“We believe prepaid payroll cards provide our commercial customers’ employees a great alternative to receiving a traditional check,” said Carroll Monden, Vice President of First United Bank. “Accepted at any Visa® Merchant or ATM, these cards provide all of the convenience of cash without the risk and expense of cashing a check.”

First United Bank is fully committed to serving the needs of all of its customers, including individuals who are typically unbanked and underserved by the financial world. Headquartered in Durant, Oklahoma, First United Bank’s decision to offer the ITS payroll card make it the latest U.S. financial institution to partner with Central National Bank and ITS.

“Financial institutions can “drop-in” the ITS agent bank payroll, remittance or gift card programs quickly and with little effort on their part,” said Brud Baker, president and CEO of Central National Bank. “Additionally, for those financial institutions wanting to enter the prepaid card market, these programs create a great new revenue stream.”

“ITS prepaid card programs for agent banks are uniquely flexible, cost-effective and turn-key,” Baker said. “ITS and Central National Bank issue and process the cards, manage compliance end to end, provide collection, distribution, settlement services, and other complex operational requirements. Financial institutions can feel secure in dealing directly with us as their “one stop” supplier.”

As a functioning reloadable debit card, the ITS Visa® Payroll Card is truly international, with built-in features that allow cardholders to send money to family members in Mexico and 13 other Latin American and Caribbean countries at a price of $6. This is far less than the national average. The card is loaded by the employer through traditional ACH Payroll Direct Deposit files submitted to First United, or can be loaded at the bank’s branch locations. In addition to being used as a remittance card, it can be used to make purchases at any merchant where Visa® Debit Cards are accepted, to withdraw cash at ATMs, and to make international phone calls.

“Providing innovative services and making banking more accessible is a main focus for First United Bank,” Monden said. “With these new products, employees are able to avoid check cashing lines and high wire transfer and check cashing charges. Our commercial customers will benefit by being able to reduce payroll processing costs, lost time, and potential check fraud.”

Monden continued, “First United Bank is happy to be associated with ITS to provide payroll cards that will benefit both our customers and potential customers. We see this as a great opportunity to provide better service all around and are proud to be one of the first banks in our area to emphasize products that address needs for current customers, as well as individuals who don’t typically use banks.”

In addition to the ITS Visa® Payroll Card, First United Bank will market the ITS Mi Conección Card. This card has several exciting new features similar to the payroll cards. Both cards are covered by FDIC insurance at the cardholder level.

About Interactive Transaction Services

As a wholly owned subsidiary of the Central National Bank of Enid, Interactive Transaction Services was established to provide marketing, sales, delivery, and processing services for the prepaid card products of CNB. This model will work for banks, credit unions, and savings banks. For more information about any of the ITS products, contact Jerry Baskin at jbaskin@itsvcs.com or by phone at 918/254-0099. www.itsvcs.com

About Central National Bank

Central National Bank of Enid is an FDIC-insured financial institution headquartered in Oklahoma and is held by Central Services Corporation. There are eight branch locations throughout the state. The bank reported assets of almost $520 million as of September 30, 2008. CNB has been providing electronic services to other financial institutions for over 20 years and issuing and processing prepaid cards since 2002. www.cnb-ok.com/

About First United Bank

Established in 1900 and headquartered in Durant, Oklahoma, First United Bank is a $2 billion community bank that focuses on providing a full range of services such as Consumer Banking, Commercial Lending, Business Services, Cash Management, Mortgage, Trust, Investments, and Insurance to retail customers and small to medium-sized businesses in Oklahoma and Texas.

First United Bank operates through a network of 31 conveniently located offices serving 20 communities, including: Ada, Bokchito, Calera, Colbert, Durant, Holdenville, Hugo, Madill, Oklahoma City, Pauls Valley, Sapulpa, Seminole, Shawnee, Tecumseh, and Wewoka in Oklahoma and Dallas, McKinney, Krum, Sanger, and Denton in Texas.

The agreement allows ITS to issue and process FDIC-insured Visa Payroll Cards for STAR, headquartered in Fort Wayne, Indiana. The bank holds assets of $1.7 billion and operates 46 banking centers throughout the state. ITS is a transaction processing subsidiary of Central National Bank.

“Payroll cards are convenient for our business customers, who no longer have to issue paper checks. They can reduce payroll processing costs and potential check fraud,” said Jim Marcuccilli, President and CEO of STAR Financial Bank. 

Payroll cards have become an effective mechanism for serving individuals who are typically unbanked and underserved by the financial world.  STAR’s entrance into the payroll card market makes it the newest bank to be served by ITS.           

“Payroll cards allow us to reach out to workers within the communities we serve who may not otherwise need a bank,” said Marcuccilli.

“Community banks all across the country are being proactive in their methods to enter the prepaid space,” said Brud Baker, president and CEO of Central National Bank.  “With the ITS Visa Payroll Card, they can brand the card as their own and begin offering it immediately while earning revenue.”

“Financial institutions realize the value of having a cost-effective and turn-key solution to recommend to their commercial accounts,” Baker said. “All the bank has to do is market the cards. We handle everything else, from compliance to collection, distribution, settlement, and other complex operational requirements.”

The Visa Payroll Card offered by ITS has many features that make it unique, including a built-in remittance capability that allow cardholders to send money to family members in Mexico and 13 other Latin American and Caribbean countries at a price of $6. This is far less than the national average. ITS will also begin offering Bill Pay and Mobile Banking to cardholders. It is these features that make it particularly attractive in STAR’s area.

“STAR’s footprint consists of both urban and rural areas across east central and northeast Indiana. This diverse market area encompasses local residents, immigrants and migrant workers who don’t have a bank account. Instead of having to use expensive check cashing services, they can now use their payroll card which functions just like a debit card, allowing them to make purchases and pay bills. Funds can also be withdrawn using an ATM,” said Marcuccilli.       

About Interactive Transaction Services
As subsidiary of the Central National Bank of Enid, Interactive Transaction Services was established to provide marketing, sales, delivery, and processing services for the prepaid card products of CNB.   This model will work for banks, credit unions, and savings banks.  

About Central National Bank
Central National Bank of Enid is an FDIC-insured financial institution headquartered in Oklahoma and is held by Central Services Corporation. There are eight branch locations throughout the state. The bank reported assets of $518 million as of June 30, 2009. CNB has been providing electronic services to other financial institutions for over 20 years and issuing and processing prepaid cards since 2002.  www.cnb-ok.com

STAR contact information:
Trois Hart
Senior Vice President
Marketing and Strategic Planning
STAR Financial Bank
(260) 479-2548

About STAR
Headquartered in Fort Wayne, Indiana, STAR Financial Bank holds assets of $1.7 billion. It operates 46 banking centers throughout Indiana, including the communities of Anderson, Angola, Carmel, Churubusco, Columbia City, Elwood, Fishers, Fort Wayne, Gas City, Gaston, Greenfield, Hamilton, Indianapolis, Kokomo, Marion, Muncie, New Castle, Noblesville, Pendleton, Shirley, South Whitley, Tipton and Upland. The bank’s parent company, STAR Financial Group, provides professional services in insurance, trust and wealth management. For more information about all of STAR’s services, visit the company’s web site at www.starfinancial.com.