Great Lakes Bank Selects Banker’s Toolbox to Ease BSA/AML Compliance

- Bank eliminates manual spreadsheet process with BAM software -

NORTH HOLLYWOOD, CALIF., Jan. 4, 2010 – Blue Island, Ill-based Great Lakes Bank ($678 million) has implemented to Banker’s Toolbox’s Bank Secrecy Act/Anti-Money Laundering (BSA/AML) software, BAM® with CTR Manager^TM (currency transaction report) to improve the bank’s ability to monitor and report on suspicious transactions.

Great Lakes Bank previously used a combination of paper and spreadsheets for their transaction monitoring; however, bank executives felt an automated approach would be more efficient for their requirements. The bank selected Banker’s Toolbox because of the software’s seamless integration with their core banking software, Fiserv’s Premier®, and the company’s in-depth knowledge of BSA/AML regulations.

“Banker’s Toolbox’s staff is made up of former BSA/AML compliance staff, and they know what bankers need to remain compliant,” said David Homrich, vice president and senior compliance officer for Great Lakes Bank. “Banker’s Toolbox’s reports are easy to set up and configure, and the system gives us exactly what we need to lower our BSA/AML risk.”

BAM is an automated system for monitoring and reporting suspicious financial activity that aggregates, compiles, stores and analyzes data. The CTR module aggregates cash transactions to simplify the process of creating and filing currency transaction reports. Great Lakes Bank also cited the enhanced access to information as a primary factor in selecting Banker’s Toolbox. Homrich said the automated reporting saves him time in monitoring transactions and the activity logs help prove due diligence to examiners.

“Banker’s Toolbox was founded by bankers who saw a need in the industry for more comprehensive tools to manage BSA/AML compliance,” said Daniel Cho, chief executive officer at Banker’s Toolbox. “Our staff is dedicated to providing banks like Great Lakes the software and expertise they need to detect and properly handle suspicious activity.”

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About Great Lakes Bank
In 1896, John Zacharias, William Werner and Oliver Bourke, three businessmen from Blue Island, Ill., opened a private financial house. In the years since, the area has experienced sweeping change and rapid growth – and so has the bank set up by the three founders. The bank's reach has grown to cover a broader range of communities-while keeping ownership local. Today the bank serves the Chicago Southland with 10 locations stretching from Blue Island to Homewood to Mokena and beyond. For more information, please visit the bank’s Web site at www.bankofchoice.com.

About Banker’s Toolbox, Inc.
North Hollywood, Calif.-based Banker’s Toolbox, Inc., helps banks manage risk and streamline compliance examinations. The company’s product suite consists of affordable solutions for money laundering detection and reporting, commercial real estate loan portfolio risk assessment, risk management through fraud and kite prevention and secure wire processing automation. The Banker’s Toolbox team is a unique combination of seasoned bankers and information technology consultants who specialize in designing, developing and implementing risk management solutions nationwide while providing unparalleled customer service to regional and community banks. For more information, visit the company’s Web site at www.bankerstoolbox.com.