Community Federal Bank is Y2K Ready.

TUPELO, Miss.--(BUSINESS WIRE)--Jan. 12, 1999--Amid growing public concern over potential computer failures when the Year 2000 rolls around, at least one Tupelo bank is ready to assure its customers that its systems are on "Go" today for Y2K.

Community Federal Bank (NASDAQ: CFTP) has been working on revised and new computer software for what the banking industry calls "mission critical transactions" for more than a year and a half, and "all tests are positive," according to CEO, Jim Ingram.

"We formed a committee to begin working on potential Y2K problems in June, 1997. We have been working with specialists outside the bank for more than a year," Ingram said. Bank staff members, led by senior vice president of operations, Jack Johnson, have spent weeks in Florida with the computer systems firm Fiserv Orlando over the past 14 months, according to Ingram. Fiserv Orlando provides the bank's data processing services.

"We tested all the mission critical transactions on the new system inside our own bank on last November 8," Johnson said, "and all tests were positive. We believe that we are ready today for business on the first day of 2000."