ATLANTA, August 16, 2023 – CorServ, a company that empowers banks and fintechs with payment programs, has partnered with Ohio-based Peoples Bank to implement an industry-leading credit card program to serve their commercial, small business, nonprofit, local municipalities, and consumer customers.
Peoples Bank is a $8.8 billion full-service relationship bank headquartered in Marietta, Ohio with a total of 132 bank offices in Ohio, Kentucky, West Virginia, Virginia, Maryland, and the District of Columbia. Peoples Bank is moving from an Agent Bank program to CorServ’s program where they now own the credit card profits and losses and are able to make credit decisions using its relationship knowledge of applicants as a factor in approving credit.
CorServ’s comprehensive program enables Peoples Bank to offer 14 different credit card products, including commercial and business cards, traditional rewards cards, a low rate card, a high-rewards world card and secured cards for those building their credit. Peoples Bank expects credit cards to be a great performing product in the bank, given that CorServ’s bank partners averaged a 7.7% Return on Assets (ROA) last year from its credit card programs. Peoples Bank commercial and business customers will now have increased control capabilities with CorServ’s business administrative interface allowing them to issue new cards, set spend controls, and pay vendors with virtual cards faster.
“With CorServ’s credit card program, Peoples Bank can now serve our business customers with features like free expense reporting and detailed transaction reports that include level 2 and level 3 data,” said Tom Frawley, Senior Vice President of Peoples Bank. “Our new card products have competitive rewards programs while at the same time providing a long term product for our consumer and small business customers with relationship-based APRs lower than industry average.”
“Our turnkey card issuing program enables Peoples Bank to provide the best banking experience for its customers,” said Anil Goyal, CEO of CorServ. “CorServ’s program minimizes the disruption, cost and resources needed for typical card programs and gives Peoples Bank the payment card features that compete with the largest banks while serving the specific needs of their communities.”
Peoples Bank’s staff also benefits from CorServ’s program as they will have 24/7 access to its customer support call center in addition to access to support tools to serve their customers locally, something Peoples Bank could not do in its Agent Bank program.
Peoples Bancorp Inc. (“Peoples”, Nasdaq: PEBO) is a diversified financial services holding company that makes available a complete line of banking, trust and investment, insurance, premium financing and equipment leasing solutions through its subsidiaries. Peoples has been headquartered in Marietta, Ohio since 1902. Peoples had $8.8 billion in total assets and 150 locations as of June 30, 2023, including 133 full-service Peoples Bank branches in Ohio, Kentucky, West Virginia, Virginia, Washington D.C. and Maryland. Peoples’ vision is to be the Best Community Bank in America.
Peoples is a member of the Russell 3000 index of U.S. publicly-traded companies. Peoples offers services through Peoples Bank (which includes the divisions of Limestone Bank, Peoples Investment Services, Peoples Premium Finance and North Star Leasing), Peoples Insurance Agency, LLC and Vantage Financial LLC.