Vitex, Inc. Realizes Strong Fourth Quarter: Banks Turn To Consulting Experts For Guidance In Tumultuous Times

Online, January 19, 2011 (Newswire.com) - Vitex, Inc., a leading strategic bank consulting firm, closed out 2010 with a strong record of successful engagements and new client relationships, including some of the largest engagements in the firm's 16-year history. Vitex signed on new accounts late into December, indicating an equally promising start to 2011. The firm also increased its service offering in the fourth quarter, adding a revenue enhancement service to help its client banks react to income changes resulting from new government regulations.

"To say that banks have had a rough time lately is, of course, a huge understatement," said Randy Roth, CEO of Vitex. "The challenges facing community banks make the experience and guidance of our expert consultants even more valuable. It's all hands on deck to make sure that community banks are operating as efficiently as possible and positioned to come out of this downturn with great opportunity for success."

In the fourth quarter, Vitex began contract negotiation work with Southeast National Bank of Davenport, IA; First Freedom Bank of Lebanon, TN; and Community Bank of Broward in Westin, FL. Vitex will help each of these banks ensure that vendors are providing the right tools and services for the most favorable teams in accordance with the business goals of each bank.

2010 also brought expanded services to Vitex in the form of a new revenue enhancement offering that help banks recoup fee income loss stemming from changing federal regulations. Vitex will analyze internal cost centers and overall fee structures and balance them against operational efficiencies and customer satisfaction to identify hidden opportunity for improving fee income and bottom line margins.

"We know this is an area our clients struggle with and we sought out experts who can provide a viable solution," said Roth. "We are able to deliver measurable results by looking at the bank's big picture, which is difficult to do from within the bank. We then provide options that the bank can implement to replace lost fee income quickly, fairly and within full compliance with new guidelines."