News Releases
ICBA Financial Services and Tennessee Commerce Bank Ally Washington, D.C. (January 16, 2009)—ICBA Financial Services, a subsidiary of the Independent Community Bankers of America (ICBA), and ICBA member Tennessee Commerce Bank today announced a new joint effort in small business equipment financing. Tennessee Commerce Bank, the business bank subsidiary of Tennessee Commerce Bancorp, Inc. (NASDAQ:TNCC), will originate or acquire small business equipment loans and leases for packaging and sale to other ICBA member banks nationwide that are looking for additional loan portfolio growth or diversification. “Community banks have always been the driving force in financing the growth of small business in the American economy,” said Jeff A. Nunn, chairman of ICBA Financial Services and president and CEO of Citizens Bank of Claude, Texas. “Lending to small business is something we do every day. This new venture will enable member banks to grow their loan portfolios efficiently with virtually no additional origination or servicing costs.” Tennessee Commerce Bank, a 10-year-old, $1 billion-plus-asset bank in Franklin, Tenn., operates under a business bank strategy. In recent years, it has originated and acquired critical use small business equipment loans and leases for subsequent seasoning, packaging and sale with certain credit enhancements to other financial institutions. Under the new initiative, packages of previously originated small business equipment loans and leases with an existing payment track record and an average remaining term of four years or less are offered for sale to ICBA members. Tennessee Commerce retains servicing responsibilities. Packages are offered at a yield competitive with other small business lenders, especially given the absence of virtually all origination and servicing costs. “We are excited about growing this part of our business strategy by expanding our distribution of our small business equipment finance program to other ICBA members,” said Michael R. Sapp, president of Tennessee Commerce Bank. “During these times when loan portfolio diversification is so important and the U.S. Treasury is encouraging lending to the business community, we believe that this extension of small business lending can present a quite attractive risk/reward opportunity to other community banks.” For more information on the Small Business Equipment Finance initiative, contact Bill Reid at 1-800-786-0223 or bill.reid@icba.org. About Tennessee Commerce Bank
ICBA Financial Services Adds Sage360 Advisors for
Washington, D.C. (Aug. 12, 2008)—ICBA Financial Services, the retail investment and insurance services company of the Independent Community Bankers of America (ICBA), announced it has expanded its private wealth management program to include Sage360 Advisors, Albany, N.Y. The enhanced programs offered through Sage360 Advisors add strategic planning and a more specialized level of service to the existing financial planning and investment solutions tailored to the needs of community bank owners, executives and directors. “For the families, owners, executives and directors that own and operate community banks, planning for and managing their personal assets can be critical in enabling a community bank to remain a community bank,” said Jeff A. Nunn, ICBA Financial Services chairman and president and CEO of Citizens Bank of Claude, Texas. “ICBA Financial Services is taking the next step in offering wealth management by adding Sage360 advisors, a highly specialized team of experts who provide strategic planning advisement for bank owners and their families.” The addition of Sage360 Advisors to the existing ICBA Financial Services Private Wealth Management program adds a depth and concentration to an already comprehensive program. Providing counsel and strategic financial management to successful entrepreneurial families is the organizational specialization of Sage360. Whether structuring a succession plan, income tax plan, insurance and risk management or setting up philanthropic endeavors, the firm provides the strategic guidance for the client and family. “It’s been our experience that most people don’t look forward to doing estate planning because they don’t understand what is required to create a really good estate plan,” said Philip J. Toffel, JD, Sage360 Advisors managing director. “As a result they do some planning but it is generally scattered, ineffective and may be out of date. Sage 360 brings a unique process to the families we work with called the Wealth Enjoyment System. The program is designed to make financial and estate planning easy, enjoyable, predictable and automatic.” “Successful individuals want to protect and provide for their families and loved ones; building a legacy and helping their families lead a better life,” said Toffel. “ICBA member community bankers have a unique and instrumental place in the U.S. and world economy. Helping bank owner families strategically plan for their own success for today and tomorrow is crucial to maintaining a community’s financial resource, the community bank.” For more information on the ICBA Financial Services' wealth management solutions call 1-800-786-0223, or contact Philip Toffel at ptoffel@sage360advisors.com. About Sage360 Advisors About ICBA
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