Banking Solutions for Multi-Location Businesses

posted 1/19/2016 in Banking

Sinclair Tractor

Growing and expanding a business can be both exciting and nerve-racking. Some businesses worry that their community bank won’t be able to support the growth of their businesses. When Sinclair Tractor expanded their business in 2013, it discovered a community bank like Lincoln Savings Bank could provide the very latest in financial technology along with the personal touch only a local bank can provide.

It started when Sigourney Tractor & Implement acquired Precision Equipment to form a new company, Sinclair Tractor. The new group includes eleven implement dealerships and two auto parts stores in different communities throughout southeast Iowa. With locations spread out over 12 counties in Iowa, creating a system that efficiently managed all of their banking needs was critical.

Smooth Transition

“One of the first items to address after the merger was how to streamline deposits and fund transfers for the different locations into one main account,” said Melissa Coram, Assistant Controller for Sinclair Tractor.  “When you are spread out like we are, with 13 different locations, it’s more of a pain to have to take deposits to each of your local banks.”

ACH Pro and Pro Deposit allowed for the easy electronic exchange of funds between locations. Lincoln Savings Bank immediately set up the newly established business group with scanning services so they could scan in checks from all locations into one account. “We can scan them in the morning and the funds are in there almost immediately.”

Another challenge is managing cash transactions for multiple locations. Each Sinclair dealership has a local bank where they do cash deposits. Lincoln Savings Bank helped them set up an ACH system so they can efficiently move funds from the local banks to Sinclair’s main account without a complicated paper trail.

“This way, we don’t have to mess around with writing checks out of other banks, having actual checks, and all the supplies you would need, worrying about if there are enough funds in all the different accounts. It all just basically flows into LSB.”

Sinclair also uses Lincoln Savings Bank’s Sweep account to simplify its fund management. The Sweep program can handle everything from simple sweeps that prevent overdraft to complex sweeps with checking, savings, money markets, and loans accounts.  “If any of the accounts go under, it automatically moves the money in. It’s just a lot smoother that way.”

Modern Banking Built on Strong Relationships

Sinclair Tractor
"With Lincoln Savings Bank,
I know their first names
and they know who I am."
- Melissa Coram

The team at Sinclair Tractor continues to benefit from the personal working relationships they have established with the staff at Lincoln Savings Bank, says Coram.  “With a lot of places, especially with banks as they get bigger, you kind of feel like a number. With Lincoln Savings Bank, I know their first names and they know who I am. It’s just a completely different experience.”  She particularly appreciates the dedicated support Sinclair receives from Jon Parker, Vice President and Sr. Treasury Management Officer for the bank.

“We were having some difficulty with trying to look at some history in our accounts on their website and I talked to Jon Parker about it. He understood that we just have more transactions than many of his customers. It was nice that immediately he said he would to look into it and make it work for us, instead of just saying, ‘Sorry, that’s just the way it is’. He really wanted to make sure the system would work for our needs.”

Coram also appreciates Lincoln Savings Bank’s hands-on approach to new technology, tools and onsite training. “You know, anytime you introduce a new product to employees or users, there will be some growing pains. Jon Parker has been amazing to work with. I can email him or call him, and I get results right away. With our old bank, it was harder to get things done or to get through to somebody.”

If your business is ready to go to the next level, be sure to partner with a bank that can support you every step of the way. Lincoln Savings Bank offers a full suite of business banking services to meet the needs of businesses of all sizes. One of our business banking professionals would be happy to talk with you about tailoring our banking products and services to meet your specific business needs. Please contact us today or give us a call at one of our many Iowa locations for more information.

Lincoln Savings Bank, Member FDIC.
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