Cornerstone Advisors acquires BankSmart

Deal deepens the company's footprint in the community banking arena, delivers new solutions to clients
PRNewswireJuly 13, 20233 min

Cornerstone Advisors, a leading management and technology consultancy for banks, credit unions and fintech firms, announced the acquisition of BankSmart, a consulting firm specializing in bank operations, vendor selection, project management solutions and payments.

“Since its inception in 2008, BankSmart has built a solid reputation in the community bank space helping financial institutions navigate critical technology vendor relationships,” said Scott Sommer, chief executive officer at Cornerstone Advisors. “The BankSmart team brings decades of hands-on operational expertise to Cornerstone and a shared commitment to helping financial institutions thrive in a challenging market. This deal enables us to deliver expanded services and new products to community-focused institutions across the country.”

As part of the acquisition, Cornerstone will also add BankSmart’s “SmartKits” to the company’s existing array of proprietary products. SmartKits are operational tools that provide a written framework to guide clients through complex initiatives such as bank acquisitions or data processing system conversions. “BankSmart clients that use these tools have experienced enhanced productivity as well as improved project, document and data management capabilities,” Sommer said. “We look forward to incorporating SmartKits into our toolbox to increase the value of the consulting services we provide to clients.”

“We are honored to have caught the eye of a firm as esteemed as Cornerstone Advisors,” said Jim Wilkson, BankSmart president. “When it comes to our clients’ success, the long game has always been our goal, so being part of a firm with Cornerstone’s reputation for delivering long-term, transformational outcomes to banks and credit unions perfectly aligns with our vision. We look forward to growing together.”

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