ICBA Statement on Conclusion of House-Senate Conference on the Financial Reform Bill

ICBA News Release

Media ContactAleis Stokes (202) 821-4457 Media Contact Karen Tyson (202) 821-4454

FOR IMMEDIATE RELEASE

ICBA Statement on Conclusion of House-Senate Conference on the Financial Reform Bill

Washington, D.C. (June 25, 2010)—Independent Community Bankers of America (ICBA) Chairman Jim MacPhee, CEO of Kalamazoo County State Bank in Schoolcraft, Mich., and Camden R. Fine, ICBA president and CEO, issued this statement today following the conclusion of the House-Senate Conference on the financial reform bill.

“Congress has nearly completed work on the most monumental financial regulatory overhaul legislation since the Great Depression. This financial and economic crisis has clearly demonstrated that reform of Wall Street is needed to safeguard our financial system, the nation’s taxpayers and our communities from a future catastrophe. ICBA has grave concerns with some sections of the final bill and opposed them throughout the process, but we are pleased that the bill also includes many other provisions that we have long advocated.

“While the bill could go further to restructure megafirms and hold nonbanks that were the root cause of this crisis accountable, it does include powerful language that will help rein in these culprits from their excessive size and risks they pose to our financial system. In particular, ICBA is pleased that Congress adopted a version of the Volcker Rule that will bar megabanks from propriety trading and investing in or sponsoring a hedge fund or private-equity fund. Ultimately, this will help prevent major financial firms from putting customers, taxpayers and the financial system at risk by conducting risky activities solely for their own profit.

“ICBA also appreciates that Congress recognizes the differences between Main Street community banks and Wall Street by ensuring megabanks pay their fair share for the risk they pose to the FDIC’s Deposit Insurance Fund (DIF), and ultimately our entire financial system. The change in the deposit insurance assessment base, which ICBA advocated, will save community banks roughly $4.5 billion over the next three years—capital that will be reinvested in the communities they serve. ICBA is pleased that other measures such as the permanent increase in the FDIC insurance limit to $250,000 and the extension of the Transaction Account Guarantee (TAG) program for an additional two years were also included in the bill. Many other sections of the bill recognize the value of a tiered regulatory system that differentiates between small and large banks. Additionally, ICBA is pleased that conferees modified an amendment that would have prevented all financial institutions from including trust-preferred securities in their Tier 1 capital. With the modification, bank holding companies with less than $15 billion in assets, and institutions organized as mutual holding companies, will be able to grandfather the TruPS they issued before May 19, 2010. These provisions will go a long way to help community banks continue to do what they do best—serve the needs of their local communities.

“However, ICBA is gravely disappointed that debit interchange language was included in the bill. This ‘compromise’ proposal will only compound the harm to consumers and Main Street by imposing new and onerous burdens on debit card issuers, and will fail in any way to adequately account for the significant operational costs and losses incurred by community banks due to fraud and merchant data breaches. Now is not the time to change a proven interchange system just so big-box merchants can reap higher profits and pass their costs of doing business on to America’s consumers. Consumers have already suffered enough thanks to this economic crisis that was triggered by too-big-to-fail.

“ICBA also continues to have serious concerns about a separate Consumer Financial Protection Bureau (CFPB). While we appreciate that community banks will have some exemptions from the proposed CFPB, we fought hard for further changes and are disappointed that further changes were not included in the legislation. Community banks have always viewed consumer protection as a cornerstone to their business model, so it makes sense that the CFPB focus on those too-big-to-fail and shadow institutions that were at the heart of the financial crisis.”

Cole Taylor Bank Selects FIS as its Exclusive Provider of Enterprise-Wide Banking and Payments Capabilities

Improved speed to market and increased efficiency will support focus on client service and profitability

JACKSONVILLE, Fla., April 27, 2010 – FIS™ (NYSE:FIS), one of the world’s largest providers of banking and payments technology, today announced that Cole Taylor Bank has elected to replace its current core processing solution with FIS’ Integrated Banking Services (IBS), a core system offering within the FIS Core Account Processing suite. The banking subsidiary of Taylor Capital Group (NASDAQ: TAYC), Cole Taylor Bank is one of Chicago’s largest independent commercial banks with $4.4 billion in assets.

Cole Taylor Bank will deploy IBS, a client-centric core banking platform with a broad offering of financial services solutions, throughout its banking centers to meet the evolving business objectives of their organization. As part of its extensive agreement, Cole Taylor Bank has selected an extensive suite of additional solutions that include: bill payment, electronic banking, customer relationship management, risk, fraud and compliance, and commercial treasury. These solutions are fully integrated with FIS’ IBS core banking platform, providing Cole Taylor Bank with an end-to-end solution that will support improved customer service

”After an extensive evaluation of best-in-class solutions for our critical core banking platform, we determined that the solution offered by FIS was extremely well-suited to Cole Taylor’s high quality, high touch client approach,” said Mark A. Hoppe, president and chief executive officer, Taylor Capital and Cole Taylor Bank.  “The solutions offered by FIS will allow us to provide a broader and deeper set of products and services for the increasingly sophisticated needs of our mid-market commercial banking clients.”

“Cole Taylor Bank’s decision to partner with FIS was grounded in our ability to provide a broad, end-to-end, integrated solution across all business and delivery channels,” said Anthony Jabbour, executive vice president, FIS Financial Solutions Group. “Cole Taylor Bank is a very sophisticated commercial bank and the FIS suite of products will allow them to effectively compete with larger regional and national competitors by offering a more expansive set of offerings.”

IBS is a highly flexible and open core processing solution to accommodate financial institutions that need to easily integrate diverse technology with minimal risk and disruption to their business operations and to their customers. It is industry recognized for its robust functionality, scalability and strong integration capabilities and is the leading outsourced retail and commercial banking solution among mid-tier U.S. banks.

About Taylor Capital Group, Inc.

Taylor Capital Group, Inc. (NASDAQ: TAYC) is a $4.4 billion bank holding company for Cole Taylor Bank, a Chicago-based commercial bank specializing in serving the banking needs of closely held businesses and the people who own and manage them. Cole Taylor is a member of the FDIC and an Equal Housing Lender.

About FIS FIS delivers banking and payments technologies to more than 14,000 financial institutions and businesses in over 100 countries worldwide. FIS provides financial institution core processing, and card issuer and transaction processing services, including the NYCE® Network. FIS maintains processing and technology relationships with 40 of the top 50 global banks, including nine of the top 10. FIS is a member of Standard and Poor's (S&P) 500® Index and consistently holds a leading ranking in the annual FinTech 100 rankings. Headquartered in Jacksonville, Fla., FIS employs more than 30,000 on a global basis. FIS is listed on the New York Stock Exchange under the “FIS” ticker symbol. For more information about FIS see www.fisglobal.com.

Cole Taylor Bank Selects FIS as its Exclusive Provider of Enterprise-Wide Banking and Payments Capabilities

Improved speed to market and increased efficiency will support focus on client service and profitability

JACKSONVILLE, Fla., April 27, 2010 – FIS™ (NYSE:FIS), one of the world’s largest providers of banking and payments technology, today announced that Cole Taylor Bank has elected to replace its current core processing solution with FIS’ Integrated Banking Services (IBS), a core system offering within the FIS Core Account Processing suite. The banking subsidiary of Taylor Capital Group (NASDAQ: TAYC), Cole Taylor Bank is one of Chicago’s largest independent commercial banks with $4.4 billion in assets.

Cole Taylor Bank will deploy IBS, a client-centric core banking platform with a broad offering of financial services solutions, throughout its banking centers to meet the evolving business objectives of their organization. As part of its extensive agreement, Cole Taylor Bank has selected an extensive suite of additional solutions that include: bill payment, electronic banking, customer relationship management, risk, fraud and compliance, and commercial treasury. These solutions are fully integrated with FIS’ IBS core banking platform, providing Cole Taylor Bank with an end-to-end solution that will support improved customer service

”After an extensive evaluation of best-in-class solutions for our critical core banking platform, we determined that the solution offered by FIS was extremely well-suited to Cole Taylor’s high quality, high touch client approach,” said Mark A. Hoppe, president and chief executive officer, Taylor Capital and Cole Taylor Bank.  “The solutions offered by FIS will allow us to provide a broader and deeper set of products and services for the increasingly sophisticated needs of our mid-market commercial banking clients.”

“Cole Taylor Bank’s decision to partner with FIS was grounded in our ability to provide a broad, end-to-end, integrated solution across all business and delivery channels,” said Anthony Jabbour, executive vice president, FIS Financial Solutions Group. “Cole Taylor Bank is a very sophisticated commercial bank and the FIS suite of products will allow them to effectively compete with larger regional and national competitors by offering a more expansive set of offerings.”

IBS is a highly flexible and open core processing solution to accommodate financial institutions that need to easily integrate diverse technology with minimal risk and disruption to their business operations and to their customers. It is industry recognized for its robust functionality, scalability and strong integration capabilities and is the leading outsourced retail and commercial banking solution among mid-tier U.S. banks.

About Taylor Capital Group, Inc.

Taylor Capital Group, Inc. (NASDAQ: TAYC) is a $4.4 billion bank holding company for Cole Taylor Bank, a Chicago-based commercial bank specializing in serving the banking needs of closely held businesses and the people who own and manage them. Cole Taylor is a member of the FDIC and an Equal Housing Lender.

About FIS FIS delivers banking and payments technologies to more than 14,000 financial institutions and businesses in over 100 countries worldwide. FIS provides financial institution core processing, and card issuer and transaction processing services, including the NYCE® Network. FIS maintains processing and technology relationships with 40 of the top 50 global banks, including nine of the top 10. FIS is a member of Standard and Poor's (S&P) 500® Index and consistently holds a leading ranking in the annual FinTech 100 rankings. Headquartered in Jacksonville, Fla., FIS employs more than 30,000 on a global basis. FIS is listed on the New York Stock Exchange under the “FIS” ticker symbol. For more information about FIS see www.fisglobal.com.

TD Bank, America's Most Convenient Bank, Enhances Presence in Attractive Florida Market

Note: All figures in US$ unless otherwise noted.

-   Acquires certain assets and liabilities of Riverside National Bank of
        Florida, First Federal Bank of North Florida and AmericanFirst Bank
    -   Acquisitions accelerate TD's growth in attractive deposit-rich
        Florida market
    -   Transactions position TD Bank with about 100 locations in Florida

CHERRY HILL, NJ, PORTLAND, ME and TORONTO /CNW/ - TD Bank, America's Most Convenient Bank(R) (TD Bank, National Association,Wilmington, Delaware, "TD Bank"), a wholly-owned subsidiary in the TD Bank Financial Group (TSX and NYSE:TD), today announced that it has acquired certain assets and liabilities of Riverside National Bank of Florida ("Riverside"), First Federal Bank of North Florida ("First Federal") and AmericanFirst Bank ("AmericanFirst") from the Federal Deposit Insurance Corporation ("FDIC") effective immediately.

"These transactions, combined with the success of our U.S. franchise, put us in an even stronger position as we continue to build the first truly North American bank," said Ed Clark, President and CEO, TD Bank Financial Group. "We're extremely pleased with these acquisitions. They add quality stores to our existing retail network in target markets, allow us to accelerate our organic growth in Florida by five years, and come with limited downside credit risk. Simply put, they are a win-win for our customers and shareholders alike."

TD Bank has entered into a purchase and assumption agreement with the FDIC, covering Riverside's 58 branches in central Florida and adding to TD Bank's already growing network. Separate agreements also cover First Federal's eight locations and AmericanFirst's three locations. In addition, TD Bank will gain a total of 80 Automated Teller Machines (ATMs) as a result of these transactions.

"These acquisitions give us an even stronger footprint in the key, fast-growing Florida market, increasing our presence to about 100 locations," said Bharat Masrani, President and CEO, TD Bank. "We're pleased to be involved in these transactions, which not only help expand our presence in the U.S. but also allow us to work with the FDIC in its mission to maintain stability and public confidence in the U.S. financial system."

"These acquisitions present a significant opportunity to grow our business in a short time frame and in a cost-effective way," said Mr. Masrani. "They also demonstrate our commitment to Florida as we give more customers in this exciting market the opportunity to experience America's Most Convenient Bank."

Key highlights of these transactions:

    -   Advances current de novo store growth strategy
    -   Adds quality stores in target markets
    -   Gains about 40 locations for future stores
    -   Limited downside credit risk
    -   No material earnings or capital impact
    -   Purchase of $3.8 billion in assets, including loans of $2.1 billion,
        all of which are covered by a loss-share agreement
    -   $3.1 billion in deposits assumed
    -   The FDIC covers 50% of loan losses up to the following thresholds and
        then covers 80% in excess of these thresholds:
        -   Riverside National Bank of Florida: $442 million
        -   First Federal Bank of North Florida: $58 million
        -   AmericanFirst Bank: $18 million

The deposits of the former customers of Riverside, First Federal and AmericanFirst will continue to be insured by the FDIC up to the insurance limit. Customers can continue to bank at these locations and will be served by the same friendly teams. Customers can continue to access their money by writing checks, using ATMs or using their debit cards. Checks drawn on Riverside, First Federal and AmericanFirst will continue to be processed and loan customers should continue to make their payments as usual. TD is one of the largest and most respected financial institutions in North America and customers should feel confident that their bank deposits with TD Bank are both safe and secure.

Customers of Riverside, First Federal and AmericanFirst who have questions about this transaction can call TD Bank toll-free at 1-888-751-9000.

"These transactions will provide stability for the customers of Riverside, First Federal and AmericanFirst, whose savings are now secured by the financial strength and stability of TD, one of a handful of NYSE-listed banks rated triple-A," added Mr. Masrani. "We look forward to WOW!ing existing and potential customers with our legendary customer experiences and to welcoming Riverside, First Federal and AmericanFirst employees to the TD family."

For more information regarding this transaction please go to http://www.td.com/investor/index.jsp to see the investor relations presentation.

About TD Bank Financial Group

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group (TDBFG). TDBFG is the sixth largest bank in North America by branches and serves more than 18 million customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TDBFG also ranks among the world's leading online financial services firms, with more than 6 million online customers. TDBFG had $567 billion in assets on January 31, 2010. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

About TD Bank, America's Most Convenient Bank(R)

TD Bank, America's Most Convenient Bank, is one of the 15 largest commercial banks in the United States with $152 billion in assets, and provides customers with a full range of financial products and services at more than 1,000 convenient locations from Maine to Florida. TD Bank, N.A., is headquartered in Cherry Hill, N.J., and Portland, Maine. TD Bank is a trade name of TD Bank, N.A. For more information, visit www.tdbank.com. articles by Zemanta

• TD Bank, America's Most Convenient Bank, Enhances Presence in Attractive Florida Market (newswire.ca)


• Toronto-Dominion Bank (TD) Acquires $3.8 Billion Worth Of Florida Banks' Assets From FDIC (benzinga.com)

TD Bank, America's Most Convenient Bank, Enhances Presence in Attractive Florida Market

Note: All figures in US$ unless otherwise noted.

-   Acquires certain assets and liabilities of Riverside National Bank of
        Florida, First Federal Bank of North Florida and AmericanFirst Bank
    -   Acquisitions accelerate TD's growth in attractive deposit-rich
        Florida market
    -   Transactions position TD Bank with about 100 locations in Florida

CHERRY HILL, NJ, PORTLAND, ME and TORONTO /CNW/ - TD Bank, America's Most Convenient Bank(R) (TD Bank, National Association,Wilmington, Delaware, "TD Bank"), a wholly-owned subsidiary in the TD Bank Financial Group (TSX and NYSE:TD), today announced that it has acquired certain assets and liabilities of Riverside National Bank of Florida ("Riverside"), First Federal Bank of North Florida ("First Federal") and AmericanFirst Bank ("AmericanFirst") from the Federal Deposit Insurance Corporation ("FDIC") effective immediately.

"These transactions, combined with the success of our U.S. franchise, put us in an even stronger position as we continue to build the first truly North American bank," said Ed Clark, President and CEO, TD Bank Financial Group. "We're extremely pleased with these acquisitions. They add quality stores to our existing retail network in target markets, allow us to accelerate our organic growth in Florida by five years, and come with limited downside credit risk. Simply put, they are a win-win for our customers and shareholders alike."

TD Bank has entered into a purchase and assumption agreement with the FDIC, covering Riverside's 58 branches in central Florida and adding to TD Bank's already growing network. Separate agreements also cover First Federal's eight locations and AmericanFirst's three locations. In addition, TD Bank will gain a total of 80 Automated Teller Machines (ATMs) as a result of these transactions.

"These acquisitions give us an even stronger footprint in the key, fast-growing Florida market, increasing our presence to about 100 locations," said Bharat Masrani, President and CEO, TD Bank. "We're pleased to be involved in these transactions, which not only help expand our presence in the U.S. but also allow us to work with the FDIC in its mission to maintain stability and public confidence in the U.S. financial system."

"These acquisitions present a significant opportunity to grow our business in a short time frame and in a cost-effective way," said Mr. Masrani. "They also demonstrate our commitment to Florida as we give more customers in this exciting market the opportunity to experience America's Most Convenient Bank."

Key highlights of these transactions:

    -   Advances current de novo store growth strategy
    -   Adds quality stores in target markets
    -   Gains about 40 locations for future stores
    -   Limited downside credit risk
    -   No material earnings or capital impact
    -   Purchase of $3.8 billion in assets, including loans of $2.1 billion,
        all of which are covered by a loss-share agreement
    -   $3.1 billion in deposits assumed
    -   The FDIC covers 50% of loan losses up to the following thresholds and
        then covers 80% in excess of these thresholds:
        -   Riverside National Bank of Florida: $442 million
        -   First Federal Bank of North Florida: $58 million
        -   AmericanFirst Bank: $18 million

The deposits of the former customers of Riverside, First Federal and AmericanFirst will continue to be insured by the FDIC up to the insurance limit. Customers can continue to bank at these locations and will be served by the same friendly teams. Customers can continue to access their money by writing checks, using ATMs or using their debit cards. Checks drawn on Riverside, First Federal and AmericanFirst will continue to be processed and loan customers should continue to make their payments as usual. TD is one of the largest and most respected financial institutions in North America and customers should feel confident that their bank deposits with TD Bank are both safe and secure.

Customers of Riverside, First Federal and AmericanFirst who have questions about this transaction can call TD Bank toll-free at 1-888-751-9000.

"These transactions will provide stability for the customers of Riverside, First Federal and AmericanFirst, whose savings are now secured by the financial strength and stability of TD, one of a handful of NYSE-listed banks rated triple-A," added Mr. Masrani. "We look forward to WOW!ing existing and potential customers with our legendary customer experiences and to welcoming Riverside, First Federal and AmericanFirst employees to the TD family."

For more information regarding this transaction please go to http://www.td.com/investor/index.jsp to see the investor relations presentation.

About TD Bank Financial Group

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group (TDBFG). TDBFG is the sixth largest bank in North America by branches and serves more than 18 million customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TDBFG also ranks among the world's leading online financial services firms, with more than 6 million online customers. TDBFG had $567 billion in assets on January 31, 2010. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

About TD Bank, America's Most Convenient Bank(R)

TD Bank, America's Most Convenient Bank, is one of the 15 largest commercial banks in the United States with $152 billion in assets, and provides customers with a full range of financial products and services at more than 1,000 convenient locations from Maine to Florida. TD Bank, N.A., is headquartered in Cherry Hill, N.J., and Portland, Maine. TD Bank is a trade name of TD Bank, N.A. For more information, visit www.tdbank.com. articles by Zemanta

• TD Bank, America's Most Convenient Bank, Enhances Presence in Attractive Florida Market (newswire.ca)


• Toronto-Dominion Bank (TD) Acquires $3.8 Billion Worth Of Florida Banks' Assets From FDIC (benzinga.com)

ACH Federal to power ACH for New England Bank

Chattanooga, Tenn., March 25, 2010 -- ACH Federal (http://www.achfederal.com ), a provider of online electric payment processing services to both banks and businesses, today announced that New England Bank (http://www.nebankct.com ), an independent community bank serving Connecticut, has selected ACH Federal to provide Automated Clearing House (ACH) Services to its customers via an easy-to-use Web service. ACH Federal will begin processing with New England Bank on April 1, 2010.



New England Bank chose ACH Federal to provide ACH services to its customers because of the company's industry expertise, and high standards for security and customer service. Customers will be able to conduct their personal and business transactions such as payroll, recurring payments and direct deposit through New England Bank's Web site that will be powered by ACH Federal.



"With increasing numbers of customers requesting online payment processing, we looked for a vendor that could provide a combination of stellar security, reliability and customer service," said James O'Donnell, vice president, commercial deposit services, at New England Bank. "We are always looking for opportunities to offer our customers with innovative services. We look forward to working with ACH Federal and providing seamless and secure online payment processing to our customers."



With a terminal that connects directly to the Federal Reserve, ACH Federal provides secure online payment processing for financial institutions via a streamlined, easy-to-use Web-based platform. In addition to providing risk management and compliance programs, ACH Federal’s platform meets the highest security standards, using dual-file approval systems, multi-factor authentication and best-of-breed data encryption technology for all transactions. Founded to address the growing need for electronic payment processing, ranging from direct deposit to web payment portals, ACH Federal has processed more than 3 million transactions since early 2009.



“Being selected as the ACH provider for New England Bank continues our momentum, as we broaden our base of clients and rapidly grow the business,” said Russ Scudder, CEO of ACH Federal. "We are committed to offering a top-of-the-line suite of online payment processing services to banks and businesses to mitigate risk, reduce costs and drive organizational efficiency."



About New England Bank



New England Bank is an independent community bank that has been serving the financial needs of individuals, families, professionals and small to mid-size businesses in Connecticut since 1916. New England Bank is state chartered and its deposits are FDIC insured. For more information about New England Bank, visit www.nebankct.com .



About ACH Federal



ACH Federal provides a simple and secure Web-based solution for banks and businesses to reduce the risk associated with electronic payments, while decreasing costs and increasing efficiency. ACH Federal was founded in 2007 by three accredited ACH professionals with vision for providing better ACH solutions and customized services to banks and small businesses. Today, the company's expert management team has more than 80 years of combined ACH industry experience including six Accredited ACH professionals (AAPs). For more information, visit www.achfederal.com (http://www.achfederal.com ).



Source: Company press release.

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• ACH Federal Launches to Set New Standard in Payment Services for FI's (pindebit.blogspot.com)

ACH Federal to power ACH for New England Bank

Chattanooga, Tenn., March 25, 2010 -- ACH Federal (http://www.achfederal.com ), a provider of online electric payment processing services to both banks and businesses, today announced that New England Bank (http://www.nebankct.com ), an independent community bank serving Connecticut, has selected ACH Federal to provide Automated Clearing House (ACH) Services to its customers via an easy-to-use Web service. ACH Federal will begin processing with New England Bank on April 1, 2010.



New England Bank chose ACH Federal to provide ACH services to its customers because of the company's industry expertise, and high standards for security and customer service. Customers will be able to conduct their personal and business transactions such as payroll, recurring payments and direct deposit through New England Bank's Web site that will be powered by ACH Federal.



"With increasing numbers of customers requesting online payment processing, we looked for a vendor that could provide a combination of stellar security, reliability and customer service," said James O'Donnell, vice president, commercial deposit services, at New England Bank. "We are always looking for opportunities to offer our customers with innovative services. We look forward to working with ACH Federal and providing seamless and secure online payment processing to our customers."



With a terminal that connects directly to the Federal Reserve, ACH Federal provides secure online payment processing for financial institutions via a streamlined, easy-to-use Web-based platform. In addition to providing risk management and compliance programs, ACH Federal’s platform meets the highest security standards, using dual-file approval systems, multi-factor authentication and best-of-breed data encryption technology for all transactions. Founded to address the growing need for electronic payment processing, ranging from direct deposit to web payment portals, ACH Federal has processed more than 3 million transactions since early 2009.



“Being selected as the ACH provider for New England Bank continues our momentum, as we broaden our base of clients and rapidly grow the business,” said Russ Scudder, CEO of ACH Federal. "We are committed to offering a top-of-the-line suite of online payment processing services to banks and businesses to mitigate risk, reduce costs and drive organizational efficiency."



About New England Bank



New England Bank is an independent community bank that has been serving the financial needs of individuals, families, professionals and small to mid-size businesses in Connecticut since 1916. New England Bank is state chartered and its deposits are FDIC insured. For more information about New England Bank, visit www.nebankct.com .



About ACH Federal



ACH Federal provides a simple and secure Web-based solution for banks and businesses to reduce the risk associated with electronic payments, while decreasing costs and increasing efficiency. ACH Federal was founded in 2007 by three accredited ACH professionals with vision for providing better ACH solutions and customized services to banks and small businesses. Today, the company's expert management team has more than 80 years of combined ACH industry experience including six Accredited ACH professionals (AAPs). For more information, visit www.achfederal.com (http://www.achfederal.com ).



Source: Company press release.

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• ACH Federal Launches to Set New Standard in Payment Services for FI's (pindebit.blogspot.com)

More on FDIC's Online Banking Report

 

Computer World ran a story yesterday on the FDIC's recent disclosure that online banking fraud involving the electronic transfer of funds rose to a whopping $120 million in Q3 2009.  



Why not authenticate an internet based "electronic transfer of funds" the same trusted way they are conducted "outside the browser space."  With hardware.  With encryption.  With security.  With the only PCI 2.0 Certified PIN Entry Device designed for online banking and the electronic transfer of funds. 

Nationwide, computer scams targeting small businesses cost companies $25 million in the third quarter of 2009, according to new research from the U.S. Federal Deposit Insurance Corporation. What's worse, online banking fraud involving the electronic transfer of funds rose to over $120 million in the third quarter of 2009 -- a number that has steadily been rising since 2007, according to the FDIC.



The FDIC bases its estimates on a variety of confidential reports that it receives from financial institutions, according to David Nelson, an examination specialist with the FDIC. The vast majority of the hacking incidents "related to malware on online banking customers' PCs," according to Nelson. Victims are typically tricked into visiting malicious Web sites, or downloading Trojan horse programs, which gives hackers access to their banking passwords. Money is then transferred out of their accounts using the Automated Clearing House system, which banks use to process payments between institutions.

Read the whole story at Computer World .

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• Cyberattacks raise e-banking security fears (computerworld.com)


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• FDIC: Hackers took more than $120M in three months (computerworld.com)


• Banking fraud up as card losses fall (v3.co.uk)


• FDIC: Hackers took more than $120M in three months (sfgate.com)


• FDIC Vows to Sacrifice Small Banks (seekingalpha.com)