BancVue Named Second Fastest Growing Private Financial Services Company by Inc. 500

Sept. 15, 2009 - PRLog -- BancVue (www.BancVue.com), the leading provider of innovative products, dynamic marketing, and data-driven consulting solutions to community financial institutions around the country, today announced it has been ranked the second fastest growing financial services firm in Inc. Magazine’s 28th Annual List of America’s Fastest-Growing Private Companies—the Inc. 500.  BancVue ranked 23rd overall in the rankings.

BancVue, which serves over 600 community banks and credit unions nationwide, saw its revenues jump 4,645.5% to nearly $22 million in 2008 from $460 thousand in 2005.

“It is an honor to be recognized as one of the most dynamic companies in the nation,” said Don Shafer, Chairman of BancVue, “but more importantly it means BancVue’s products and services are enabling community banks and credit unions around the country to compete and win in the war against the megabanks. We’re fulfilling our mission and executing our long-term business strategy successfully.”

Shafer credits much of his firm’s success to its “partnership approach” with clients. More than just a provider of software solutions, BancVue offers a complete suite of services that includes marketing support, compliance guidance, employee training, mystery shopping, and ongoing consultation.

Beyond the partnership philosophy, BancVue’s success is also driven by the development of the most innovative products in the industry.  Through extensive research, BancVue fortifies community financial institutions with  products that give consumers incentives that matter to them, which in turn, address community financial institutions key business needs—growing  core deposits, generating non-interest income, driving customer growth, and customer retention.

BancVue’s success in developing innovative products has been demonstrated by the more than one million consumers nationwide that have opened its REWARDChecking account, an ultra high-yield checking account that is branded differently by each community financial institution.  In less than 5 years, REWARDChecking has attracted more than $10 billion in deposits at partner community financial institutions across the country.    

BancVue anticipates continuing its accelerated growth trajectory in 2010 with sustained innovation having recently launched Kasasa, a national brand of superior products that gives community financial institutions the marketing scale they need to compete with the megabanks. Kasasa is designed to unite community financial institutions around a powerful brand of products that will awaken the disengaged banking consumer by delivering what research shows consumers want but believe they can’t get.  Already being piloted in six markets with ten community financial institutions, Kasasa has delivered unprecedented returns. In just two months of offering Kasasa, participating community financial institutions are reporting growth rates upwards of 150% on new accounts and 372% on deposits at those institutions that were focused on deposit growth.

“As we look to next year, we’re confident that by giving community financial institutions the kind of national brand and marketing scale they need to win the war against the big guys we’ll continue our track record of success,” says Shafer.

Inc. 500 is an exclusive ranking of the nation’s fastest-growing private companies. The list represents the most comprehensive look at America’s independent-minded entrepreneurs. To be eligible for the 2009 Inc. 500 list, companies had to be U.S.-based, privately held, and not subsidiaries or divisions of other companies. Qualifying firms must have been generating revenue by the first week of 2005 and through the end of the 2008 calendar year to show four full calendar years of sales.

About BancVue
BancVue is the leading provider of innovative products, marketing, and consulting solutions to community financial institutions nationwide. Serving over 600 community banks and credit unions around the country, BancVue’s solutions allow these institutions to compete and win in the war against the megabanks and direct banks. Community financial institutions benefit from the development and implementation of BancVue’s innovative products, including Kasasa, a national brand of superior products that gives community financial institutions the marketing scale they need to compete with the megabanks, and REALChecking®, a system of innovative products, superior marketing, and data-driven consulting. For more information on BancVue, visit www.bancvue.com.

Contact:  Dan Mahoney
dmahoney@csg-pr.com
www.csg-pr.com
970.405.8060