|FINANCIAL NETWORK FORMS INTERNET SUBSIDIARY|
|September 08, 2000 11:00 pm|
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.