Samaha & Associates Successfully Facilitates Charter Bank’s Branch Merger
Miami Beach, Fla. (March 25, 2021) — In September 2020, Charter Bank successfully partnered with Samaha & Associates to assist with a branch merger project. The project was fast-tracked and, despite pandemic restrictions, was remotely executed in less than three months.
“The merger/conversion time frame was extremely tight, with only about two to two and a half months from start to finish,” said Samaha & Associates Senior Consultant Janeace Liles. “This posed some interesting issues to define the accounts that would be merged and all associated savings and term accounts.”
Erik LeMay, chief information officer of the $937 million Eau Claire, Wis.-based Charter Bank, said he anticipated that this acquisition, with such a tight timeline, would require an experienced partner.
“Janeace was brought on to the project and she hit the ground running. She quickly had everything prepped and ready to go. She was an advocate for Charter Bank and with everyone we worked with,” said LeMay. “She kept in tune with the project, asked the right questions, and ensured everything and everyone was moving forward to our conversion weekend.”
Among project initiatives were the issuance of new account access instruments, such as debit cards, and all areas of the merger — from administrative, to human resources to facility changes to data conversion. Additionally, the Samaha team reviewed third party lists, product type conversions, marketing progress, training progress, and facilities transition, as well as overseeing the finalization of all legal aspects, contracts, and accounting issues.
“Janeace provided insight and was always willing to help in whatever way she could. The project was a success thanks to the leadership from Janeace, Managing Consultant Adam Denbo, and Senior Consultant Disa D’Andrea — the team at Samaha,” said LeMay. “And for that, we are thankful. It’s always nice to have an advocate you rely on, and to be able to work with people you know and trust.”
Samaha & Associates is a nationally recognized consulting group that works collaboratively with financial institutions to assist in the improvement of business processes by optimizing efficiency and increasing revenue opportunities. Specializing in vendor contract negotiations, core system conversions, and mergers, Samaha & Associates expertly executes each respective project by exceeding client expectations. For more information visit ssamaha.com.