Case Study: First State Bank achieves audit success and streamlined due diligence with Venminder

First State Bank Finds Value in Thorough Due Diligence and Improves Processes with Venminder

First State Bank, a community bank in Waynesboro, Mississippi with roughly $600 million in assets, struggled to meet regulatory requirements for collecting and evaluating third‑party due diligence with a small staff and cumbersome Excel‑based processes. To address this gap, the bank partnered with Venminder and implemented Venminder’s vendor management software and due diligence review services.

Venminder onboarded the bank, providing software, SOC report and business continuity plan reviews, and expert analysis that acted like an extra employee and reduced the need to hire full‑time staff. As a result of Venminder’s solution, First State Bank reports faster, more focused reviews, cost savings versus hiring, and has passed three exams/audits with no complaints about its vendor management program.

First State Bank

Connie Grimes

Vice President of Operations