximately $10 million in deposits, 8 accounts and 4 families. As our relationship deepens, we hope to eventually attract all of the firm’s clients with cash management needs, including those that existed beforehand. Because switching banks is no small task, we stand ready to offer on-site support for deboarding, onboarding and any other needs that arise.

The Situation

A single family office’s relationship with its former bank began to falter during the financial crisis of 2007-2008. The decision makers for this six-generation family office were in the third and fourth generations. The family’s investment partnership had a long history of successfully investing in marketable securities, hedge funds and private equity investments, but the financial crisis struck just as the office’s regional bank was being acquired by a national bank. The Catalyst: With the sale of their relationship bank and the stress on large banks in the marketplace, the family office director was concerned that the large bank might decline a loan renewal in the future—a fear that eventually came to fruition.

Assessing the Fit

The director was referred to TriState Capital by a mutual relationship, so a sense of trust and comfort was present from the beginning. The family office was drawn to our bank’s innovation and flexibility, and our financial markets and services acumen was a clear advantage.

After reviewing the firm’s strategies and past performance, we determined that the situation was within our area of expertise. We proposed to provide the credit facility that the family office needed to return to its pre-crisis investment plan.

Plan Development and Implementation

Many possibilities had to be considered. We originally set up a single line of credit with a floating rate. Then, the firm requested the ability to draw a portion of the loan all at once at a fixed rate, for a fixed term. We engineered a custom solution: a fixed-rate tranche according to the particular investment being made, without the complications of the swaps market.

The TriState Capital Advantage

This family office wanted to do business with a “partner” bank, not a transactional bank—and TriState Capital was the right relationship at the right time. Flexibility was the client’s key concern, and also our greatest advantage.

The entire process took just 35 days to complete, thanks to TriState Capital’s proprietary systems that allowed for a speedy review and approval.

Solutions and Results

The family office has used the line—fully funded at one point—to take advantage of new business opportunities offering a good return. Access to the credit facility has allowed the firm to continue its investment strategy and has proven to be an important factor in its financial success.

As a result of this successful work, what began as a lending relationship quickly grew to include deposits—and we expect the relationship to continue growing.

The Situation

When TriState Capital began offering new deposit account products, our private bankers traveled to Texas to present them to a group of our shareholders. With significant growth in the loan portfolio, the bank was seeking solid funding sources. One of the shareholders who attended the presentation was the founder of a single family office in Houston—and also one of the bank’s original investors. His family office’s investments were concentrated in the oil and gas, timber and ranching industries. Each investment partnership was unique, as it was made up of different partners. The founder was looking for a holistic deposit banking relationship, and realized that he could find that relationship with TriState Capital.

The Catalyst: Mutual interest in the bank sparked the initial conversation, and our relationship pricing approach cemented the agreement.

Assessing the Fit

Like many other family offices, this one has a variety of entities under its management. Those entities and their funds must always remain separate. Because of this structure, many banks would only offer pricing based on individual accounts. Instead, we consider the value of the entire banking relationship and offer the family office a competitive premium rate.

Plan Development and Implementation

Once the founder was confident that our money market deposit product was the right fit for holding the family office’s funds, the relationship developed quickly. Accounts were opened within just one week.

The TriState Capital Advantage

The founder appreciates the responsiveness and personal attention that working with a private bank gives him. His office can move money quickly, and at no cost because there are no incoming or outgoing wire transfer fees.

Solutions and Results

The four accounts currently held by this family office represent a $10 million relationship. Periodically, as more entities are formed, the office opens additional accounts for these funds. The total amount on deposit with TriState Capital continues to climb.

The Situation

The owners of a large third-party earned-income-tax collector in Pennsylvania already knew several members of our Treasury Management team when they approached TriState Capital. Because of the trust they had developed in previous working relationships, they were open for our bank to take over their processing needs. We deliberately took time to scope the project, align our products and resources, and collaborate with the company to kick off implementation.

Assessing the Fit

The company’s balances approach $200 million and fluctuate with the tax cycle. Before TriState Capital entered the picture, the administrative burden for reconciliations was cumbersome because the company’s own employees had to follow up on every inconsistency. The ownership then challenged our team to make the process more efficient.

Plan Development and Implementation

The project required meticulous planning. TriState Capital leveraged an existing proprietary product for reconciliations, adapting it to the company’s unique needs. Now, with the conversion complete, discrepancies are automatically flagged and followed up on by a TriState Capital team member, reducing administrative time by days. In fact, other than in reconciliation reports, the company doesn’t see any inconsistencies, because they are proactively remedied by our team.

The TriState Capital Advantage

Although TriState Capital was unknown to the company’s ownership, our people weren’t—and our people were a major reason why we won the business. Pricing and an innovative product influenced the decision as well, but confidence in our team was the most important factor.

Solutions and Results

Within just a few months, the new reconciliation process eased the company’s administrative burden significantly and created cost efficiencies. There is even greater confidence in our team, and we expect the relationship to lead to further opportunities in the future.

The Situation

The owners of a large third-party earned-income-tax collector in Pennsylvania already knew several members of our Treasury Management team when they approached TriState Capital. Because of the trust they had developed in previous working relationships, they were open for our bank to take over their processing needs. We deliberately took time to scope the project, align our products and resources, and collaborate with the company to kick off implementation.

Assessing the Fit

The company’s balances approach $200 million and fluctuate with the tax cycle. Before TriState Capital entered the picture, the administrative burden for reconciliations was cumbersome because the company’s own employees had to follow up on every inconsistency. The ownership then challenged our team to make the process more efficient.

Plan Development and Implementation

The project required meticulous planning. TriState Capital leveraged an existing proprietary product for reconciliations, adapting it to the company’s unique needs. Now, with the conversion complete, discrepancies are automatically flagged and followed up on by a TriState Capital team member, reducing administrative time by days. In fact, other than in reconciliation reports, the company doesn’t see any inconsistencies, because they are proactively remedied by our team.

The TriState Capital Advantage

Although TriState Capital was unknown to the company’s ownership, our people weren’t—and our people were a major reason why we won the business. Pricing and an innovative product influenced the decision as well, but confidence in our team was the most important factor.

Solutions and Results

Within just a few months, the new reconciliation process eased the company’s administrative burden significantly and created cost efficiencies. There is even greater confidence in our team, and we expect the relationship to lead to further opportunities in the future.

The Situation

Many of TriState Capital’s opportunities arise because of a previous professional relationship or a referral, but this one was a bit different. A senior member of the Treasury Management team reached out to a high-profile class action settlement claims administrator, seeking to supplement the firm’s existing banks. A few days later, he got a response. The company had an immediate need for working capital to finance a move, so TriState Capital’s lending team provided the company with its first line of credit. Meanwhile, the Treasury Management group began building the right combination of products and solutions to support Qualified Settlement Funds (QSFs).

Assessing the Fit

QSFs don’t require the extensive documentation that ordinary commercial accounts do. Instead, a validation of the tax ID number and an applicable letter from the U.S. Department of Justice are required. While many larger banks typically stumble over an exception process like this, TriState Capital understood the importance of speed and efficiency and was prepared to operate accordingly. Competitive pricing and service, a streamlined reconciliation process, and a dedicated team also helped us to stand apart.

Plan Development and Implementation

In this case, it wasn’t necessary to create a specialized banking product, but rather to assemble existing products in an optimal way. We also assigned a project manager who remains closely involved, and a sales specialist who proactively looks for ways to improve the relationship on a daily basis.

The TriState Capital Advantage

Our bank has never tried to be all things to all organizations, but rather a collaborator who can supplement a company’s existing banks. That was a key part of our appeal. Documentation turnaround time was another major factor. TriState Capital typically opens the accounts the same day instead of taking several days or weeks to complete the process.

Solutions and Results

In addition to streamlining the reconciliation process and forming a dedicated team, we added value with risk-management analytics that identify fraudulent attempts to access funds in the QSF accounts. Within less than a year, the company has opened more than 40 settlement accounts with TriState Capital—a testament to our ability to adapt the bank to the client instead of the other way around.