Products & Services

Endorsement Policy

Criteria to be followed in evaluating an endorsement:

  • To provide a competitive edge (advantage) for WIB members

  • To provide pricing and features that are generally unavailable to individual community banks

  • To offer products which are beneficial to a significant percentage of members

  • To financially support WIB mission and goals

  • To offer products which provide incentives for nonmembers to join WIB in order to take advantage of the value-added features

  • To offer products which offer unique benefits usually not offered through other providers

  • A minimum endorsement fee of $10,000 per year is expected

  • A minimum market penetration of 5% of the membership by the end of the second year of the endorsement is expected

  • Commitment to maintain WIB Associate Membership and participate in exhibit shows

We maintain WIB’s integrity in the endorsement by using the following criteria to evaluate an applicant:

  • Exceptional quality product, service and personnel

  • Special discounting pricing or features for WIB members or customers

  • Minimal financial and employee resources required from WIBSCO office

  • Mutually exclusive endorsement (to the greatest extent possible)

  • Commitment to the independent bank marketplace

  • Personal knowledge of service providers by community bankers

  • Record of financial stability and expectation of ongoing financial viability (reflected in audited financial statements, etc.)

WIB Service Corporation Staff has responsibility for the following procedures:

  1. Have a general understanding of similar products or services offered to our members in the marketplace

  2. Get input from impartial third-parties on the marketplace and products when necessary

  3. Provide WIB Associate Members offering similar products the opportunity to make a proposal for endorsement

  4. Obtain banker input on similar products and services and their providers

  5. Form a task force, with or without outside consultant, if internal resources are inadequate to determine added-value we can provide

  6. Obtain requisite financial data, records, etc., from prospective providers to assess stability and viability

  7. Ensure WIB Service Corporation’s ability to enforce or dissolve contract with prospective provider in the event of the latter’s dissolution or merger with or acquisition by another legal entity

  8. Obtain provider’s commitment to ensure privacy rights of WIB members

  9. Do a formal RFP if essential.