“Crescent is a better solution than the tools that traditional banks provide. Larger banks haven’t provided commercial business customers the level of service and offerings that they should. It’s clear: Crescent will disrupt that space.”
Tribe 9’s leaders needed to diversify their cash holdings to mitigate risk — and get better interest rates
In early 2024, Chairman and CEO of Tribe 9 Foods Brian Durst became concerned with his company’s concentration risk. At the time, all of their cash was deposited in a community bank. Additionally, he saw the increasing yields on deposits and thought he might be able to both mitigate risk and capitalize on a more favorable interest rate. He wondered whether one solution could achieve multiple financial goals.
Tribe 9 was in a strategic phase of high growth, so the team needed to stay agile. Brian was navigating the company’s rapid developments, often moving and deploying capital on the spot.
He knew that cash can — and should — be earning interest as well. Brian saw that he could easily get one of the highest interest rates in the market with his own personal bank account. He was disappointed to learn that a safe, accessible, high-yield commercial banking product was hard to find.
“We were surprised that there weren’t more options and were really thrilled with Crescent’s specific solutions once we found them.” – Brian Durst
Crescent Cash gives Tribe 9 access to the interest rate and FDIC insurance they need
When Brian found Crescent, his primary goals of reducing uninsured deposit risk and securing a higher interest rate were met when Crescent offered access to millions in aggregate FDIC insurance across network banks† and some of the most competitive interest rates available. The company’s money is still instantly accessible for same-day domestic deployment 1, and the idle capital is currently earning 4.40% APY.
When compared to the other options that Brian considered, Crescent’s innovative technology stood out. Its intuitive and user-friendly platform prioritizes the user experience, equipping Tribe 9 with positive and collaborative workflows.
“We were thrilled when Crescent’s solution exceeded what we were looking for: a second checking account and high interest rates. They checked the box on both of those, but then they provided a much higher level of insurance than we would’ve anticipated. That was terrific.” – Brian Durst
Thanks to Crescent, Tribe 9 has the protection, interest, and agility it takes to grow safely
With Crescent Cash, Brian and the rest of Tribe 9’s leaders can safely park their company’s capital while still responding to opportunities and challenges. Brian’s team values resourcefulness and their improved treasury management supports their quest to deploy funds intelligently.
“Crescent’s service has been spectacular. When I asked my finance team for feedback on the Crescent relationship, the first thing that people universally talked about was the level of service. For me, hearing that is terrific.” – Brian Durst
* Interest rates and the associated APYs are current as of 9/12/2024 and are subject to change anytime without notice.
† Subject to the terms of the applicable ICS Deposit Placement Agreement, OMB Bank will place deposits at FDIC-insured institutions through IntraFi’s ICS service. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. Certain conditions must be satisfied for “pass-through” FDIC deposit insurance coverage to apply. To meet the conditions for pass-through FDIC deposit insurance, deposit accounts at FDIC-insured banks in IntraFi’s network that hold deposits placed using an IntraFi service are titled, and deposit account records are maintained, in accordance with FDIC regulations for pass-through coverage.
1 Outgoing ACH transfers can be processed the same day if processed before 2 pm CST. Any ACH transfers sent after that will be sent the following business day. Outbound domestic wire transfers typically provide same-day (if the order is provided before 3 pm CST) or next-business-day delivery of funds. Outbound international wires take between 1-5 business days to settle.
OMB's general policy is to allow you to withdraw funds deposited in your account on the first business day after the day we receive your deposit. Funds from electronic deposits will be available on the day we receive the deposit. In some cases, we may delay your ability to withdraw funds beyond the first business day. Then, the funds will generally be available by the second business day after the day of deposit.
Subject to funds availability.