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Blue Grass Federal is a Paris, Kentucky-based mutual bank that has been serving their local communities since 1959. They became a member bank in 2020, and began building relationships with us immediately.
Once Blue Grass Federal became a member bank, they were able to add banking products and attract a new lender. As a result, the bank experienced consistent profitability and found new operational efficiencies, such as underwriting, deposit support and other bank functions.
Shanda Smith, President and CEO of Blue Grass Federal, saw positive changes due to their increased use of our shared-services model, which included the ability to leverage expertise in areas such as interest rate risk, digital strategy, compliance and security. The bank continues to find value in the shared-services model, gaining helpful operation support in the following areas:
Blue Grass Federal also broadened their product offerings to customers to include:
The results have been telling.
“Going into our third year, I can absolutely say this has been the right move,” said Smith. “We have been able to grow our company from approximately $34.6 million to $43.3 million in assets or 25.14% over the last two years. We have sustained profitability and increased product offerings and support.”