Press
Continuity Control Experiences Exponential Growth in 2011
NEW HAVEN, Conn. Jan. 11, 2012– Continuity Control™, provider of the award-winning compliance management platform for community banks and credit unions throughout the U.S., announced today that it exceeded 2011 growth projections and also for the fifth consecutive quarter has doubled its revenue.
Continuity added 26 new community financial institution customers in the fourth quarter alone. The company’s strong regional client base expansion includes Bank of the Sierra and Regents Bank on the West coast, Bank of Southern Connecticut and New Dimensions Federal Credit Union in the Northeast as well as Midwestern clients such as Great Northern Bank and Brainerd Savings and Loan.
Dan Yates, CEO of Regents Bank and a new Continuity Control client, explained, “When our compliance officer left the organization unexpectedly, I was faced with whether to follow my outside auditor’s recommendation to replace that person, plus possibly hire additional employees, or I could find an alternative solution to deal with the growing compliance burden. With Continuity Control, we are able to address the increasing number of regulations, avoid the cost associated with hiring additional staff and create the right infrastructure for our compliance program. Our decision to select Continuity Control was validated when our examiners gave us extremely positive feedback on our new approach to managing compliance.”
Continuity Control’s 2011 regional impact also included strategic acquisitions and partnerships with other compliance innovators, which allowed the company to further enhance its platform while serving the expanding client base. Continuity Control deepened its regional support with endorsements from Western Independent Bankers and the Community Bankers Association of Alabama as well as by partnering with nationally-focused BancVue. The acquisitions of My Compliance Info, Compliance Services Group and Kirschler Peterson & Associates support the regional compliance intelligence and experience in the Western region (Colorado to California), Midwest and Southeast respectively.
“In 2011, financial institutions had to manage more than 200 new regulations alone, a number certain to grow in 2012,” explained Andy Greenawalt, founder and CEO of Continuity Control. “Our robust, intelligent platform enables us to partner with our clients to deliver what the market needs – cost and risk reduction. The dramatic growth we have experienced demonstrates our ability to help financial institutions in a truly unique way, allowing them to achieve more with fewer resources and less work. Once overwhelmed by government oversight, our bank and credit union customers can now easily and cost effectively maintain compliance and focus on serving their communities.”
About Continuity Control
Continuity Control is the award-winning service that enables community-based financial institutions throughout the U.S. to thoroughly and accurately meet growing compliance requirements, with the added advantage of significant cost savings. Recognized in the 2010 Celent report and named among the “Ten Tech Companies to Watch” by Bank Technology News, Continuity Control combines advanced software with expert, personalized service to help manage regulatory processes. Founded in 2008 by financial service, banking and compliance industry veterans, Continuity’s service enhances the operational efficiency of the compliance process, providing detailed visibility as well as significant cost savings. For more information visit www.continuity.net.