maconomy was a global provider of enterprise resource planning ( erp ) software founded in 1989 in denmark .

maconomy was acquired by deltek in 2010 .

maconomy

maconomy can interface with a number of operating systems , servers and user interfaces .
deltek touch time for maconomy app has a new name . we have changed our name to deltek touch for maconomy in order to be aligned with our expanding capabilities .
maconomy helps professional services firms make the right decisions at all levels of their business .
maconomy helps you win business , service your clients , and develop profitable , lasting relationships .
discover deltek’s approach to ensuring our global engineering clients receive tangible roi from deltek maconomy erp .
download your extended software profile for deltek maconomy . get more information about features and pricing .
between 1972 and 1990 , maconomy life expectancy was at its lowest point in 1990 , and highest in 1972 . the average life expectancy for maconomy in 1972 was 92 , and 87 in 1990 .
deltek maconomy delivers the business intelligence your firm needs to adapt to pressures , avoid inefficiencies and plan proactively .
questions about deltek maconomy ? call ( 800 ) 827 - 1151 and talk to a software expert now .
the maconomy crm solution is not confined to customers and prospects . the solution supports all types of relationship management . you can use deltek maconomy to manage suppliers , collaboration partners , subcontractors and other external stakeholders and parties .
maconomy is a financial management solution that provides deep insight into the profitability for your firm , project or client .
fixed an issue with special characters for touch 2 . 0 users on maconomy x1 and 2 . 0 systems .
deltek maconomy crm enables you to streamline marketing , sales , business development and customer relationship management inside professional services firms .
the solution dominates among the pso companies with more than 100 000 users in over 50 countries . in maconomy are incorporated the best practices from project - based businesses . the system is developed and improved by deltek maconomy for more than 20 years .
maconomy is a financial management solution that provides deep financial insight so that you can see profitability for your firm , project or client .
deltek maconomy integrates campaign and activity management with e - mail marketing systems to enable your marketing function to perform efficient and targeted marketing .
deltek maconomy analytix provides users with the necessary information for strategic , tactical and operational decision - making . the intuitive interface of maconomy analytix empowers users with fast access to business data that can be easily formatted and analyzed in order to identify trends and root causes . maconomy analytix combines easy access to reporting , and ad hoc query and analysis in one integrated solution to turn insights and foresights into effective decisions .
all deltek maconomy software is available in multi - currency and multi - language and fully integrates with all microsoft products including servers and sharepoint .
deltek maconomy modules bring wider visibility and tighter control to each role and support a wide range of functions that power key processes across the firm .
- approval of timesheet lines for project managers and entire timesheets for supervisors ( requires maconomy 2 . 1 ) - performance improvements - numerous ui enhancements
fts group offers erp / crm / ecm systems that are based on well - known products of erp / crm systems microsoft dynamics and deltek maconomy .
maconomy can be tricky to use sometime . its a bit tough for the users without training to get used to all the different workspaces , modules and popups .
companies who have implemented deltek maconomy erp software includes canadian it support company greycon , global water management company deltares and midwest usa accounting consultancy business boulay heutmaker zibell and co .
the software was designed to work as a single , end - to - end system . maconomy can interface with a number of operating systems , servers and user interfaces .
deltek’s fully - integrated enterprise solution deltek maconomy is designed to support the key processes of businesses that deliver project - based services to their end customers . maconomy features broad and deep finance and project management capabilities developed specifically for professional services organizations that provide expert knowledge to their clients on a project basis . deltek customers using maconomy come from all segments of professional services , including agencies , audit & tax , consulting , legal services , and scientific research . with hundreds of thousands of users globally , deltek powers the professional services world .
maconomy is an excellent erp with all the modules built right into it . with its latest version , it is very easy for users to do billings and time entry . it also provides users with it background to do their own extensions and make a modification to different workspace within maconomy . it also has a built - in general ledger feature where you can do all your financials from one place . maconomy utilizes business objects as its reporting platform which makes it easier for users to get to the data they want in effieicnt manner .
deltek ' s fully - integrated enterprise solution deltek maconomy is designed to support the key processes of businesses that deliver project - based services to their end customers . maconomy features broad and deep finance and project management capabilities developed specifically for professional services organizations that provide expert knowledge to their clients on a project basis . deltek customers using maconomy come from all segments of professional services , including agencies , audit & tax , consulting , legal services , and property management . with hundreds of thousands of users globally , deltek powers the professional services world .
deltek maconomy was developed to support the workflow of businesses that provide services that are project - based . this includes financial and project management capabilities that help improve visibility across the organization .
july 6 , 2010 - deltek inc . has successfully completed its tender offer and has acquired maconomy a / s , a danish provider of enterprise resource planning ( erp ) materials .
census records can tell you a lot of little known facts about your maconomy ancestors , such as occupation . occupation can tell you about your ancestor ' s social and economic status .
deltek maconomy was developed to support the unique workflow of businesses that provide services that are project - based . this includes financial and project management capabilities that help improve visibility across the organization .
deltek maconomy is suitable for a number of professional services industries , including tax / audit / accounting firms , marketing agencies , it and management consulting , clinical research organizations , academic research and more .
do you need a demo , price quote , or other information about deltek maconomy ? our product experts are standing by to help ! call us at ( 800 ) 827 - 1151 for assistance now .
census records can give you a fascinating window into the day - to - day lives of your maconomy ancestors - like hours worked per week , level of education , veteran status , employers , and more .
you can use multiple information delivery options and integration points for deltek maconomy analytix . users can access and synchronize data from corporate and personal sources and deliver it using microsoft office applications , portals , and mobile devices .
the deal calls for deltek to immediately acquire approximately 94 percent of maconomy’s outstanding shares in an all - cash transaction at approximately $ 3 . 40 ( dkk 20 . 50 ) per share or about $ 73 million .
maconomy ' s best feature is that we have one software for our back office meaning everything happens in real - time . it has proven to be an information powerhouse , giving us access to information that was outside our grasp in our legacy system . due to maconomy ' s core project management focus , we have gained better visibility on contribution margin . this has lead us to new initiatives to optimize leverage on client projects and fine tune realization .
your project - based business needs an erp solution that is purpose - built for your industry and processes . deltek maconomy ' s enterprise resource planning solution integrates your projects , finances and people for optimal efficiency and firm - wide success .
maconomy by deltek is a fully integrated enterprise resource planning ( erp ) accounting system designed for professional service companies both small and large . it provides real - time access to all critical information so users can make more accurate business decisions .
deltek maconomy is a project - based enterprise resource planning ( erp ) solution which is purpose - built specifically for the distinct needs of professional services firms . deltek clients achieve a positive roi from their erp deployment , and here is why :
maconomy by deltek is an integrated , cloud - based enterprise resource planning ( erp ) accounting system designed for professional service companies both small and large . it provides real - time access to all critical information so users can make reformed business decisions .
deltek maconomy is a fully integrated project management solution that enables you to manage and improve your project profitability . the solution focuses on project control and project insight so that you can always act on facts . our project management solution allows you to :
deltek maconomy is a project - based erp solution that is purpose - built for professional services companies . the system provides a high standard of automated reporting and insight into a business and provides paths from the firm’s sales resources to management and production .
deltek maconomy has been engineered to specifically support the full range of ad / hoc , daily , weekly , monthly and yearly activities of your finance teams from journal postings , and processing payment runs , to registering fixed assets and closing the financial year .
there are two modules ; deltek maconomy business performance management and touch time for maconomy . touch time functionality provides instant access to time sheets from mobile devices , including android and ios . the business performance management tools provide a business intelligence solution that enables up - to - date , reliable business data that ' s available to users across the business and integrates with a wide range of third - party software including microsoft office . all reports are available in a wide variety of formats and through customizable dashboards .
when converting amounts into the selected currency , maconomy uses the exchange rates valid on the date entered in the field “exchange rate date” below , and the exchange rate table used is the exchange rate table selected in the window system information in the set - up module . please note that maconomy performs currency conversion even though the original amount has been registered in the same currency as the one specified in this field , which may give rise to discrepancies between the registered amounts and the amounts shown in this window .
maconomy analytix is built on the business objects intelligence platform and delivers a single point of security and administration for all users , reducing overall implementation costs . this approach provides organizations with full control of the functionality available to each user according to their security profiles .
• fixes an issue that could cause users to be unable to edit a timesheet after turning use of pin code on or off • approval of timesheet lines for project managers and entire timesheets for supervisors ( requires maconomy 2 . 1 ) • performance improvements • numerous ui enhancements
deltek people planner , fully integrated to deltek maconomy , bridges the common gap between project planning and resourcing planning within professional services organizations . people planner delivers accurate , achievable plans that consider and balance project budgets , internal and external resource needs , time frames , and available capacity .
deltek maconomy’s financial management capabilities deliver improved efficiency and greater and control of your back - office processes . they improve working capital by providing an end - to - end financial engine that underpins all project , time and expense , resource planning , hr , and crm activities across your organization .
with a system as customizable as maconomy , the ideas may be endless but the time you need to devote to testing new upgrades can be taxing . however , deltek has been great at walking us through new functionality and is always there as a resource to help us through any issues that arise .
deltek maconomy integrated enterprise solution delivers increased business control and maximized project profitability , and supports a wide range of functions that powers key processes across professional services firms , including contract and project management , time and expense registration , resource planning , financial management , client management , human resources and business intelligence .
an unusually short lifespan might indicate that your maconomy ancestors lived in harsh conditions . a short lifespan might also indicate health problems that were once prevalent in your family . the ssdi is a searchable database of more than 70 million names . you can find birthdates , death dates , addresses and more .
in this field , you can specify the currency in which asset prices should be displayed . asset prices will be converted into and displayed in this currency . if the current user has been assigned to a company in the window users , maconomy suggests the company base currency of the company in question .
established in 1994 in bulgaria , fts group has developed rapidly and have expanded its business with its own offices in the netherlands , russia , ukraine and partners in poland , hungary and the czech republic . fts is a microsoft gold enterprise resource planning partner and a deltek gold partner for maconomy erp .
in this field , you can specify an exchange rate date . when converting amounts into the reporting currency , maconomy uses the exchange rates valid on this date according to the enterprise exchange rate table selected in the window system information in the set - up module for conversion of currency amounts . see also the field “reporting currency” .
deltek maconomy human resources ( hr ) provides the basis for your hr department to attract and develop employees to get the most out of your key assets . the solution also ensures that you retain high performers by providing them with the right mix of compensation , benefits and career opportunities that maximizes their continued contribution to the financial success of your business .
deltek maconomy time and expense registration simplifies time and expense capture for professional services organizations to allow your employees to concentrate on what they do best â€“ leveraging their skills and expertise to better service your clients . the solution ensures accurate and timely time collection which is key to optimizing project and resource management , managing costs and driving profitable behavior throughout your organization .
deltek maconomy analytix offers a collection of standard reports designed to cover the core business needs of professional services organizations . you will be able to answer current business questions by using the standard reports or by adjusting them to meet their information needs . in addition , you can edit queries , personalize and format the standard reports , and then schedule them for automated distribution .
business users are provided with immediate information access and interactivity with the maconomy analytix ad hoc query tool . the flexible and intuitive interface has powerful query and reporting features allowing your business analysts and non - technical users to answer their ad hoc queries . you can also create queries and reports in offline mode , and synchronize data when you reconnect to the network to share the results of the analysis created .
users can easily access , format , explore , compare , analyze data , and identify trends in a single environment without needing to implement a separate tool for analysis . maconomy analytix offers a feature - rich , interactive interface with extensive formatting capabilities , microsoft office familiar toolbar , and right - click menus . you can change , format reports , and drill down into data for deeper insight for more effective decision making .
deltek maconomy delivers streamlined sales processes for professional services firms . the opportunity management features enable you to handle the complexity of project - focused sales , and you can create estimates and forecasts based on scopes and deliverables ( phases , activities and milestones ) by planning hours , procurement , subcontractors , etc . successful opportunities can be converted to projects so that all information from the sales process can be re - used in the delivery phase .
hours and expenses entered in the project costing module are available immediately for invoicing in the finance module to accelerate your invoice process and ultimately improve your working capital . with our integrated system , these registrations are visible across the entire deltek maconomy solution . this fully integrated capability greatly enhances the foundation for project progress with project managers having online access to real - time reports and business intelligence , which they can slice and dice the way they need .
deltek maconomy project management aids all roles inside your organization that are involved in winning new business , executing projects , and satisfying your customers : sales and account executives are provided with the ability to properly estimate , budget and forecast new business opportunities ; project managers have effective tools to plan , execute and follow - up on project performance ; employees have dedicated and innovative solutions to ensure that their activity in the business is tracked accurately and effortlessly ; and finance executives are provided with the control , overview and confidence they require .
thank you to our customers for honoring us with the j . d . power award for assisted technical support .
respond to new business , scope changes , client demands and expanded service offerings .
get deep insight into clients , resources , projects , workflow processes and results .
build robust forecasts , track scope and cost at every step to ensure projects are delivered on time , on budget , and profitable .
ensure accurate invoices and reduce the time to get them out the door , reduce day sales outstanding ( dsos ) , and improve cash collection .
attract and retain high performers with the right mix of compensation , benefits and career opportunities and maximize their contribution to your company ' s success .
know everything about your business , any way you need to know it , with customized dashboards and reports .
a complete system available in the cloud — connect your entire firm on a single system .
manage every relationship between your firm and its customers . nurture relationships and generate growth in just a click .
gain a complete view of your entire firm ' s current and future capacity so you can always know who ' s available .
budget with confidence and make accurate analysis of your business operations because you can compare actual , budgeted and committed figures .
discover how pöyry implemented a new erp system to approximately 5 , 500 employees in 40 countries .
enable your employees to enter time and expenses on - the - go , anywhere , anytime .
see how 2 . 1 steps up to serve the distinct needs of professional services firms .
deltek is the leading global provider of software and solutions for project - based businesses .
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nasdaq is fully supporting the eu vision on a capital markets union ( cmu . ) however we think that some things in the cmu action plan needs improvement . we have launched a white paper giving our view on this important topic . read the full white paper »
ensure accurate invoices and reduce the time to get them out the door , reduce days sales outstanding ( dsos ) , and improve cash collection .
attract and retain high performers with the right mix of compensation , benefits and career opportunities and maximise their contribution to your company ' s success .
know everything about your business , any way you need to know it , with customised dashboards and reports .
discover the capabilities of the industry’s leading postmodern erp for global professional services firms .
learn how erp adds value to your business through centralising processes and shared services .
your personal information , including your email address , will be held in the strictest of confidence and will never be shared with anyone as stipulated in our privacy policy .
getting a full overview of last year’s engagements and breaking it down by relevant categories can be a daunting and time - consuming task — unless you have a solution that brings you this information with a few mouse clicks . you will also be able to plan your work for the next month , quarter or year with automatic integration to the rest of your workflow .
capturing and billing just one extra hour per month ( at £150 per hour ) can boost the bottom line of a 100 - person firm by £180 , 000 a year .
in addition to full financials , there are features for time and expense management , resource planning , client management , hr and business intelligence .
product is easy to use . navigation is really straight forward . can easily learn to use the software in a day .
sometimes the application would freeze but closing browser and re - opening would work . would not work properly on certain web browsers .
as a back office user and administrator , i like the integrated solution . it means quicker invoicing process and tighter controls .
the upgrade process is very labor intensive . it does get easier with each upgrade now that we have super users and better documentation .
what i like most about this product is that it is not complicated and is very easy to use and understand .
overall it is a great product . i have been a part of the implementation team for two companies and it was night and day once deltek came online . things i learned : tips : 1 ) run at least a 3 month if not a 6 month parallel with your old system , with your old system generating the live invoices . 2 ) work out any bad numbers or problems in your old system , the one you know well , before migrating to the new system 3 ) project set is the key . the system is based on how the project is originally set up , so make sure your staff is 100 % comfortable in performing the project set up . 4 ) have someone on staff who has gone through an implementation before , is very helpful .
project detail - the ability to understand the financial picture of your project or company from the highest level down to the charging level . government bids - allows the company to bid on cost plus type contracts with the confidence that the cost will be tracked and be reported to the government ' s satisfaction .
it is not a system you can sit down and in a couple of days figure it out intuitively . it is conceptually difficult to understand , if you have never used a system like this one .
both time attendance and costpoint are very user friendly . extensive training is not needed . very well built especially for government contracting company
there are no cons really . i heard that they are costly , but i don ' t know how much it is exactly since i ' m not involved in its procurement .
great user experience . the scalability of this product allows it to perform for any size organization or application .
need to streamline screens needed for client invoicing . this process is a bit too involved and would benefit from a few less processes .
the software seems to be powerful . it combines project accounting , resource management , project management , time / expense management and business development in one product . deltek is easily accessible in it ' s web - based format .
too many places to look for the information that i need . reports generated include far too much irrelevant information . not near user - friendly enough for ' general use ' .
the software works well , and if you take advantage of the workshops and learning tools , it can do a myriad of tasking for you , with reporting at your fingertips .
i love the windows based functionality . the product works well for all company sizes . we use it for government contracting and it is easy to set up and maintain . the support services are very good and the experts typically know their stuff .
it ' s expensive , and you pay extra for the top level support . training does not come with the software package so you have to take their classes ( for an additional fee ) or hire a consulting team . we went with a consultant . next time , i ' d go with deltek . . .
it ' s been a few years since i have used the software but from what i remember it was a great product .
there are so many different modules that can be set up and all used together to get reporting done accurately . i liked that the employees travel reports could be entered and reviewed . i liked all of the different options for what reports we could run . it has a lot of options you just have to figure out how to use the product to get the most out of it .
setting up some of the modules was time consuming and a little difficult . maybe a better training or a video could be done for hands on help .
i like deltek and have used it for years now it works well for what it is .
great report compatibility . looks rather self - explanatory making things easy to figure out without a lot of hassle . really if you know what your doing this is a great system to use .
feels a little out of date with the interface , but really its a good system and clean looking . it doesn ' t have a lot of flash and that ' s just right .
we love the ease of use . the accessibility of accessing vision anywhere , not just at the office . pm ' s love being able to stay on top of their projects profits .
deltek provides a great single source software solution for managing and running a medium to large size professional services firms such as those in the engineering and architectural fields . it is important that the platform be used as closely to
out - of - the - box
as possible . while the system is customizable , it is best to use the configurability capability of the system and avoid significant customization of the product to reduce future pain from updates and system fixes .
the deltek vision platform provides an
one - source
integrated package for the executive team to understand the state of the business which combines data from accounting , sales and business development , marketing intelligence , project management , resource planning and hr and staff information and management tools without the need to integrate separate software solutions . the developing mobile platform and apps will further enhance this platform solution .
prior to the introduction and development of the iaccess portal , the systems were cumbersome and difficult to use for the user that did not spend a majority of their time in the deltek vision portal . those challenges are quickly being addressed as iaccess portal is further refined and developed .
i ' ve been using this software for over 11 years for accounting , time sheets and expense reports . the system is easy to navigate and i only had to walk through the steps one time when showing a newbie how to navigate the system . i give it a thumbs up .
the only problem that i have discovered is that a few of our employees using the mobile app upload their receipts on their phone . that shows indicates its in the and there might be a glitch in the system that once it shows you have an attachment but when reviewing it i get an error message that there is no attachment to view .
when using this software , it is easy to maneuver from one screen to another . you don ' t have to close out of a section you are working in to go into another section . you can customize the cells to your preferences of entering .
there are not enough options to create reports and pull certain information . there were better reporting options in costpoint 6 . this makes it more time consuming because you have to use other programs such as cognos to get all the information that you need to do your job .
i overall enjoy the product , and have enjoyed it for many years now . i do recommend this software for project based industries , but i would like to see some reporting enhancements and more customization features .
it ' s a one - stop - shop for project management and hr . there really isn ' t a need for other software programs , and minimizes the use of excel . it ' s so easy to use that it ' s hard to use , but once you understand it ' s basic functionality , you pretty much understand the way the software works .
if there ' s an option that i want , like adding a new billing status , that is not easy to do . report writing should be an option all of the time - there are very specific reports that i want and it ' s not easy to get that - i usually have to pull 3 - 4 reports , export into excel and format myself . i don ' t want to have to active the cloud , learn sql server / vision studio and reporting , and upload to be able to get the report that i want . other than those things , the software is brilliant .
i enjoy working with this software . it has made a huge impact on efficiency in our office . i have recommended to others and will continue to do so !
the software is user friendly and reporting is on point . the project command center makes getting information on a project easy .
we have contracts with multiple tasks . each task under a contract has to be entered into the system as a project . which is fine because we need to track each task but it would be nice if we could track the contract as a whole too .
deltek is very user friendly and very easy to use . i ' ve used several deltek platforms through the years and i really enjoy there approach . it ' s easy to download almost any report as a word doc , excel doc or pdf .
it ' s really difficult to close jobs from the database , eventually server storage could be an issue . i wish customer service was better , however i have no problems recommending the product .
the platform is user - friendly and the report system is top - notch . getting information on a project is easy courtesy of the project command centre .
they offer little training on how to use the software , they offer customer support only through customer service portal case submission . the backend is not user - friendly
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to make touch works better for you , we deliver updates regularly . this update includes minor bug fixes and usability improvements .
this release contains the main enhancements listed below as well as some minor enhancements and bug fixes . please read the release notes for deltek touch for more details . •support for absence by hours •automatic receipt name •usage statistics •minor enhancements to the search functionality
this release contains the main enhancements listed below as well as some minor enhancements and bug fixes . •absence requests and approvals •purchase orders •enhanced pin security
this release contains a correction for a problem where some users were unable to log on to touch with single sign on .
this release contains the main enhancements listed below as well as some minor enhancements and bug fixes . • password management • expense justification • support for sso with microsoft azure • registering and approving time in days • notifications for rejected expenses and mileage
the main feature in this release is the availability of the restful web services in touch . in addition it includes some minor bug fixes and enhancements : - auto - completion of domain name - time increments of 2 , 5 and 10 minutes - all screens available as default screen - users are now enforced to use pin - touch no longer supports http
this release includes some minor bug fixes and enhancements for quick capture and job favorites .
this release fixes a problem introduced with the 1 . 4 app where users upgrading their app from a previous version to 1 . 4 would experience log - in problems .
deltek touch now supports registration of expense and mileage sheets . registration of expense sheets includes the ability to use the native camera of the mobile device to capture an image of a receipt and attach it to an expense sheet .
requires ios 9 . 0 or later . compatible with iphone , ipad and ipod touch .
up to six family members will be able to use this app with family sharing enabled .
more ways to shop : visit an apple store , call 0800 048 0408 or find a retailer .
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historically , surnames evolved as a way to sort people into groups - by occupation , place of origin , clan affiliation , patronage , parentage , adoption , and even physical characteristics ( like red hair ) . many of the modern surnames in the dictionary can be traced back to britain and ireland .
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this window shows the changes made to an asset since it was created in the system . for audit purposes , all changes must be explained . the explanation is entered in the “note” field .
here you define a period from which to see changes made to the asset information .
this field displays the name of the company specified in the field “company no . ” above .
this field displays the currency used as base currency in the company specified in the field “company no . ” above . see the field “base currency” in the window company information in the g / l module for a detailed description of the concepts of company base currency and enterprise currency .
this field shows the number of the company for which the current asset post has been registered .
this field shows the currency that has been selected as the base currency of the company to which the current asset post belongs . for a detailed description of company base currency and group currency , see the description of the field “base currency” in the window company information in the g / l module .
this field shows the size of the transaction in the base currency of the company to which the current asset post belongs .
here you can select an asset group . if you leave the popup blank , the printout will include all asset groups .
in this field , you can select which layout to use for the printout . if no additional layouts for the current printout have been added in the window print layout in the set - up module , “standard” is the only option .
most marketing and pr agencies can talk anecdotally about past performance – who they’ve worked with , the award winning campaigns , and how profitable they have been . but fewer agencies are able to predict or plan for the future performance of their business based on accurate historical data .
this is one of the top business challenges that i hear from leaders in the marketing and pr industry .
they all know that they need insight into their past activity in order to make strategic business , but their business processes are not always set up in such a way that allows the key data to be recorded and reported on .
the numerous successful projects of fts proved the company as a trustworthy partner that supplies innovative it solutions . today fts is a leading integrator of erp systems in central and eastern europe .
the strategy of fts as a company is to offer innovative it solutions that are based on erp systems with rich functionality by global vendors . due to its unique experience in the region , fts localizes and adapts the systems according to the specific business requirements of the central and eastern european countries .
the services that fts provides aim to ensure fluent and efficient workflows in customer’s organization through development of a modern enterprise information system , which helps company management in decision - making at each level .
the successful results for each projects are guaranteed by the fts team of professionals .
fts is the first certified partner for microsoft dynamics ax in bulgaria . microsoft dynamics ax have proved itself as a leading erp systsem thanks to its features , the professional attitude and the efforts of the fts team and , of course , the support of a global it leader . since 2008 fts is a microsoft gold certified partner .
global organizations can provide multilingual information access to their users . this allows your business users working in the same organization , but based in different countries , to access the same information but view it in their native language .
collaborative decision - making is effectively supported via threaded discussions , which allows your users to discuss insights and share documents . this results in increased user confidence in the important business decisions that you make .
since the crm module is part of a fully integrated business solution , account managers and other employees can access a full 360 degree overview of their customers – from opportunities to projects , contracts , accounts receivable as well as past and future activities . powerful tools for segmentation , customer data analysis and customer profitability help you prioritize , develop and terminate your customer relationships .
a full set of integrated ledgers handles the flow of real / time data across your entire organization . reliability is ensured , and access to data is instantaneous ï¿½ with the structures and tools in place for you to highlight and get to the root cause of any problems .
administration of employee equipment ( company cars , laptops , mobile phones , etc . )
people planner enables resource managers to optimize resource planning and resource scheduling using a real - time overview of availability when creating plans . this ensures that you will increase profitability and utilization and get full insight into what people are working on at all times .
project managers can plan , manage and follow up on projects with simple or complex structures and assign people to tasks based on their availability and skills to ensure improved planning accuracy , billing and profitability .
easy to use , comprehensive scheduling functionality allows both resource managers and employees to make appointments for themselves and others in a web - based interface . integration to microsoft outlook avoids the need for having two planning systems , and resource plans are directly available to your employees in the calendars that they already use each day .
our time and expense registration solution offers a host of innovative tools that offer your employees instant access to an interface that is intuitive , easy to use , and accessible from anywhere . in this way , entry into the system is not postponed until the last minute where it is more likely to result in time and expense errors and potential queries to the dissatisfaction of your customers . the system allows for precise and prompt project manager and resource manager approval requirements that can easily be setup and enforced to deliver the control your business requires .
deltek vision a full erp system designed by deltek for professional service firms and government contractors .
deltek first essentials a full erp system designed by deltek . formerly gcs premier .
deltek enterprise project management ( epm ) a project management application designed by deltek .
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another , entirely separate park national bank is a chicago-based bank owned by fbop corporation , with branches in chicago and several nearby suburbs .

the chicago bank failed on october 30 , 2009 , and was taken over by the federal deposit insurance corporation , with the bank 's assets later being sold to us bank .

park national bank ( fbop )

park national bank , fbop is on angellist , where the world meets startups .
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california national bank is unrelated to l . a . - based national bank of california , which has five branches .
sun sets on park national : a rain puddle shows the reflection of park national bank administrators outside the bank friday evening while federal regulators were inside arranging its takeover . jason geil / staff photographer
by 2008 , fbop ' s three california banks - california national bank in los angeles , pacific national bank in san francisco and san diego national bank - had almost $ 700 million of fannie and freddie stock on their balance sheets ; park national ' s tally was about $ 100 million , watts recalls .
customers with loans from california national and the other fbop banks were advised to continue making payments .
the bank plans meetings sunday to further brief california national workers , he said .
eight smaller banks owned by fbop , a privately held oak park , ill . , company , were also taken over by regulators and acquired by u . s . bank . they include san diego national bank , with 28 offices , and san francisco ' s pacific national bank , which has 17 .
support : employees outside the main branch of park national bank , at 11 madison st . in oak park , on friday , oct . 30 , the bank ' s last day . jason geil / staff photographer
terry finnegan worked for park national bank for seven years . he left , on good terms , in 2008 to start his own business .
davis , also a democrat from chicago , said park national ' s fate was a
shame .
virgil crawford addressing a community meeting in maywood , ill . , where residents are angry that regulators didn’t rescue a local bank , park national .
all deposit accounts have been transferred to u . s . bank national association ( u . s . bank ) , minneapolis , mn (
assuming institution
) and will be available immediately . the former park national bank locations will reopen as branches of u . s . bank during regular business hours .
oak park - based fbop is privately held by kelly , who built the company by making bank deals nationwide . about $ 12 billion of fbop ' s assets are in california banks . it also owns institutions in arizona and texas .
regulators seized los angeles - based california national bank on friday night in the country ' s fourth - largest bank failure this year .
if you or your company provided a service or product , leased space , furniture , or equipment to park national bank after friday , october 30 , 2009 and have not been paid , you do not have a claim against park national bank . please follow your normal billing procedures by providing an invoice as instructed .
neither u . s . bank nor park national was a major originator of mortgages in maywood or the chicago area . but u . s . bank is a custodian of bonds containing those mortgages .
the sad thing about park national bank is that its financial problems resulted from freddie mac and fannie mae ' s demise and not from toxic loans . park national invested in what everyone thought were safe investments . it is very sad that the federal government turned its back on this situation .
the 31 branches of park national will reopen saturday under the ownership of u . s . bancorp . the failure of the fbop banks is expected to cost the fdic about $ 2 . 5 billion .
regardless of the misfortune of park national bank , mike kelly has made a significant and long - lasting impact on our community that extends beyond the circumstance of today .
that would create
opportunity for selective branch consolidations ,
the bank said in an online presentation on the fbop deal .
the fdic had allowed prospective buyers to make offers for individual fbop banks as well as for the whole company . u . s . bancorp vice chairman joseph otting said u . s . bank was able to work out an offer for all the banks because it already was committed to growing in southern and northern california and in chicago , where fbop owned park national bank .
mr . grace and others say they are well aware that u . s . bank isn’t responsible for all the foreclosures . but they also said that by acquiring park national bank , u . s . bank accepted the community’s expectations set by mr . kelly .
later that same day , fbop ' s nine subsidiary banks - including the $ 4 . 7 billion - asset park national - were seized by regulators and sold to u . s . bancorp at a steep discount .
west suburban pads was on the receiving end of mike kelly and park national bank ' s generosity for many years . i ' ll never forget meeting mike for the first time .
there was no immediate word on layoffs , but u . s . bank sought to allay fears at california national .
but u . s . bank officials say they are dumbfounded that they are being singled out . “we agree that foreclosures are a huge problem , ” says steve saloutos , executive vice president of u . s . bank’s midwest division . “it’s not a park national problem , or a u . s . bank problem , but a national problem . ”
mike kelly and park national bank understood that there was more to banking than single - minded profit seeking . before the term
community banking
was popular , mike was practicing it .
while park national is no longer with us , the individuals that made park national what it was , including mike kelly , are still part of the community . it is too early to say what the full impact of park ' s passing will be , but the people of park national will continue to support the community and will do all they can to ensure that u . s . bank steps up to the plate . it will never be the same , but that spirit of service is , perhaps , the best legacy that mike kelly has left us .
in july 2009 , the agency notified the fdic of its intent to close seven of the nine banks . park national and the $ 120 million - asset citizens national bank of teague in texas were not included on the list , but park national was cited as a
deteriorating problem institution with financial and managerial weaknesses ,
mitchell glassman , director of the fdic ' s division of resolutions and receiverships , testified to congress .
fbop ' s owner , billionaire michael kelly , didn ' t return a call seeking comment .
he said he eventually approached u . s . bank to see if it would take over park national’s commitments . u . s . bank sent a team to the school to meet students , and it eventually decided to substantially match park national’s commitments — not only money but also jobs for students . “you couldn’t argue with the value of what the school was doing , ” says mr . hartnack .
your transferred deposits will be separately insured from any accounts you may already have at u . s . bank for six months after the failure of park national bank . checks that were drawn on park national bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account . if you have questions about your account ( s ) transferred to the assuming bank , you may speak to an fdic representative by calling 1 - 800 - 450 - 5668 .
federal banking regulators should have given park national bank and fbop corp . more time to see if it could come up with capital to regain its solvency . [ fbop corp . ' s banks taken over by feds , web extra , oct . 30 ] after all , unlike other banks which made unsound loans in unsteady markets , fbop ' s downfall was to invest in fannie mae and freddie mac - not exactly speculative investments as most people would understand that term . help was on the way .
it also is the biggest illinois institution whose banks have required government intervention since continental illinois in 1984 . park national and community bank of lemont are the 18th and 19th illinois banks to be seized this year .
california national bank , with $ 7 . 8 billion in assets and $ 6 . 2 billion in deposits , is the fourth - largest commercial bank based in los angeles county . only city national corp . , east west bancorp and cathay general bancorp are larger .
the timing was awkward . the government shut down $ 4 . 8 billion - asset park national on the same day that its community development arm , park national bank initiatives , received $ 50 million from treasury secretary timothy geithner in chicago on friday . that money is intended to stimulate investment in low - income communities for such projects as charter schools , health clinics and stores .
across the country , many have bemoaned the loss of locally owned banks , worrying that a faceless national bank will have little interest in a community — aside from making profits . perhaps nowhere has that issue played out more publicly than in the chicago area , where mr . kelly’s park national bank was as well known for its philanthropy as for its financial products .
claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure . if you or your company provided a service or product , leased space , furniture , or equipment to park national bank prior to friday , october 30 , 2009 and have not been paid , you may be entitled to a claim against the bank . if you provided a product to or a service for park national bank prior to the bank ' s failure for which you have not been paid and you have not received communication , please contact :
the park national shutdown occurred after several illinois congressmen , including reps . bobby rush and danny davis , and u . s . sen . roland burris called the fdic asking it to delay closing the bank for at least a week , said marilyn katz , a bank spokeswoman .
for most of this decade , i have had the privilege of working at park national bank , an organization that was so much more than a bank . it was a vital part of oak park and the greater chicago community . it played a vital role in economic development , housing , education and financial services in underserved , economically depressed neighborhoods throughout chicago .
the driving force behind that activity was mike kelly . he was not alone , however . his commitment and generosity inspired that same spirit in those who worked with him . many park national employees volunteer and serve on the boards of oak park nonprofit organizations . park national and its employees have provided significant financial resources to many area organizations through corporate and individual contributions , and through the provision of financial products to meet their needs .
fbop was still in good shape as the second quarter of 2008 ended . just over a month later , fannie and freddie were seized , reducing the value of some $ 885 million in securities to zero overnight . several weeks later , fbop lost another $ 100 million when wamu failed . fbop had purchased wamu paper when it was rated investment grade . in less than a month , fbop had lost 63 percent of its tier 1 capital .
by the fdic ' s calculations , if park national and citizens failed later - a distinct likelihood , given the volume of loan participations among the banks - the total cost would be $ 2 . 91 billion ; applying the cross - guarantee provision and seizing park national earlier lowered the cost to $ 2 . 54 billion , saving the fund $ 316 million . and so park national joined a list of failed institutions that now numbers more than 200 since the fall of 2007 , and still has a ways to grow .
u . s . bancorp of minneapolis , through a loss - sharing deal with the federal deposit insurance corp , . will assume all the deposits and most of the assets of the nine failed banks , including park national bank of chicago .
mike kelly put the community first with his bank in a supportive role of community objectives . whether it was quick action on behalf of village government or continued support of our local nonprofit groups , park national was truly a community - wide partner .
fbop was built from scratch by kelly , an aggressive but intensely private entrepreneur . he bought first bank of oak park in 1981 and then made a career of swooping in on ailing banks in chicago and the sun belt , buying them cheap and improving their results dramatically .
but there are two losses here beyond a new name going on an old bank . park national was unusually aware of its community , and creative in providing financing that would help not only oak park , but also austin and other neighborhoods , including pullman , to build new assets in their communities . that local focus and community awareness is now gone .
the company acquired nearly 30 troubled institutions at bargain prices over the years . those rehabilitation projects gave kelly three small banks in texas and one in arizona , and a $ 12 . 5 billion - asset , three - bank california franchise to complement park national .
park national bank initiatives is redeveloping 200 acres in pullman and has provided zero - interest loans for christ the king jesuit college prep and chicago jesuit academy . in west garfield park , it ' s a partner with bethel new life and thrivent financial to offer banking products to low - income consumers . it has also partnered with neighborhood housing services of chicago .
i thought that if and when the moment came i would be sad . resigned . depressed . and yet when the news really sank in saturday morning , i became furious . raging . apoplectic . park national bank and its parent corporation , first bank of oak park corp . , had been shut down by the federal deposit insurance corp . regulators swooped in friday night and branches were re - opened saturday under the u . s . bank flag . fdic officials and u . s . bank employees were on hand to calm fears , answer questions and put on a good front for customers and bank staff alike .
in chicago , where fbop also owns community bank of lemont , it is a lesser player . it has 33 total offices and local market share of 1 . 24 percent , ranking 14th .
at the meeting at hope church , mr . hatch applauded u . s . bank for making some steps , like investing in schools . but like many others that night , he dispatched with niceties , and threatened to send busloads of protesters to u . s . bank’s headquarters in minnesota unless it started acting more like park national .
fbop has total banking assets of $ 19 . 4 billion , which made it the third - biggest bank owner headquartered in illinois , after hsbc north america holdings inc . and northern trust corp .
for more than a decade , a silver - haired banker from river forest named michael e . kelly — owner of park national bank in the chicago area and eight others around the country — took an unusual interest in maywood . he did things most bankers don’t do .
as the first new catholic high school on the west side in 85 years , it owes its existence to michael kelly , but when park national folded last fall , christ the king’s future suddenly looked bleak .
the 68 - branch bank , a unit of fbop corp . , was immediately acquired by the u . s . bank unit of minneapolis - based u . s . bancorp , with no losses to be incurred by depositors , the federal deposit insurance corp . said .
i consider mike kelly one of oak park ' s gems . the news of his bank being taken from him is one of the most unjust stories i have heard .
jackie leavy , a founder of the coalition to save community banking , said the bank hadn’t been transparent in its intentions . for instance , she says , u . s . bank has taken over and renamed park national’s nonprofit arm , which rehabbed homes and redeveloped blighted areas , but has declined to say how much money it is putting into it .
at christ the king jesuit college preparatory , the school to which park national pledged a no - interest loan , the bank is seen as a hero . the school caters to motivated low - income students who agree to work one day a week to cover most of their tuition costs .
the nine fbop banks had combined loans and other assets totaling $ 19 . 4 billion as of sept . 30 , the fdic said .
on friday , october 30 , 2009 , park national bank , chicago , il was closed by the office of the comptroller of the currency , and the federal deposit insurance corporation ( fdic ) was named receiver . no advance notice is given to the public when a financial institution is closed .
mr . kelly’s banks were also known for generous charitable donations and a commitment to low - income areas , particularly in the chicago area . for instance , park national pledged a $ 27 million , interest - free construction loan to build a jesuit preparatory school in austin , a predominantly african - american neighborhood that abuts oak park .
before the downey and pff deals , u . s . bank had 79 branches in the los angeles - orange county area , a spokeswoman said . the fbop acquisitions will bring its total in the area to 241 .
all of the banks , especially park national , were reflections of kelly ' s values , and he clearly liked calling the strategic shots . he owned 100 percent of fbop , and sold only debt - mostly trust - preferred securities - but never equity , to maintain control . he also ran at a very low tangible equity ratio , providing relatively less room for error .
the los angeles - based , 68 - branch bank is immediately acquired by the u . s . bank unit of u . s . bancorp .
but , of course , park national is now out of business . so are mr . kelly’s other eight banks , which were also acquired by u . s . bank last october . the federal deposit insurance corporation said the cost of the failures to its insurance fund was $ 2 . 5 billion .
sorry to hear about the fdic takeover . park national was a good friend to the north avenue business association . they were very generous in supporting our programs through the involvement of their employees as board members and by attending our functions .
u . s . bank officials , clearly vexed by a groundswell , say they intend to honor all of park national’s outstanding commitments . but they also say the level of charitable giving will probably decline to match donations in other areas where u . s . bank has branches . because of the complexities of the modern mortgage business , the bank also says it has little legal ability to modify local mortgage loans that it did not originate but for which it acts as trustee .
in a story that has gained much notoriety in chicago , the treasury secretary , timothy f . geithner , awarded a park national subsidiary $ 50 million in tax credits on the morning of oct . 30 , 2008 , to help the bank finance schools , retail development and a community center on the city’s south side .
“the determinations to place the fbop banks into receivership were consistent with , or required by , the statutory scheme congress put in place , ” she said .
mr . hartnack also points out that fbop concentrated its donations in the chicago area . u . s . bank , he said , tries to spread donations fairly among its more than 3 , 000 bank offices across the country . as a big publicly traded institution , u . s . bank also has to consider shareholders who would undoubtedly frown if 20 percent of its profits went to charity .
u . s . bank , though , has made some friends in chicago .
“it’s probably reasonable to expect some diminishment in total giving but not reneging on commitments , ” mr . hartnack says of his bank’s takeover of fbop . “we’ll gradually not make as many new ones until we get the numbers in balance . ”
otting said representatives of his bank met friday evening with california national employees at all the branches , telling employees who work face to face with customers that they could keep their jobs and back - office workers that they would be allowed to apply for other jobs at u . s . bank .
park national also helped to create a community savings center on the west side of chicago that provided low - cost banking services and financial counseling to people who normally don’t use banks . and it set aside $ 20 million to help homeowners facing foreclosure .
u . s . bank’s evolving policy in the chicago area has created a fair amount of angst , in part because the bank donates 1 to 2 percent of its profits . besides its donations , the bank provides billions in community lending and investments .
while fbop was bigger than the typical community bank , its tale has emerged as exhibit a in a growing national debate over washington ' s handling of troubled small banks . in january , a congressional subcommittee used its collapse as the centerpiece of a hearing - subtitled
examining the failure and seizure of an american bank
- that brought testimony from kelly , several regulatory officials and west side community development leaders , some of whom bussed all the way from chicago .
learn if your bank is insured , view locations , track history , and more .
eight months after park national’s closing , anger continues to boil , in part because of the unusual circumstances surrounding its demise . and residents rankle because the federal government decided to bail out megabanks like citigroup , deemed “too big to fail , ” while letting a beloved community bank go under . in that context , outrage — and hyperbole — reign .
but it ' s a subjective exercise . park national itself had a 9 percent capital ratio , considered
adequate ,
according to watts . moreover , community leaders and some members of chicago ' s congressional delegation argued that this relative health , combined with a mission of supporting underserved neighborhoods , earned the bank some additional time to find capital .
mike was not defined by park national - it was a reflection of him . he is a generous and caring person who touches many lives . he is a great leader and wonderful role model . i am sure we have not heard the last of mike kelly .
there ' s more than a little irony that kelly , the grandson of a banker who committed suicide during the great depression , found himself in this predicament . a workout specialist who honed his skills in the 1970s with wells fargo & co . predecessor minneapolis - based northwestern national bank , kelly bought the faltering first bank of oak park in 1981 , and within a decade transformed it into one of the top - performing banks in the country .
please see a borrower ' s guide to an fdic insured bank failure for additional information .
in early september , the fdic began marketing the seven banks on a standalone basis and in combination with each other . to test the waters , park national and citizens were offered , without a loss - share agreement , but no takers were found . on october 20 , the agency received 41 bids from 18 bidders for some or all of fbop . the best deal for the seven banks in immediate danger would have cost the dif $ 1 . 85 billion .
fbop banks also provided $ 583 million in that two - year span for community development loans , including such things as affordable housing and inner - city redevelopment , he told congress .
when the credit and real estate markets subsequently fell apart , the deterioration of fbop’s loan portfolio , particularly in commercial real estate , accelerated , federal regulators testified at the january hearing .
kelly said fbop had been working to obtain $ 750 million from private investors but was unable to present an acceptable proposal to the regulators when a deadline for raising capital expired friday .
according to congressional testimony and former colleagues , mr . kelly took over the first bank of oak park in 1981 , and built it into an enterprise with about $ 19 billion in assets , largely by buying failed or underperforming banks .
he also ensured that the bank was there when the village board needed credit for special projects . finally , he was supportive not only of oak park theater groups but also the many other nonprofits that add to our quality of life .
along the way , fbop distinguished itself by doing good . nearly one - third of its 150 branches were in low - to - moderate income areas . six of the banks , including all of the big ones , received
outstanding
cra designations . in 2007 and 2008 , fbop banks made $ 55 million in
community donations and investments ,
kelly testified .
if you had a loan with park national bank , you should continue to make your payments as usual . the terms of your loan will not change , because they are contractually agreed to in your promissory note . checks should be made payable as usual and sent to the same address until further notice . if you have further questions regarding an existing loan , please contact your loan officer .
i can ' t even begin to list the individuals and organizations mike kelly supported . he opened up branch banks in austin because he saw a need and not because he was forced to because of a discrimination lawsuit . the loss of park national will be felt for many years to come .
the $ 18 . 3 billion - asset fbop had more than half of its balance sheet invested in the preferred stock of fannie mae and freddie mac - a capital strategy that was approved , some would even say encouraged , by federal regulators . when the treasury department abruptly placed the government - sponsored mortgage giants into conservatorship in september 2008 , fbop ' s capital levels plunged .
mr . hartnack , the u . s . bank executive , says that his bank has won over customers in the many markets it has entered over the years , and that it eventually will do so here . but he said big banks will never be mistaken for the old corner bank .
in some ways park national was like our very own bailey building & loan , and mike kelly was our george bailey / jimmy stewart . you ' re a good man , mr . kelly ; thanks for a job well done . your institution deserved a better fate , and so did we .
“fbop’s business strategy — which had previously been successful — left the bank vulnerable to the perfect storm of events that the fbop banks could not survive , including unforeseen and devastating g . s . e . losses , ” testified jennifer c . kelly , senior deputy comptroller for the office of the comptroller of the currency , the primary regulator for many of mr . kelly’s banks . fannie and freddie are known as g . s . e . ’s , or government - sponsored enterprises .
they didn ' t seem to take the components apart and ask , ' what will this do to our local community ? '
says steven mccullough , president of bethel new life , a chicago community - development organization that worked closely with park national .
our question is , why was a financially successful , model community - based bank not only allowed to die , but prevented from saving itself ?
“this was the finest community bank in america , ” says the rev . marshall hatch , a leader in the community banking coalition . “the loss of the bank is incalculable for our side of town . ”
he ended up owning nine banks in texas , california , arizona and illinois , all under the umbrella of his bank holding company , the fbop corporation . it was the largest privately held bank - holding company in the united states and , before 2008 , recorded 25 consecutive years of profits , according to mr . kelly’s testimony before congress in january , in a hearing prompted by the closing of his banks .
california national has had its share of lending problems . as of june 30 , the last time it reported its financial results publicly , the bank had five times as much foreclosed property on its books and twice as many non - current loans as it had a year earlier . but the bank ' s main problem was its loss on the fannie mae and freddie mac preferred shares .
over time , i came to appreciate the work of park national as i learned of the bank ' s investment in developing affordable housing and charter schools for low - income residents on the west side of chicago , and , of course , his famous philanthropic work for local charities . the housing crisis has left devastation vast and wide in its wake at all socioeconomic levels , and from the heights of corporations to our neighbors next door .
for all questions regarding new loans and the lending policies of u . s . bank , please contact your branch office .
fbop didn ' t get involved in subprime mortgage lending , but did have a knack for turnaround situations and working out troubled loans . attempts to reach kelly for this story were unsuccessful , but in his congressional testimony he noted that the company posted record profits for 25 straight years , and had historical net loan losses that were about one - quarter the industry averages . in their 2008 examinations , all nine fbop banks were well - capitalized with solid regulatory ratings , he added .
river forest resident michael kelly built a banking empire over three decades , making himself wealthy . on friday night , it all came tumbling down in spectacular fashion , as the government seized the nine banks run by kelly ' s fbop corp .
in any case , the loss of park national is more painful because i think most of us feel so helpless . we couldn ' t prevent the takeover , even with strong support from our representatives in the u . s . house and senate ; so we ' re left wondering
what next ,
and to that end , i don ' t think we know .
he says it’s a frustrating situation for the bank to manage , because it is essentially in the position of cleaning up other people’s mistakes . “do you isolate the bank that is the last one to put a sign on the building ? ” he asks .
protesters recently rallied against u . s . bank at a vacant apartment building in austin , the neighborhood near oak park ; the bank is trustee for the bonds backed by the property . the back door was ajar , and a pipe in the basement spewed water . the apartments were littered with dog feces and the detritus of past lives : birthday streamers over a doorway , a girl’s pink coat on a hook , computer monitors and dishes .
as just two examples , a few years ago he saw to it that our local head start program did not leave oak park by ensuring that it had a home . he also forged a unique relationship with bethel new life , the multi - issue community organization in east garfield park , so that west side chicago residents could be assisted in saving for housing and education .
in total , mr . kelly’s banks donated a total of $ 36 . 7 million to charitable causes in 2007 and 2008 . fbop , the holding company , chipped in a further $ 17 million in those two years , according to his congressional testimony .
when mr . mcghee , a vice president of u . s . bank , stood to address the crowd , he was interrupted with angry questions and chants . “we are very much aware of the impact park had on this community , ” he said . “that is not lost on us . we’ve taken copious notes . ”
kelly and his team immediately committed to raising enough money to get fbop ' s individual banks back to well - capitalized status . at the time , the company ' s credit quality still looked relatively good , and there was serious investor interest in the company .
william fanter , left , and robert mcghee , both of u . s . bank , listened to the complaints of politicians and residents .
“it is virtually impossible for a very large company to attain that same level of affection that a community bank has , ” he says , suggesting that the local banking model has become somewhat antiquated as more consumers bank online . “it’s a charming part of our financial history . ”
“basically , it amounts to the largest bank robbery in the history of the united states , ” says david pope , the oak park village president . as the new owner of mr . kelly’s banks , u . s . bank has become the unwitting lightning rod for local politicians and activists . they demand that the bank , whose parent , u . s . bancorp , had profits of $ 2 . 2 billion on revenue of $ 16 . 7 billion last year , curb foreclosures and replicate mr . kelly’s philanthropy ( which involved giving nearly 20 percent of annual profit to causes like education and affordable housing ) .
as fbop chairman and ceo , mike built and ran his banks with extraordinary integrity , a commitment to social justice and generosity . but perhaps what is so special about mike is his personal involvement , accessibility and close - up care for the well - being of others .
regulators have acknowledged the role of the gse conservatorships in the failures of fbop and some other institutions , but say rules are rules , and the fdic ' s primary mandate is clear : maintain the system ' s stability , while minimizing the costs to the deposit insurance fund .
mike understood that a healthy bank requires a healthy community , and vice versa . we have suffered a loss . who will now step forward ?
fbop ' s troubles began in late 2007 , as the crisis was gaining traction . in her congressional testimony , jennifer kelly described a series of
strategic decisions that , in retrospect , diminished the company ' s financial flexibility and exposed the banks in the company to failure .
when people read about the fate of fbop , i hope they understand that behind the story there is an incredible man , michael kelly , who has supported our community . he has put his money behind our business ventures , supported our nonprofit agencies and developed services in other communities .
in 2003 , the oak park public art advisory commission invited its friends and neighbors to our first cheney mansion fundraising dinner , for which we requested a hefty contribution to support the beginnings of the commission . we also introduced our concept of having a collection of public sculptures and murals throughout oak park . we reached the final week before the autumn dinner and were told any funds we had raised that were deposited with the village could not be used to pay for wine . it was a fundraiser ' s nightmare , until the light went on that there was one person in oak park whom we could call in a pinch - mike kelly .
u . s . bank officials say they are still working out the numbers and don’t feel compelled to share news of every donation with community activists .
this is a shock and a shame . they have always been a major supporter of oak park festival theatre and other groups in the community . it sounds as if the feds should have waited another week or two .
it looks as though the fdic is just not satisfied that the bank has the $ 600 million in new private equity that would take care of its capitalization needs ,
said davis , who thought fbop had lined up needed capital .
we ' ve been engaged in it all day , and the last call i made was to the white house , but i don ' t know the extent to which they can get involved .
the determinations to place the fbop banks into receivership were consistent with , or required by , the statutory scheme congress put in place to resolve banks . . . at the least cost to the deposit insurance fund ,
senior deputy comptroller of the currency jennifer kelly testified during the january hearing .
you may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with u . s . bank as long as the deposits are not pledged as collateral for loans . you may view more information about u . s . bank by visiting their web site .
taking such losses into account , the fdic estimated that friday ' s nine bank failures would cost the federal deposit insurance fund $ 2 . 5 billion .
the collapse of fbop ' s banks , attributed to losses on securities issued by the giant mortgage companies fannie mae and freddie mac , was the latest in a rash of financial failures that began last year with government takeovers of 25 banks . before friday , 106 u . s . banks had failed this year .
he had other problems , too . for years , he had prospered by scooping up other banks in times of trouble or lending when others pulled back . he followed the same instincts as the mortgage crisis began to go into overdrive , allowing fbop’s banks to expand their loan portfolio by 35 percent between 2007 and 2008 .
given the circumstances , u . s . bank officials said they contacted the originator of the mortgage , wells fargo , and urged it to board up the building .
on a tour of maywood , lennel grace works through a list of foreclosed homes for which u . s . bank is either originator , trustee or servicer . at some of the stops , members of the coalition to save community banking have put signs on the door that read , “another u . s . bank foreclosure . ”
fbop had hoped last fall that it could get money from the treasury department ' s $ 700 - billion financial bailout fund , kelly said . but in the end , he said , changes in the program
meant that we were no longer eligible .
a treasury spokesman couldn ' t be reached friday for comment .
one speaker , the rev . randall harris , led the audience in a rowdy chant . “u . s . bank ! ” he shouted . “step up ! ” others vowed more vigorous protests unless u . s . bank complied with community demands , which include establishing a $ 25 million fund to help stave off foreclosures . “we are ready to sit down inside your bank until you take action , ” said the rev . michael stinson . “it’s going to get real ugly before it gets pretty . ”
when a private - company option became available in mid - november , the office of the comptroller of the currency recommended to the interagency council overseeing applications that fbop be approved . but that council requested additional information . in the interim , the company ' s loan quality began to deteriorate precipitously , and the occ withdrew its support .
with that in mind , fbop began shifting its capital into a more
safe , liquid form ,
that could be sold quickly if the right chances emerged , watts says . that turned out to be fannie and freddie preferred shares , which had a better yield than treasury securities and were rated aaa - minus by the ratings agencies .
those close to michael kelly say he viewed the financial crisis as another opportunity to buy distressed banks . most of his previous deals came during bad times for struggling institutions that could be had on the cheap .
m & a was part of our history , and there was a feeling that acquisition opportunities would be coming our way ,
says watts , now president of $ 180 million - asset forest park bank in suburban chicago .
last fall , mr . kelly’s private banking empire collapsed , and his profitable , time - tested playbook as a banker and philanthropist failed amid his own misjudgments and the brutal headwinds of the financial crisis . at the direction of federal regulators , his nine banks were acquired by u . s . bank , the nation’s fifth - largest bank , based in minneapolis .
the way in which mike personally directed the bank ' s resources to help so many people is a powerful example to all of us of how to become a man for others .
the company tried to obtain additional capital , first from the capital markets and later the troubled asset relief program . but it was thwarted multiple times by government actions as it pursued tarp .
the rules kept changing ,
recalls daniel watts , park national ' s former president .
we thought early on we ' d get the money , and we didn ' t . then we thought we had it a second time , but didn ' t . . . . the ring just kept getting moved a little further from our grasp until we ran out of time .
bank officials say that as trustee , they have no authority to try to restructure mortgages . but that reasoning has done little to appease critics , who say banks are just passing the buck .
mr . kelly said regulators urged him to apply immediately for tarp funds and gave him verbal assurances that his application would be approved . but the first round of tarp money was directed at publicly traded banks , not private entities like fbop , and mr . kelly didn’t receive any aid . he testified that a second application for tarp funds stalled as regulators kept changing the criteria .
all interest accrued through friday , october 30 , 2009 , will be paid at your same rate . u . s . bank will be reviewing rates . you will be notified of any changes .
the company grew its loan portfolio 35 percent during the year ended in the third quarter of 2008 , filling a gap in a commercial real estate market that other banks thought too risky . it also bumped up loan participations among its various banks . in hindsight , such moves
limited fbop ' s financial flexibility and ability to absorb losses ,
the occ ' s jennifer kelly testified .
however , in my observation , the biggest loss to us is fbop owner michael kelly , who in addition to running his banks responsibly , also quietly provided financial and moral support to local people and agencies that needed it . like everything else he has done , most of these good deeds were done below the radar of publicity , because that isn ' t mike kelly ' s style .
online tool that helps how the insurance rules and limits apply to a depositor ' s specific group of deposit accounts—what ' s insured and what portion ( if any ) exceeds coverage limits at that bank .
the branches , mostly in los angeles and orange counties , were set to reopen as usual saturday or monday as branches of u . s . bank , which has been expanding rapidly in southern california .
also , the facility at north and austin was a great gateway into our business district . we hosted several business networking events at the bank ; we even got free checking ! while the community may suffer from the loss , it pales in comparison to the losses incurred by the employees , customers , shareholders and creditors of the bank . the north avenue business association wishes everyone involved good luck in the future .
whether fbop is a good choice for the role of industry martyr is another matter of debate . the company made its share of strategic mistakes , before and during the crisis , and got some help from nongovernmental sources . an ongoing lawsuit , for instance , accuses jpmorgan chase & co . of sabotaging the company ' s capital - raising efforts last may by calling a $ 246 million loan prematurely .
a board member arranged for him to visit us at our office , then in forest park . he was gracious and listened to me explain the work of our agency in a small , no - frills office . i was aware that he was an iconic , yet elusive , figure in oak park and river forest , but i had no idea at the time of our meeting how deep his good will , influence and generosity ran . a man of his stature would generally mean layers of subordinates before you could reach him , but that wasn ' t the case . he answered his own phone and returned calls promptly .
ely also is unmoved by the capital woes of fbop and other banks snared by collapses of fannie and freddie . while the regulators had approved the holdings , the gses ' potential demise had been rumored for months .
the question should be , ' why were they so heavily invested in the stocks of those two companies ? '
he asks .
you can ' t let the regulators make decisions for you .
“he’s from river forest , o . k . ? ” says lennel grace , a fourth - generation maywood resident . “if you talk to people in river forest or oak park , they say , ‘oh , poor maywood . ’ they kind of look down their nose . he’s not that kind of a person . ”
members of the coalition have also criticized u . s . bank for what they say is its hands - off policy on housing foreclosures . but the bank is in a difficult situation in that regard , given the structure of the mortgage market . individual mortgage loans were long ago pooled into bonds and then sold to investors as a means of — in theory — reducing investors’ exposure to mortgage losses and therefore allowing banks to underwrite many more mortgages .
what galls watts and other observers most is an apparent lack of flexibility on the government ' s part . fbop ' s franchise included seven banks in california , arizona and texas that were undercapitalized . under the so - called cross - guarantee provision of firrea , the federal deposit insurance corp . is required to seize all banks in a holding company if that appears to be the most cost - effective solution for the deposit insurance fund .
just when it was looking like the company would raise the money , however , tarp ' s capital purchase program was announced . the cpp created confusion in the market , and ground most capital - raising efforts to a halt . most agree that fbop would have been a strong candidate for early tarp funding that october . but treasury didn ' t have an option for private companies , because warrants were a big part of the equation .
u . s . bank , with $ 265 billion in assets , has 57 offices in the chicago area and market share of 0 . 85 percent , ranking 19th . combined , they will rank 11th in the chicago area .
he remains a strong advocate for village partner agencies . as i sat across the table from him during discussions about village funding support for oak park development corp . , i witnessed the mettle of a man who stood up for what he believed , looked at key long - term community goals and encouraged all of us to reach higher .
u . s . bank is acquiring most of those assets under a loss - sharing plan with the fdic , which is to absorb 80 % of the first $ 3 . 5 billion in losses and 95 % of any additional losses .
whereas some of the nation’s biggest banks nearly collapsed under the weight of risky loans and dubious underwriting , fbop’s big problem , according to mr . kelly and his regulators , was that it invested nearly $ 900 million in what appeared to be sure - thing , blue - chip investments — preferred stock in fannie mae and freddie mac , the government - sponsored mortgage giants . those investments were considered so safe , in fact , that government regulators encouraged banks to invest in them .
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