Finistar is a fixed rate cash management solution, offering easy and stable access to capital for community banks and FDIC insured and
competitive rates for North Carolina Local Government depositors.
Local Government Depositors have traditionally traded returns for liquidity and market risk. Now depositors can enjoy a unique blend of CD
level returns, high liquidity, and FDIC insured deposit with the Finistar offering. Finistar has positioned itself to be the innovative leader in Insured Deposits.
Depositors have a new alternative to manage cash that is more secure, daily liquid without sacrificing returns. In addition, depositors may call their money at any
time using the ANOVA’s ® patented web-based technology
How does Finistar work?
Finistar receives cash deposits through our custodial bank from Finistar depositors. Community banks request these funds from Finistar using Finistar's secure
web-based technology (see Figure 1). Finistar then allocates funds to these community banks using the same online technology. Allocations are made to stay within
the FDIC limits on insured funds of $250,000 per account per bank. Finistar offers competitive rates to depositors while providing liquidity and FDIC insurance.
Each community bank may receive up to $250,000 per depositor account.
What role does technology play in Finistar's offering?
Finistar's patent-pending web-based technology enables each stake holder to securely and seamlessly interact with Finistar. Depositors can make deposits, make withdrawals,
request reports and monitor their funds real-time through secure transactions in their web browser. Community banks can request funds, generate reports and receive
transaction audits using the technology. The custodial banks and Finistar keep detailed secure transaction audits and meet regular reporting requirements.
How are depositors' funds insured?
The Federal Deposit Insurance Corporation ("FDIC") administers the Savings Association Insurance Fund ("SAIF"), the insurance fund for deposits in thrifts,
and the Bank Insurance Fund ("BIF"), the insurance fund for deposits in banks. All deposits made by depositors are insured by either SAIF or BIF.
Kim B. Winslow, ANOVA's President/CEO. Mr. Winslow also serves on the Board of ANOVA's as its Chairman. Mr. Winslow has 28 years executive management,
entrepreneurial, and technical experience including Chevron Geosciences, United Energy Resources, and Convest Energy Corporation in Houston, TX. He founded
and successfully merged four related companies into U.S. Environmental Group, Inc., a national engineering, and consulting firm which he served as President/CEO
from 1986-1997. In 1997 he joined ANOVA’s parent company, Broad Street Software Group, an artificial intelligence software company in Boston, MA, as COO, and
succeeded as President/CEO in 2002 (2005 NC Runner-up for Small Business of the Year). In 2003 he co-founded ANOVA, and has served as the CEO since that time.
He also serves on the board of Broad Street Software Group and Tireware, Inc.
Dawn Bunch, MBA, BSc (Eng), BS, Operations Manager, Ms. Bunch is responsible for the day to day operational issues
of Finistar including; transactions, reconciliation of accounts, reporting, and oversight of new account set-up.
In addition she oversees Program Management of IT Staff including; scope of work, personnel allocation,
milestones, testing and status reporting. Prior to joining Finistar in 2005 Ms. Bunch was AVP Operations with
Finistar's technology partner Broad Street Software Group (2003-2005) where she was directly involved in
operational support for customized development of inventory management and procurement software applications.
Previous experience includes procurement and as an import buyer for Channel Master, a satellite systems
manufacturer, and Weyerhaeuser, in the pulp and paper industry. Ms. Bunch has a BS in Chemical Engineering (1998)
and an MBA from North Carolina State University (2001).
Gateway Bank and Trust Company, Inc.
To meet the specific needs within the state of North Carolina, Gateway Bank & Trust Company Inc., a subsidiary of Bank of Hampton Roads provides custodial
services with regard to depositor funds. Gateway, headquartered in Elizabeth City, North Carolina, is a regional bank servicing customers in North Carolina
and Virginia with total assets of $2+ billion.