[My boss] has an ‘on top of it’ philosophy. [IntraFi Network Deposits] gives us a single statement and we know we’re protected, and where the money has been transferred to. The service was made for someone like him.

[Sec. 202 of S. 2155] is a step in the right direction. It makes it easier for community banks to accommodate large depositors.

[Section 202 of S. 2155] gives Empire State Bank a powerful new tool to compete with the largest institutions for the deposits generated by small professional offices. It provides a way for Empire State Bank to attract new, valuable customers—customers that not only have sizeable deposits, but who can act as a referral source to other customers for our lending and other services. It also gives the bank a tool for managing liquidity.

It’s really important for us to have a stable, reliable, accessible, and nimble source of funding at a reasonable price, and that’s something that [IntraFi] provides for us.

We love that [IntraFi Network] gives us options. We can either attract deposits and sell the excess to other banks [with IntraFi Network Deposits] or purchase funding through [IntraFi Funding]. This is especially helpful in today’s regulatory environment.

Good information in the daily posts.

I enjoy peer information shared by other bankers associated with this group. Interesting and relevant articles are provided by [IntraFi].

I have enjoyed seeing the different ideas and responses that different people have on issues.

[IntraFi Network Deposits] is the perfect match for us and our public fund customers. It can eliminate the need for deposit collateralization, which frees up our time, frees up their time, and reduces everyone’s administrative tracking costs. It also allows our previously restricted funds to work harder and for their funds to be channeled back into the local community. We all win

Reciprocal deposits are an important piece of our expansion strategy, and I can someday see us bumping the limit of the lesser of $5 billion or 20% of total liabilities, in part because they are a great tool for attracting municipal funds.

Our public funds customers appreciate knowing that when they place their funds through [IntraFi Network Deposits], those funds are eligible for FDIC protection beyond $250,000 and earn interest. That benefits them, as well as local taxpayers, as our bank can make those funds available for investment within the community.