Non-Tech
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CNFL - Cardinal Financial Corp.
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| An SI Board Since April 1999 |
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Internet Banking Entry - CNFL - Cardinal Financial Corp.
Cardinal Financial Corporation is a bank holding company headquartered in Fairfax, Virginia which currently operates Cardinal Bank, N.A. ("Cardinal Bank") in Fairfax, Virginia and intends to organize and establish three community banks ("Additional Banks") in the Manassas/Prince William County, Reston/Loudoun County and Alexandria/Arlington County markets in northern Virginia. Collectively, these markets are among the most affluent and fastest growing areas in Virginia.
Initial Capitalization of the Company. The Company raised $10.57 million from the sale of Common Stock in a private placement. Proceeds of such private placement were used in part for organizational and pre-opening expenses, and proceeds totaling $8.0 million were used to capitalize Cardinal Bank, which opened on June 8, 1998. In the summer of 1998 the Company raised $26.0 million, net, in a Public Offering of Common Stock. The Company intends to use the proceeds of the Public
The Company is committed to providing high quality banking products and services to the Banks' customers and has made a significant investment in its advanced automated operating accounting system which supports virtually every banking function. The system provides the technology that fully automates the branches, processes bank transactions, mortgages, loans and electronic banking, conducts data base and direct response marketing, provides cash management solutions, streamlined reporting and reconciliation support as well as sales support.
With this investment in technology, the Company offers Internet-based delivery products for both consumers and commercial customers. Customers can open accounts, apply for loans, check balances, check account history, transfer funds, download images of checks, pay bills, download active statements into QuickenTM or Microsoft MoneyTM, use interactive calculators and transmit e-mail with the Company over the Internet. This is an inexpensive way for the Company to expand its geographic borders and branch activities while providing the kind of services one would expect from the larger banks.
The Company also offers customers the convenience of digital imaged checks that make it easy to reconcile statements, organize and store account information while streamlining the back office. Every item is imaged and available for inspection. Among the many features, check imaging allows for instant statement reconstruction for research which can be faxed or e-mailed directly to a customer's personal computer.
Telephone and Internet Banking. The Company believes that there is a strong demand within its market for telephone banking and internet banking. Both services allow customers to access detailed account information, execute transactions and pay bills electronically. Management believes that these services are particularly attractive for its customers, as it will enable them to conduct their banking business and monitor their bank accounts from remote locations. Management of the Company believes that telephone and internet banking will assist the Banks in attracting and retaining customers and will also encourage its customers to maintain their total banking relationships with the Company.
Please read the full Edgar filing: sec.yahoo.com
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