Nationally Recognized Working Capital Lender Selects Covarity for
Automated Financial and Borrowing Base Analysis
KITCHENER, ON, Sept. 28, 2011 /CNW/ - Covarity Inc., the leading
provider of commercial loan portfolio monitoring and analysis, today
announced that Crestmark has successfully deployed Covarity to
streamline and automate complex formula-based analysis for its
asset-based lending portfolio. A nationally recognized provider of
working capital solutions, Crestmark expects the Covarity
implementation will support the profitable expansion of the bank's
asset-based lending portfolio with measurable efficiencies in credit
administration with a framework to further enhance the bank's risk
"Our goal was to partner with a firm that could provide a product that
would allow us to increase efficiencies by automating what had been a
manually-intensive process, re-deploy personnel to other growth areas
of the bank, and most importantly increase servicing, reporting and
visibility to our clients," stated Mark Matheson, Senior Vice
President, Chief Credit Officer at Crestmark. "Covarity was the right
solution for Crestmark."
The Covarity solution enables Crestmark's clients to upload their
required documents while automating collateral analysis, ineligible
calculations, financial covenants and exception management for
borrowing base and financial reviews, which in the past required
significant internal resources. Covarity will work in parallel with
Crestmark's existing core client access system.
"The Covarity staff worked closely with us to tailor several elements of
the system to fit our specific needs. The in-depth training they
provided ensured a smooth transition for our clients," continued
"Crestmark Bank is a recognized leader with a national presence in
asset-based lending and A/R financing," said Rod Foster, President &
CEO, Covarity. "With market momentum behind working capital lending we
are excited to work with Crestmark to support their continued business
growth and improve their portfolio performance."
About Crestmark Bank
Crestmark is a nationally recognized provider of working capital
solutions for small- to medium-sized businesses. Financing solutions
include asset-based lending, accounts receivable financing, discount
factoring, and traditional factoring to diverse industries such as
apparel, furniture, government receivables, home furnishings,
manufacturing, staffing, transportation, and many more. Headquartered
in Troy, Michigan, with regional offices in Florida, Louisiana and
Tennessee; sales offices located in Alabama, California, Florida,
Georgia, Illinois, Ohio, New Jersey, New York, Missouri, North
Carolina, Tennessee and Texas. www.crestmark.com .
About Covarity Inc.
Covarity is the choice of the best managed banks in the world (as cited
by sources such as the World Economic Forum and Global Finance
magazine) for precision commercial loan monitoring and analysis.
Covarity automates the process of collecting and analyzing borrower
financial data and enables financial institutions to manage credit risk
on a loan-by-loan basis. Covarity's hosted, Web-based commercial loan
monitoring solution delivers process efficiencies, value-added customer
service and helps prepare financial institutions for regulatory
scrutiny fast and efficiently with minimal capital outlay. Covarity is
based in Kitchener, ON and was incorporated in 2001. Covarity's
customers include include Royal Bank of Canada, BMO Bank of Montreal,
Libro Financial Group and Fidelity Bank in the United States. Please
see www.covarity.com for more information.
SOURCE Covarity Inc.
For further information:
VP of Marketing, Covarity Inc.
519-749-9424 EXT. 283