FLAG online bank news just hit
FLAG goes large
(BSNS WIRE) FLAG Financial Corporation To Offer Full-Service Internet Ba
FLAG Financial Corporation To Offer Full-Service Internet Banking
Business Editors & Financial Writers
LAGRANGE, Ga.--(BUSINESS WIRE)--June 1, 1999--FLAG Financial
Corporation (Nasdaq: FLAG) Chairman, John S. Holle, and President
and CEO, J. Daniel Speight, Jr., announced today that it was
significantly expanding its Internet-based services through an
agreement with nFront, Inc.(TM).
nFront, the leading provider of Internet banking services for
community banks and winner of Microsoft's Best Internet Banking
Solution Award, will provide FLAG's partner banks various suites of
Internet banking products including nHome(SM) and nBusiness(SM). The
nFront solution offered to community banks includes development and
implementation services, web site design, maintenance and hosting
customer service, training and support, online transaction
processing, brand management and marketing consulting.
The decision to expand FLAG's Internet-based services was based
on the increasing role the Internet will play in providing
convenient, low-cost internet banking to new and existing banking
customers, as well as the role the Internet will play in expanding
markets beyond those served by traditional branches. Internet
banking services will be integrated into FLAG's existing websites,
which have been available since early 1998.
In keeping with FLAG's commitment to anticipate and meet the
needs of its partner banks' customers now and in the future, FLAG
Financial Corporation will provide a proven, customer-friendly
Internet banking solution with 24-hour access to account information
from virtually any location. These services will be offered through
nFront's suite of online banking products, including nHome and
nBusiness.
nHome, nFront's Microsoft NT-based Internet retail banking
application, enables banking customers to open new accounts, view
account balances and histories, pay bills, transfer funds, download
images of cleared checks, customize reports, and download active
statements into personal financial management packages at any time,
from any location, using any browser-enabled device such as personal
computers and televisions.
nBusiness enables the commercial bank market, including small
business owners, to open new accounts, view account balances,
initiate book transfers, initiate wire transfers, stop payments,
initiate electronic tax payments, initiate ACH disbursements and
drafts and pay bills electronically.
Commenting on FLAG's strategic relationship with nFront, FLAG
President and CEO, J. Daniel Speight, Jr., stated, "Our agreement
with nFront represents the continued evolution of FLAG Financial
Corporation to a technology-driven company. Our investments in
technology, combined with strategic relationships with successful
companies such as nFront, will allow us to significantly improve
customer service, the quality of information and convenience, while
reducing ongoing operating costs. With the nFront suite of products,
we believe we have the best Internet solution on the market."
Internet banking can be accessed by visiting the following web
sites for FLAG Financial Corporation's subsidiaries and partner
banks: www.banklagrange.com for First Flag Bank LaGrange,
www.citizensbankusa.com for Citizens Bank, www.bankofmilan.com for
Bank of Milan, www.thebrownbank.com for The Brown Bank and
www.empirebankingco.com for Empire Banking Company.
FLAG Financial Corporation is the multi-bank holding company
whose wholly-owned subsidiaries are First Flag Bank LaGrange, based
in LaGrange, Georgia, and Citizens Bank, based in Vienna, Georgia.
Partner banks, which include Bank of Milan, based in Milan, Georgia,
The Brown Bank, based in Metter, Georgia and Empire Banking Company,
based in Homerville, Georgia were successfully merged into Citizens
Bank at year-end 1998. Most recently, Empire Banking Company
increased its office locations to three through the FLAG acquisition
of the Blackshear, Georgia branch office of First Georgia Bank. FLAG
currently operates 25 offices serving the communities of west
central, middle and southeast Georgia. FLAG reported assets of $532
million, loans of $395 million, deposits of $422 million and
stockholders' equity of $49 million as of March 31, 1999.
FLAG Financial previously announced a Letter of Intent to combine
with First Hogansville Bankshares, Inc., parent company of The
Citizens Bank, located in Hogansville, Georgia. Also, FLAG announced
the signing of definitive agreements to combine with Abbeville
Capital Corporation, parent company of The Bank of Abbeville, located
in Abbeville, South Carolina and Thomaston Federal Savings Bank,
located in Thomaston, Georgia. Including shares issued as part of
these merger transactions, FLAG's shares outstanding will increase to
approximately 8.3 million. FLAG has approximately 6.6 million shares
outstanding which are traded and quoted on The Nasdaq National Market
System under the symbol "FLAG."
nFront
Founded in 1996, nFront, Inc., www.nfront.com is a leading
provider of full-service Internet banking solutions for community
banks. Based in Atlanta, Ga., nFront provides a turnkey solution
offering development and implementation services, web site design,
maintenance and hosting, customer service training and support as
well as marketing consulting.
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