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Sageworks, Incorporated joins FBA

07-31-2008 02:36 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Sageworks, Inc.

/ PR Agency: Sageworks, Inc.
TALLAHASSEE – In an effort to demonstrate a commitment to community banks in the state of Florida, Sageworks, Incorporated is pleased to announce its decision to join the Florida Bankers Association (FBA) as an Associate Member.

“We’re always pleased when a new associate member such as Sageworks joins the association,” said FBA Director of Associate Membership Marilyn Matherne. “Associate members provide an important role in the FBA by offering their products and services—which are specifically designed for banks—to our membership.”

One of the products Sageworks offers to FBA members is Sageworks Analyst (http://www.sageworksanalyst.com), which empowers loan officers and credit analysts in community banks by enabling them to make accurate credit decisions in a timely manner and with lower origination costs. Specifically, the technology helps bankers:

- interpret the financial condition of loan applicants compared to current industry averages;

- examine highlighted risk areas that may have been overlooked;

- evaluate a business, including the principals behind the business, and any real estate owned by the principals to create a global cash flow and ratio analysis.

“Our software synthesizes complicated financial information and transforms it into easy-to-understand reports,” said Scott Ogle, COO of Sageworks. “The company is growing rapidly and is servicing more and more banks in the southeast because bankers are realizing how simple the product is to use. We’re excited about the possibility of sharing it with more bankers in Florida.”

Presently, Sageworks is working with more than a dozen community banks in the state of Florida, all of which utilize its web-based solution, Sageworks Analyst.

“The banking industry is becoming more and more efficient in part to the technological advances of companies such as Sageworks,” said FBA President and CEO Alex Sanchez. “The FBA welcomes Sagworks as an associate member.”

The Florida Bankers Association serves its membership through untiring advocacy at the state and federal level, useful products and services and exceptional education programs. Established in 1888, the FBA is one of Florida’s oldest trade associations and has a membership of more than 400 financial institutions ranging in size from small community banks, thrifts, and trust companies to medium-sized banks operating in several parts of the state, to large regional financial institutions that are headquartered in Florida or outside the state. Nearly 96 percent of banks operating in Florida are members.

Commercial Loan Analysis, Credit Risk Analysis, Risk Analytics, Global Cash Flow Analysis

5565 Centerview Drive, Suite 201
Raleigh, NC 27606
Mike Dascola
866-603-7029

Sageworks, Inc., a financial information company and the makers of ProfitCents (http://www.profitcents.com) was recently named to the Inc. 500 list of fastest growing privately held companies in the US. Sageworks is the developer of its patented platform technology (“FIND™”) from which it has developed several applications. These applications convert financial numbers into narrative text, and include ProfitCents and Sageworks Analyst (http://www.sageworksanalyst.com). Sageworks has licensed its core technology to thousands of accounting firms, financial institutions, and information providers.

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