>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

  • Europe rides rebound as global sell-off abates
    World stocks hit a nine-month low on Friday but oil and southern European bonds were off their week's worst levels, as investors began to dust themselves off after one of the most volatile spells in world markets in years. Bourses in London (.FTSE), Frankfurt (.GDAXI) and Paris (.FCHI) started the day up 1 to 1.5 percent and Athens (.ATG) rose 4.5 percent as Greek governments bonds steadied after their worst run since the height of the euro crisis in mid-2012. The possible return to recession in the euro zone, a floundering economy in Japan, slowdown in China and the Ebola virus outbreak have conspired to rattle investors already fretting about the end of years of U.S. It has been a fourth straight week of stock market falls in the U.S.
  • Goldman curbs bankers' compensation even as revenue surges
    Top Goldman Sachs Group Inc (GS.N) executives are determined to keep compensation costs under control. On Thursday, Goldman reported a 25 percent increase in quarterly revenue, but the money it set aside for compensation and benefits rose only 18 percent from the same period a year earlier. The amount of money it has set aside for compensation is more or less unchanged, as is the average compensation per employee, at around $320,000 for the first nine months of the year. Sources familiar with the matter inside Goldman Sachs described the restraint as a sign of the shifting mentality about bonuses at the bank: it wants to tightly control compensation, even if it has good quarters with big revenue gains.
  • Google's revenue falls short despite curbing price declines
    Google Inc's revenue fell short of Wall Street's expectations as growth in Internet advertising slowed in the most-recent quarter, offsetting a modest improvement in ad pricing, sending its shares down about 3 percent. Shares of Google fell 2.7 percent to $510.11 in extended trading on Thursday. Google posted $16.52 billion in revenue for the three months ended Sept. 30, compared to $13.75 billion in the year ago period. On Thursday, Google announced it had appointed Omid Kordestani its new chief business officer, replacing Nikesh Arora, who had departed a quarter ago to join Japan's Softbank Corp. The chief business officer is considered a key position, overseeing all the company's revenue-generating activities and serving as a liaison to investors and Wall Street.

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

© Copyright 2001 - 2014 Western Communications, Inc. All rights reserved. By Using this site you agree to our Terms of Use