Online Partnerships For Community Banks

Community banks are increasingly finding partnerships that allow them to offer the same online services as larger banks. For example, several community banks are offering customers online mortgage services through an agreement with American Home Mortgage Holdings, Inc., one of the nation's largest independent retail mortgage bankers. Madison Bank and Sterling Bank, both located in Florida, have private label agreements with the mortgage company; Insurors Bank of Tennessee has a co-branding agreement. Through these partnerships, the banks' customers can apply for a loan at competitive rates, use site decision-making tools and calculators, check the status of a loan, save on products and services for the home, request a credit report, and track interest rates, among other mortgage-related services.

Copyright © 2002 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 12, No. 4, 5/02