Bankers' Bank of the West Bancorp Inc. in Denver has licensed the right to become a community host for the OnWe Network operated by LendingTools.com Inc. of Wichita.
The agreement will let the $574 million-asset Bankers' Bank of the West offer check services under its brand to its 350 customers in 11 Western states, LendingTools.com said last week.
The OnWe Network lets regional correspondents, such as bankers' banks, clear local checks within the network, just as a large bank will clear on-us checks internally. The goal is to save on clearing costs while connecting to other networks for clearing outside the region, LendingTools.com said.
