Press Release (ePRNews.com) - LAS VEGAS - Sep 24, 2019 - Integrated Compliance Solutions (“ICS”) announces that it has signed a definitive agreement to acquire all of the outstanding shares of Sterling Compliance LLC (“Sterling”). Based in Pittsburgh, Pennsylvania, Sterling is a strategic risk management partner to its community bank and credit union clients nationwide. Sterling provides a full suite of risk management services designed to help its clients assess and manage effective regulatory compliance programs and stay ahead of examination cycles and legislative changes. Sterling has been on the forefront of developing tools and education for financial institutions seeking to manage the risks associated with cannabis-related businesses in the current regulatory environment.
On completion of the transaction, ICS will own 100% of Sterling. Closing of the transaction is anticipated to occur on or about Oct. 30, 2019, and is subject to satisfaction of typical conditions precedent to closing for transactions of this nature. All of the Sterling management team will remain in place and will continue to manage the daily operation of the firm.
Angela Lucas, co-founder and Managing Partner of Sterling Compliance, stated, “Since our inception, our focus has been on being a leader in the industry. Our core business is, and will continue to be, built around consumer compliance and consumer protection issues, as well as Bank Secrecy Act and anti-money laundering compliance. Recognizing the rapidly emerging needs, challenges and opportunities in the cannabis banking sector, we set a course to spearhead significant consulting, education and program development for financial institutions around this issue. Working closely with ICS in those efforts over the past year made this partnership a natural progression and positive extension of our mutual core mission of providing best-in-class consultative strategic partnerships with community financial institutions. We could not be more excited to move to the next level together and to collaborate daily as a cohesive team with a shared vision, integrity and a commitment to excellence.”
“We are very excited to announce our new partnership with Sterling Compliance LLC,” commented Cody Hershey, President of ICS. “ICS is committed to setting the industry standard when it comes to banking compliance with a focus on those financial institutions who want to bank cannabis-related businesses. We have been working on projects with Sterling Compliance for over a year now and it was a natural fit for us. Angela, Lisa and the Sterling Compliance team bring a wealth of knowledge and expertise that is unparalleled in the industry. We welcome the Sterling Compliance team into ICS and look forward to a strong and growing partnership.”
About Integrated Compliance Solutions LLC
ICS is a financial technology, banking compliance and innovative payment solution provider helping financial institutions solve complex issues. Our experience in financial services and payments technology allows us to apply the heightened federal requirements to preferred providers that meet our strict requirements. The result: a competitive, complete, and stable set of services that complement merchant goals. As their SEED-TO-BANK™ compliance partner, ICS has simply been used by more banks, more marijuana-related businesses, and for longer than any one of our competitors in the space. Our services are proven and well respected in the industry.
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Senior Vice President
Integrated Compliance Solutions
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Integrated Compliance Solutions