Cass Commercial Corp. Becomes Cass Information Systems, Inc.; Parent Merges With Its Fast-Growing Technology Subsidiary.Business Editors ST. LOUIS--(BUSINESS WIRE)--Jan. 16, 2001 Cass Commercial Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CASS) has merged with Cass Information Systems, its wholly owned freight and utility payables information processing information processing: see data processing. information processing Acquisition, recording, organization, retrieval, display, and dissemination of information. Today the term usually refers to computer-based operations. and services subsidiary. The company will now be known as Cass Information Systems, Inc. It will continue to trade under the symbol "CASS" on the NASDAQ. "The name change reflects the growing contribution the information services See Information Systems. sector is making to the company as a whole," said Lawrence A. Collett, chairman and chief executive officer. "Currently, 75 percent of our net revenue comes from information service activities. Future strategic investments in new and emerging businesses will only accelerate the trend." "While our bank continues to thrive and remains a vital part of our company, it is our specialized e-Commerce capabilities that distinguish us in the marketplace," Collett concluded. "Our future growth figures to be increasingly powered by our proprietary, Internet-based invoice-processing and information services." Founded in 1956, Cass Information Systems is the nation's leading provider of freight and utility invoice payment services. It operates processing centers in St. Louis, Mo., Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. and Boston, Mass. Customers include Fortune 500 and major logistics companies across North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . For the nine-month period that ended Sept. 30, 2000, the then CIS Cis (sĭs), same as Kish (1.) (1) (CompuServe Information Service) See CompuServe. (2) (Card Information S subsidiary recorded a 22% year-to-date increase in earnings despite incurring higher expenditures for staff and technology related to the continuing development and implementation of its Internet-based systems. The company's Cass Commercial Bank subsidiary, which was founded in 1906, reported a 5% increase in year-to-date earnings for the nine-month period that ended Sept. 30, 2000. The bank provides specialized banking services to privately held companies privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. in St. Louis and to churches throughout the United States. Certain matters set forth in this news release may contain forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. For a discussion of certain factors that may cause such forward-looking statements to differ materially from the company's actual results, see the company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 1999. |
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