>Brookings Oregon News, Sports, & Weather | The Curry Coastal Pilot

News Classifieds Web
web powered by Web Search Powered by Google

News arrow News arrow Business arrow FINANCIAL NETWORK FORMS INTERNET SUBSIDIARY

Print

FINANCIAL NETWORK FORMS INTERNET SUBSIDIARY

COOS BAY Independent Financial Network, formerly known as Security Bank Holding Co., announced the formation of a wholly-owned subsidiary, Alliance Technology Inc.

The subsidiary is to be an affordable, flexible and reliable one-stop technology-outsourcing store for financial institutions, said Naseer Nasim, chief executive officer of the new subsidiary.

Nasim was the chief information officer for Independent Financial Network.

Alliance Technology Inc. has been providing data processing and item processing using ITI/Unisys platform, as well as network, data communication, Internet and e-commerce services to Independent Financial Netword and its affiliate banks and mortgage companies in Oregon including Security Bank, Pacific State Bank, Lincoln Security Bank, Family Security Bank, McKenzie State Bank, Oregon State Bank, Roseburg Community Banking Co., Security Mortgage and American Security Mortgage.

The subsidiary now plans to market its services to non-affiliated financial institutions in the West, and is licensed to do business in Oregon, Washington, California, Idaho and Nevada.

It also plans to provide full Internet banking, bill payment and other e-commerce solutions for the Independent Financial Network banks and other nonaffiliated financial institutions this year.

The IFN Technology Department had excess item and data processing capacity, and it only made sense to leverage that capacity to provide technology services to non-affiliated financial institutions and to provide added profits for IFN shareholders, said Chuck Brummel, Independent Financial Network chairman and chief executive officer.

Other financial institutions will now have a viable source of cost-effective solutions to their technology services needs, Brummel said.

He said that Nasim was hired last year specifically to form this for-profit subsidiary.

Naseer brought with him, not only his own extensive academic and experiential background in technology, but also attracted some of his prior colleagues with extensive experience in technology to join the new company. Brummel said.

For information about Alliance Technology, call Nasim at (541) 267-5356 or visit its website at http://www.alliance-tech.net.

Information about Independent Financial Network is contained on its website at http://www.ifn-online.com.

Print

Business News by Yahoo Finance

  • Asia shares swing higher as China nears seven year high
    Asian stock markets rose on Monday, with China stocks nearing a seven-year peak on hopes for more infrastructure spending and policy stimulus, while oil prices suffered further from excess supply. The Hang Seng China Enterprises Index (.HSCE) also added 3.5 percent after China allowed mainland mutual funds to buy Hong Kong stocks. After some early dithering, Japan's Nikkei (.N225) firmed 0.8 percent, helped by talk of demand for the new quarter and financial year. MSCI's broadest index of Asia-Pacific shares outside Japan recouped early losses to gain 0.4 percent.
  • Dufry to raise $4 billion via rights issue and debt for WDF bid
    Swiss travel retailer Dufry (DUFN.S) plans to raise around 3.6 billion euros ($4 billion) through a mixture of debt and equity for its planned takeover of Italy's World Duty Free (WDF.MI). The deal will cement Dufry's position as the world's leading travel retailer, creating a combined group with a market share of 25 percent and projected annual sales of $9 billion. To finance the purchase, Basel-based Dufry expects to raise at least 2.1 billion euros through a rights issue of new stock and up to 1.5 billion via long-term debt instruments, the Swiss company said in a statement on Monday. Qatar Investment Authority, Government of Singapore Investment Corp (GIC) [GIC.UL] and investment firm Temasek Holdings [TEM.UL] have each committed to buying up to 450 million Swiss francs ($468 million) worth of shares.
  • Oil prices drop on weak demand, potential Iran deal
    Oil prices fell on Monday as traders focused on whether Iran and six world powers would reach a deal that could add fuel to an already oversupplied market if sanctions against Tehran are lifted. The two ...

Follow Curry Coastal Pilot headlines on Follow Curry Coastal Pilot headlines on Twitter

© Copyright 2001 - 2015 Western Communications, Inc. All rights reserved. By Using this site you agree to our Terms of Use