Ceto and Associates Reports Constant Growth in Second Quarter of 2006; Company Marks 1,000th Client, Revenues Increase 16 Percent.ATLANTA -- Ceto and Associates, a national consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a providing revenue enhancement revenue enhancement An increase in revenues, especially by way of increased taxes. Revenue enhancement includes reducing taxpayer deductions and eliminating tax credits. solutions for the financial industry, today announced constant growth for its second quarter of 2006. The firm provided its revenue enhancement solutions to 76 new financial institutions, enhancing its mid-year revenue by 16 percent when compared to the first and second quarter of 2005. Additionally, the company marked its 1,000th client since its founding in 1994. "Ceto's record growth this year is a direct response to the industry's demand for revenue enhancement solutions," said Douglas Ceto, executive vice president of Ceto and Associates. "The benefits of Deposit Reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. and Ceto Cash Calculator have always been impressive, but today's climbing interest rates make it an even easier decision. Identifying non-interest earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin and converting them into income earning opportunities is a necessity for any competitive financial institution." A majority of Ceto's sales were credited to its Deposit Reclassification and C3 solutions. Financial institutions such as People's Trust Federal Credit Union and Cumberland Bank opted for Deposit Reclassification, converting non-interest earning reserve requirements Reserve Requirements Requirements regarding the amount of funds that banks must hold in reserve against deposits made by their customers. This money must be in the bank's vaults or at the closest Federal Reserve Bank. into interest earning assets by restructuring transactional accounts. The Brand Banking Company and Putnam Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. are two of the institutions that selected C3, a vault cash Vault cash Cash kept on hand in a depository institution's vault to meet day-to-day business needs, such as cashing checks for customers; can be counted as a portion of the institution's required reserves. management tool that allows them to optimize currency levels and reallocate Verb 1. reallocate - allocate, distribute, or apportion anew; "Congressional seats are reapportioned on the basis of census data" reapportion allocate, apportion - distribute according to a plan or set apart for a special purpose; "I am allocating a loaf of excess vault cash into earning assets. Ceto increased its staff by 27 percent in the second quarter to support rising sales and the demand for its Revenue Enhancement Program (REP). This service begins with a diagnostic review of more than 100 areas within the financial institution to analyze and quantify revenue opportunities. If cost justified, the firm begins the implementation project. The payback multiples for the institution are significant, as the benefits accrue year after year. About Ceto and Associates Founded in 1994 as a national consulting firm in the financial industry and headquartered in Atlanta, Ceto and Associates specializes in developing solutions to provide financial institutions the ability to increase profitability through the implementation of revenue enhancement programs. Ceto and Associates places their clients' needs in the forefront and designs solutions tailored to their culture, goals and objectives. Ceto and Associates has earned the trust and improved annual revenues of more than 1,000 financial institutions across 50 states. For more information about Ceto and Associates, please visit their Web site at www.cetoandassociates.com. |
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