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Touchstone Bank Finds Partner for Day 1 and Day 2 Accounting

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Touchstone Bank found the expertise and knowledge they were looking for to handle Day 1 and Day  2 Accounting, and manage their transition from ALLL to CECL.

Challenge
Touchstone Bank was unable to conduct their Day 1 and Day 2 Accounting internally due to a lack of expertise.

Solution
Valuant demonstrated exceptional value through their Day One and Day Two accounting services, which led to Touchstone entrusting their transition from ALLL to CECL to Valuant as well.  

Results
Valuant took an intimidating challenge and transformed it into a manageable process, providing Touchstone with the assistance and support needed. 

Background and Challenge

Touchstone Bank has a rich history, first chartered as Bank of Dinwiddie in 1906 serving as a water stop for the railroad. After 86 years as a single branch operation with many name changes, the bank opened a second location in 1992.

Following a merger in 2014, the bank doubled its assets and number of branches, becoming the local community bank they are today with $532MM in assets. Touchstone is known for creating outstanding value and providing superior customer service, working with five key values in mind: honesty, integrity, knowledge, accountability, and teamwork.

Because of a lack of expertise, Touchstone could not conduct their Day 1 and Day 2 Accounting internally. They began the search for a vendor, relying on recommendations, proof of historical success, and overall reputation to guide them.

Solution

Members of the Touchstone team had prior relationships with Valuant’s co-founders, (from their time at Elliott Davis) and the team felt confident that Valuant could get the job done.

This foundational relationship helped to cultivate a sense of mutual trust and allowed Touchstone’s executive team to witness all the progress Valuant had made over the last few years. With the help of Valuant, Touchstone immediately saw improvements in their Day 1 and Day 2 Accounting processes with improved efficiency and reduced errors. As time continued, Touchstone came to discover a need for assistance in their transition from ALLL to CECL, and without hesitation, reached out to Valuant.

It is exceptionally clear that Valuant is an expert in their field. With employees who are dedicated and willing to help their clients, I know I can always count on them to answer my phone calls and I always leave the conversation feeling better educated on the tasks and challenges at hand.

Joseph Pennington, EVP & CFO, Touchstone Bank

Results

The Valuant team stood out as a unique vendor in the industry because of their knowledge, expertise, and transparent communication. They took what was an intimidating challenge to Touchstone and made it manageable. 

Valuant worked with Touchstone, rather than for Touchstone. Throughout the transition, Valuant stood by as a helping hand allowing Touchstone to learn the process to become more comfortable with the new standard. Any question from Touchstone was answered quickly and effectively. One of Valuant’s dedicated team members was always available to walk through or fix a mistake if one was made. In early 2022 Touchstone approached “going live” with their CECL models feeling more confident than ever in continuing to run on their own. 

Valuant took the time to go above and beyond in supporting the Touchstone team, making sure they were a top priority.  

Key Takeaways 

  1. Valuant Clients are the top priority, always making themselves available for whatever they need.
  2. Valuant is a trusted vendor that inspires confidence by continually serving with their client’s best interests in mind.

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