Midwest BankCentre Enhances Local Credit Card Access with Program from Corserv
ATLANTA, March 10, 2021 – Corserv, a company that empowers banks and fintechs with payment programs, was selected by St. Louis-based Midwest BankCentre to enhance its credit card offerings and card access for customers.
Midwest BankCentre, a fast-growing community bank, found that Corserv’s credit card issuing program enabled local credit decisions for customers and local service versus the Agent Bank program they previously used. In addition, the bank also increased its brand awareness among card holders and realized a new revenue stream from card interchange and loan interest while reducing card program management costs. Corserv’s credit card program enabled Midwest BankCentre to achieve its goals without adding staff or infrastructure.
“While we previously offered credit card products through an Agent Bank program, we wanted to better serve our customers by having local control over credit decisions,,” said Erin Erhart, EVP of Bank Operations at Midwest BankCentre. “In using Corserv's card program, we have enhanced our consumer and business credit card products with improved 24x7 call center service and local service in our branches. We value keeping the business in our local community while more than doubling the program’s budgeted growth in the past year.”
“Our main focus is to assist banks by providing a complete credit card issuance program that the banks can brand and control,” said David Luther, Chief Business Officer at Corserv. “Midwest BankCentre has fully embraced our program to provide credit and improved service to their local consumers, businesses, municipalities, and non-profits. We look forward to continuing our work with Midwest BankCentre, and other community banks, to make credit cards a growing and profitable business for the banks.”
About Midwest BankCentre
Midwest BankCentre, a mainstay of St. Louis community banking since 1906, is St. Louis’ second largest locally owned bank with assets exceeding $2 billion and deposits exceeding $1.5 billion. It employs a staff of about 280 working at 18 bank locations in the City of St. Louis and St. Louis, Jefferson and St. Charles counties in Missouri and St. Clair County in Illinois. The bank works to empower people, enable business and energize neighborhoods through the strength of its financial services, including personalized consumer and business banking, business cash management, mortgage lending, home equity loans, financial planning and investments, insurance and digital banking. The bank is a local leader in the St. Louis Regional Financial Empowerment Coalition (formerly the St. Louis Regional Unbanked Task Force) and its Bank-On Save-Up St. Louis initiative. Since 2001, Midwest BankCentre has consecutively achieved the Bauer Financial 5-Star Superior financial rating each quarter. For its success in bringing mainstream financial services to unbanked and underbanked citizens in the region and other diversity and inclusion contributions, it won the 2019 Community Commitment Award from the American Bankers Association Foundation and the 2018 National Community Bank Service Award from the Independent Community Bankers of America®. For more information, visit www.midwestbankcentre.com.
Corserv provides payment services including a turnkey issuing program for credit cards, P-cards, and virtual cards that enables Banks and Fintechs to deliver competitive, branded payment services to their customers. Corserv’s secure hosted programs combine our credit, compliance and marketing expertise with our modern online solution and open APIs – everything clients need to quickly build a successful card-issuing business. Our Bank and Fintech clients increase their earnings per share by benefitting from loan interest, interchange, fee income and economies of scale from Corserv’s client base. Most importantly, they deepen their customer relationships. For more information, please visit www.corservsolutions.com.