Total Bank Solutions acquired bank ratings and analytics firm Institutional Risk Analytics this past week.
The goal of Total Bank Solutions is to make the IRA Bank Monitor report from IRA the pre-eminent bank analytical product for the financial industry.
Hackensack, N.J.-based Total Bank Solutions lets clients in financial services provide extended FDIC insurance for individuals, municipalities and corporations.
The transaction includes all of IRA’s retail and institutional Bank Monitor ratings as well as other analytical products.
IRA’s CEO Dennis Santiago is joining TBS as director, bank monitor and will oversee the Bank Monitor Program.
IRA co-founder Christopher Whalen will serve as an adviser to TBS.
"The partnering of TBS and IRA creates a compelling solution for banks and their customers to understand the risks in the banking market," said Santiago. "We believe that this transaction will enable us to grow the user base for the Bank Monitor among both retail bank customers and institutional audiences."