Ceto and Associates Reports Steady Growth in First Quarter of 2006; 56 New Clients Boost Revenue 21 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 steady growth for its first quarter of 2006. The firm provided its revenue enhancement solutions to 56 new financial institutions with combined assets of nearly $30 billion, enhancing its revenue by 21 percent when compared to the first quarter of 2005. "The market's steadily increasing interest rates are a catalyst for any financial institution that has delayed the decision to analyze and quantify additional revenue opportunities," said Douglas Ceto, executive vice president of Ceto and Associates. "Our revenue enhancement solutions have proven to produce a real and sudden income improvement that begins at implementation and advances well into the future. What is more, the solutions pay for themselves within six months. Ceto and Associates continues to grow to meet this increased market demand." A majority of Ceto's sales were attributed to its 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 (C3) solutions. Deposit Reclassification enables financial institutions to convert 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 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 by restructuring transactional accounts. The process enhances efficiency and increases pre-tax profits by an average of $1 million. C3 analyzes 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. flow at the branch level, enabling financial institutions to optimize institution-wide 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. On average, the solution decreases vault cash levels by 15 percent, while significantly improving internal cash control processes. Ceto increased its staff by 10 percent in the first quarter to support increasing 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 Payback The length of time it takes to recover the initial cost of a project, without regard to the time value of money. multiples for the institution are significant, as the benefits accrue year after year. The firm plans to significantly increase its C3 staff to meet growing demands in 2006 as well. 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 900 financial institutions across 50 states. For more information about Ceto and Associates, please visit their Web site at www.cetoandassociates.com. |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion