Wednesday, September 29, 2010
Fidelity Bank Selects Covarity for Automated Commercial Loan Monitoring and Analysis
Midwest Business Lending Leader Taps Covarity for Profitable Portfolio Expansion
Kitchener, Canada — September 29, 2010 - Covarity Inc., the leading provider of commercial loan portfolio monitoring and analysis, today announced that Fidelity Bank has signed an agreement to deploy Covarity into its commercial loan operation. The Covarity implementation will support Fidelity’s profitable commercial portfolio expansion with measurable gains in productivity, extended client engagement and a framework to further enhance the bank’s risk management practices.
“After evaluating several other products, it became clear that Covarity offers the most holistic commercial portfolio solution that is flexible enough to handle the management of our entire portfolio, including our complex borrowing base lending requirements,” stated Todd Williams, Chief Credit Officer at Fidelity Bank. “Covarity will increase transparency with our clients and support their success.”
The Covarity solution enables Fidelity Bank’s commercial clients to upload their required documents and automates their monitoring and analysis. As a result, the Fidelity account team will spend less time on administrative duties and more time managing relationships. Fidelity Bank will also benefit from automated tracking and the early detection of at-risk loans.
“Fidelity Bank has continued to strengthen its leadership position amongst its peers through the application of best practice commercial lending methods and technology,” said Rod Foster, President & CEO, Covarity. “We are excited to work with the Fidelity team to not only automate their loan monitoring processes, but to deliver new and unique value to their commercial clients.”
About Fidelity Bank
Fidelity Bank is an independent, privately owned commercial business bank founded in 1970 and based in Edina, MN, focused on stability, consistency, support and responsiveness. Its bankers, on average, have been with the organization for more than 13 years. The bank’s executive team has continuously provided reliable leadership and a consistent philosophy to all credit decisions, including supporting its business customers through rough times and when new opportunities are imminent. For more information visit Fidelity Bank at www.fidelitybankmn.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 Royal Bank of Canada, BMO Bank of Montreal, HSBC Bank Canada, Libro Financial Group, Laurentian Bank and RBC Bank in the United States. Please see www.covarity.com for more information.