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Monday, January 29, 2007
(Bank Technology News / Glen Fest)
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When Atlanta's Piedmont Bank made the jump into image deposit capture more than a year ago, the small business bank expected to nab some additional activity from remote clients.
What they didn't expect to capture was a remote suitor.
When its annual deposit processing volume from small corporate customers exploded from $500,000 to $40 million, and interest-bearing net deposit activity grew 30 percent, Piedmont caught the eye of Chicago-based PrivateBankcorp. After some short talks, the two companies closed in December on a $47 million merger agreement that will turn Piedmont into The Private Bank of Atlanta, the new Southeast hub of the $4 billion wealth management specialist. The deal also unofficially made the former Piedmont team the coaching staff for remote deposit capture deployment for the rest of The PrivateBank's six other branches.
"They see [RDC] just like we did 18 months ago, as the wave of the future," ....
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