Alberici's long construction history is built on strong relationships.
“In the construction business, it’s important to do what you say you are going to do. If we make a commitment, we follow through. We have had the same experience with Commerce. That’s what makes our relationship strong.”
Richard Jaggers, President and CEO
Alberici Group
Timely execution and rock-solid reliability are important to Alberici, one of the nation’s oldest and largest construction companies. Now in its 102nd year, the third-generation, employee-owned firm has completed large-scale industrial and commercial projects throughout North America.
Financial strength also matters. Since its 2013 acquisition of Tulsa-based Flintco, another large employee-owned contractor, Alberici has further expanded its geographic footprint and grown revenue to more than $2 billion a year.
“We run a business where safety, diligence and attention to detail are critical,” says Richard Jaggers, Alberici’s president and CEO. “But we also try to maintain a sense of humility.
In Commerce Bank, Alberici feels like they found a bank with similar values. Commerce has been one of Alberici’s key financial partners since 2003 and serves as one of five partner banks in the company’s credit facility.
On a day-to-day basis, Alberici relies on Commerce for a variety of other banking needs, ranging from treasury services link opens to a Commerce page to investment management link opens to a Commerce page. Most recently, the contractor began using Commerce’s e-payables program link opens to a Commerce page. that allows it to pay suppliers and vendors electronically using single-use credit cards, rather than checks.
“Our bankers helped us do our due diligence to see if an e-payables approach was a good fit for us,” says Jaggers. “They helped us scope out the program’s size and identify prospective participants. The closer we looked, the more sense it made to move forward.”
Over the initial six-week implementation period, Commerce helped Alberici enroll approximately 250 of its vendors. “As with our construction partners, we approach our banking relationships on a long-term basis,” notes Jaggers. In fact, Alberici reduced the number of banks it works with in recent years to focus on strengthening those relationships.
