Cornerstone Advisors – a leading management and technology consultancy for banks, credit unions, and fintech companies – announced it completed its acquisition of Maple Street, an established vendor management solutions service for banks and credit unions.
Based in Orlando, Florida, Maple Street services are delivered through the Vendor Advantage System. The system provides banks and credit unions with the means to better manage the full vendor lifecycle across their organizations, incorporating best practices such as scorecards, due diligence monitoring, and supply chain management principles.
KEY QUOTES:
“Maple Street is a highly respected company that has been serving hundreds of financial institutions nationwide since its inception in 2003. The firm has built a robust vendor management offering supported by a team of professionals dedicated to helping banks and credit unions reduce vendor expenses, improve vendor performance and manage risk. Maple Street’s offerings as well as its people, values and culture are strategically aligned with Cornerstone’s. This acquisition brings tremendous value not only to Cornerstone and our clients, but also to the financial services industry at large. We are excited to welcome everyone at Maple Street to our growing organization.”
– Scott Sommer, chief executive officer at Cornerstone Advisors
“Helping our clients transform and strengthen their relationships with vendors while achieving a positive ROI has been our focus since the company’s inception. Cornerstone’s recognition of this success and its ability to see the long-term value of our offerings to the market were pivotal in our decision to move forward with this partnership. We anticipate an exciting, dynamic future for our clients and for the entire Maple Street team.”
– Maple Street President Mike Crofts
“Maple Street has pioneered next-level vendor management for credit unions and community banks over the past 20 years. Our service and customer commitment are revered in the industry. Cornerstone shares this same dedication to customer service and leadership in the financial services industry. We are confident that this acquisition will provide significant opportunities for our clients to grow and thrive now and into the future.”
– Maple Street CEO Teresa Crofts
