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January 14, 2010

Woodhaven Bank selected for Anova Custodial Services

Anova® Financial Corporation, a North Carolina-based company that provides a suite of funding solutions for banks and an Endorsed Partner of the Texas Bankers Association, announced that it has selected Woodhaven National Bank of Fort Worth, as its Texas Custodian Bank.


Woodhaven’s role as custodian bank will be to maintain a Master Custody Account for Anova as agent to various depositors (“Depositors”) and the transfer of funds from depositors’ bank of origination pursuant to ACH files transmitted to the Custodian by Anova. These funds are simultaneously ACH transmitted to time deposit accounts (MMDA or NOW Accounts) established in the name of the Custodian and Anova for the benefit of various depositors at banks participating in the Anova program (“Demand Banks”) such that all funds are fully FDIC-insured at all times during the process.


“Woodhaven was an early adopter of Anova’s program in Texas and with their familiarity of our services we expect this will be a very strong strategic relationship that will enable Anova to better service Texas banks and expand other existing markets,” said Kim Winslow, president and CEO of Anova. “Our focus has been to keep the money in Texas stimulating local economies and having a Texas-based custodian will enable us to do just that.”


Woodhaven and Anova began discussions in September and reached an agreement in late December. Final arrangements have been completed and Woodhaven is ready to begin providing custodial services as of the first of the New Year. “We are very pleased to be chosen by Anova to maintain the Master Custody Account for funds transacted in Texas,” said Sharon Burran, president/COO of Woodhaven National Bank. “Woodhaven began taking advantage of the Anova product as an institutional investment and subsequently introduced it to our customers. The alliance between Anova and Woodhaven keeps Texas funds working in Texas.”


Texas Bankers Association Vice President Wanda Stevens describes the Anova products as providing benefits to all involved. “It’s hard to imagine an offering that can so clearly benefit all participants,” she says. “Depositors receive a higher return on their investments with the complete safety of FDIC insurance, and Texas community banks acquire additional deposits that they can turn into quality loans and investments to spur the economies of the communities they serve.”


In today’s highly competitive environment, banks compete daily for traditional deposits to expand loan activities while enhancing net interest margins. With Anova’s alternative ANOVACore® funding solution, FDIC-insured institutions have immediate access to a steady source of wholesale funds without typical collateral requirements or credit limits. One master MMDA deposit account is maintained at each bank in the name of Anova for the benefit of various depositors, making it very simple for the bank to use and maintain. A bank CFO simply posts a request for funds and Anova does the rest via ACH.


Banks benefit in numerous ways: a steady, stable source of funds; competitive fixed rate of interest; enhanced profitability; funds available at net transaction means no broker or other fees; streamlined process for deposit gathering and excess cash management; ability to expand lending activities; no collateral requirements; favorable interest rate risk modeling for Asset Liability Committee (ALCO); and transaction and holding reporting through a master account.


In addition, Anova provides banks with excess liquidity, a high yielding treasury service designed to grow as a bank grows; and through Anova’s Reciprocal Exchange Deposit Program® bank depositors can stretch their FDIC Insurance coverage up to $10 million without surety requirements and the bank has access to reciprocal deposits on a dollar for dollar basis. Both of these programs offer depositors FDIC insured safety, liquidity, high yields, and convenience.


For more information about how Anova can help you increase your deposits and the comfort of your customers call Kim Winslow at 888-266-8293 (1-888-ANOVA-YES) or e-mail him at kwinslow@anovafinancial.com.

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