R&T Deposit Solutions Appoints Tom Ormseth as Executive Vice President, Head of Banking

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Apr 10, 2023, 08:00 ET

NEW YORK, April 10, 2023 /PRNewswire/ -- Reich & Tang Deposit Networks, LLC (d/b/a R&T^®Deposit Solutions) (R&T), a leading deposit, liquidity and cash management solutions firm, announced today that Tom Ormseth has joined the firm as EVP, Head of Banking.

"We are thrilled to welcome Tom to our executive leadership team. With over 29 years in the banking industry, he is a tremendous asset to R&T," expressed Joe Jerkovich, CEO of R&T. "Tom's deep knowledge of our products and his extensive experience in the banking industry, including treasury management and digital banking, will be a huge benefit for our clients and the firm."

Prior to joining R&T, Mr. Ormseth held management roles at Wintrust Bank for 17 years. In his most recent role of EVP, Digital Channels and Transaction Banking, Tom managed all digital channels for both retail and commercial banking, product management, Treasury Management, International Banking and payment capabilities. He was also a member of the Asset/Liability Committee and instrumental in the funding of the bank during a major growth period. His background includes roles in asset liability management modeling and managing Information Technology groups. Prior to joining Wintrust Financial, Tom led Digital Commercial Product Management for ABN Amro North America. Tom was recognized for his contributions to the industry in 2015, being named Digital Banker of the year by the American Banker.

"We look forward to the valuable insights and guidance Tom will provide to our banking team as we continue to strengthen our position in the industry," said Steve Genereau, R&T's EVP and Chief Deposit Officer. "His appointment reflects our commitment to delivering exceptional value to our clients, and we are confident that his deep understanding of emerging digital banking technologies will help drive growth and take our organization to the next level."

About R&T

Founded in 1974, Reich & Tang Deposit Networks, LLC (d/b/a R&T Deposit Solutions) provides deposit and liquidity solutions to financial intermediaries around the country. With over $200 billion in assets under administration, R&T offers a wide range of innovative tech-enabled services to help banks, credit unions, trust companies and wealth managers meet their unique cash sweep, deposit funding and securities-based lending needs. Through its Demand Deposit Marketplace^® (DDM^®) Program, R&T provides banks and other depository institutions with access to millions in reciprocal deposits, and underlying customers with access to expanded levels of FDIC insurance on their deposits through participating banks. R&T also is the trusted vendor of large broker dealers and other financial institutions that administer their insured cash sweep programs.

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Copyright © 2023. All rights reserved. Reich & Tang Deposit Networks, LLC, Reich & Tang Deposit Solutions, LLC, Stable Custody Group II LLC, Total Deposit Solutions, LLC (each, d/b/a R&T Deposit Solutions) and/or any of their affiliates (together, "us", "we") provide administrative and/or recordkeeping services to participating financial institutions with respect to sweep and other programs we administer, including Demand Deposit Marketplace (DDM^®), Reich & Tang Insured Deposits (RTID^®) and Insured Deposit Program (IDP), as well as other services. We are not a depository, bank or credit union and the sweep and other programs we administer are NOT, themselves, FDIC-insured or NCUSIF-insured products. Rather, under the programs, funds are swept or placed into accounts at receiving institutions that are FDIC and/or NCUSIF insured, subject to program limits. Go to rnt.com/about/bank-lists/ for a list of the banks and savings associations with which we have a business relationship for the placement of deposits under the programs we administer, and into which a participating institution may place deposits (subject to the limits and terms of those programs and any opt-outs by the participating institution and/or their customers). FDIC and NCUSIF insurance coverage is only available to protect a depositor against the failure of a participating FDIC or NCUSIF insured institution that holds the depositor's funds (and not to protect against the failure of any other party, including us). The services we provide with respect to the programs administered by us are primarily designed to provide administrative convenience for our financial institution clients to offer expanded FDIC or NCUSIF insurance on customer funds, and are not designed to provide customers with investment enhancements, or higher rates of returns or profits on their funds. All of our services are provided subject to the terms and conditions of the written agreements entered into between us and the participating institution, and we provide no representations or warranties, express or implied, except as expressly set forth in those agreements.

SOURCE R&T Deposit Solutions