Danversbank, a subsidiary of Danvers Bancorp Inc., has expanded and transitioned its cash management area into the bank’s new treasury management services division.

The treasury management division represents the bank’s range of new and existing commercial capabilities used by commercial customers in their daily management of working capital, the bank said. The division consists of nine professionals to serve the treasury management needs of all commercial customers and prospects.

The introduction of the treasury management services division reflects the changing role of the bank’s existing commercial products and services and expansion to include working capital management, liquidity management, payments, collections and information management, according to the bank.

"The establishment of our newly designed treasury management services group will allow us to service a greater spectrum of customers in the commercial arena," said Phil Peters, the bank’s senior vice president of treasury management. "We’ve incorporated new services and have expanded our development team, but just as important as this growth and repositioning is our opportunity to truly leverage the bank’s existing products and services by increasing the base of commercial customers whom we serve."

Danversbank also hired two new treasury management services business development officers in December. The officers will focus on building non-credit customer relationships with organizations such as law firms, medical practices, real estate management companies and non-profit groups.