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First Mid Discovers Efficiency & Automation with Long-Term CECL Partner

Table of Contents

After an unsatisfying CECL adoption process with another provider, First Mid found a long-term solution with all the functionality they required with Valuant.

Challenge
A community bank with over 150 locations and $6B in assets had adopted CECL with a chosen vendor but quickly discovered the vendor couldn’t meet all their functionality requirements.  

Solution
First Mid turned to Valuant for their CECL solution, achieving their goal to have all their needs met through a fully holistic end-to-end solution.

Results
First Mid is confident in their vendor selection to not only assist with CECL, but also add value for other accounting needs as they grow.  

Background and Challenge

First Mid has been serving its communities for over 156 years, providing a full suite of financial services including banking, wealth management, and brokerage throughout Illinois and eastern Missouri.  A nimble organization committed to quality, growth, and earned independence for the benefit of stakeholders and the community, First Mid has always made a positive IMPACT: Integrity, Motivation, Professionalism, Accountability, Commitment, and Teamwork.  

The institution had chosen early adoption for the new accounting standard using a different vendor. While the solution was working well enough at the time, there were obvious shortcomings revealing deficiencies of a not-yet-fully-developed product which created functionality issues. First Mid was not in a rush to choose a new provider but wanted to avoid the rush of last-minute CECL adopters.

The bank’s team went in search of efficiency and automation.

Solution

First Mid discovered Valuant through their published educational content and online webinars. They had also heard other Valuant success stories in CFO peer groups. By choosing Valuant’s proprietary ValuCast software, First Mid achieved their goal of finding a truly holistic solution. ValuCast met every requirement in one system, enhancing their processes overall.  

{Valuant’s} expertise and extensive knowledge gave us confidence that we would be in a partnership with some of the best in the industry. We have gone from a 3/10 experience with the previous provider to a 10/10 with Valuant.

Matt Smith, CFO, First Mid

Results

Right from the start of implementation, First Mid knew they had made the right decision. It was a much faster, smoother process than what they had gone through with their previous vendor. First Mid’s previous vendor only provided a portion of the solution needed, but with Valuant, First Mid was provided an all-encompassing system that enhanced multiple processes. Valuant also assisted in automating IR, saving the bank a significant amount of time as the process had been done manually prior to their engagement. 

Beyond finding their long-term CECL partner, First Mid gained an advisory team with extensive knowledge and expertise. Valuant’s experts had a good understanding of the industry issues, specifics on how those issues affected the bank, and how they would need to handle these issues from an accounting perspective. The specialists were clearly knowledgeable and continue to be hands-on as they pursue this partnership.

Key Takeaways

  1. ValuCast provides a completely holistic solution backed by industry experts.
  2. The Valuant team supports and adds value to financial institutions through true partnership. 

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