Deal expands Cornerstone’s offerings with enterprise-wide vendor management services
SCOTTSDALE, Ariz., March 5, 2024 – Cornerstone Advisors, a leading management and technology consultancy for banks, credit unions and fintech firms, announced it has completed its acquisition of Maple Street, an established provider of vendor management solutions and services for banks and credit unions.
“Maple Street is a highly respected company that has been serving hundreds of financial institutions nationwide since its inception in 2003,” said Scott Sommer, chief executive officer at Cornerstone Advisors. “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,” Sommer said.
Based in Orlando, Florida, Maple Street services are delivered through its Vendor Advantage System®. The system provides the means for banks and credit unions to better manage the full vendor lifecycle across their organizations, incorporating best practices such as scorecards, due diligence monitoring and supply chain management principles.
“Helping our clients transform and strengthen their relationships with vendors while achieving a positive ROI has been our focus since the company’s inception,” said Maple Street President Mike Crofts. “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 CEO Teresa Crofts agreed, adding: “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.”
About Cornerstone Advisors
For more than 20 years, Cornerstone Advisors has delivered gritty insights, bold strategies and data-driven solutions to build smarter banks, credit unions and fintechs. From technology system selection and implementation to contract negotiations, performance improvement programs, strategic planning, merger integration and advisory services, Cornerstone combines its expertise with proprietary data to help financial institutions thrive in today’s challenging environment. For more information, visit www.crnrstone.com or connect with us on LinkedIn.
About Maple Street
Founded in 2003, Maple Street is the creator of the Vendor Advantage System®, a comprehensive vendor management solution for credit unions and community banks, backed by a team of professionals who are experts in handling all facets of vendor relations. Through a combination of technology and services, Maple Street helps financial institutions reduce vendor expenses, improve vendor performance, and manage risk and exposure. Since its inception, Maple Street has saved clients nearly $400 million. For more information, visit www.maplestreetinc.com.
Media Contact:
Cate Pitts, Editorial Director
Cornerstone Advisors
(480) 425-5203