Ground-breaking Cash Management Product Propels Cal Fed's Commercial Banking Business
GLENDALE, Calif.--(BUSINESS WIRE)--Oct. 22, 1999--An industry-leading cash management tool is turning the heads of middle market business executives toward California Federal Bank. Cal Fed's "browser-based" Integrated Cash Management Platform, introduced last month, allows businesses to manage their automated clearing house, wire, balance reporting, electronic data interchange, stop payment and funds transfer functions from one single online application.
"Most companies use several different software programs, and sometimes different computer systems, to manage these functions," explained Kenneth Coopman, executive vice president and director of Cal Fed's Glendale-based commercial banking division. "Our product greatly simplifies a company's cash management, and because the programs reside on our server, our clients don't need to worry about technical support, system maintenance or upgrades."
Another new Cal Fed product automatically sweeps a business's extra cash into higher-yielding uninsured money market funds from checking accounts daily. The Cal Fed Cash Sweep eliminates the need for a business to monitor and manually move funds to maximize returns.
"Both of these products are part of our all-out push to earn the business of the middle market segment," Coopman continued. "These businesses are often overlooked by the larger financial institutions. We have a team of the best people in commercial banking, we're putting innovative products in place, and we're reaching out to business leaders in their own communities."
San Francisco-based California Federal Bank, the second-largest depository institution based in California, has approximately $56 billion in assets, 352 branches in California and Nevada, and $24 billion in deposits. Cal Fed, the principal operating subsidiary of Golden State Bancorp (NYSE:GSB), is a full-service community-oriented bank offering consumers and businesses the products and experience to help them achieve their financial goals. For more on the companies, see our web sites at www.calfed.com and www.goldenstatebancorp.com
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