Electronic Clearing House Appoints Richard Field as Board Member.CAMARILLO, Calif. -- Electronic Clearing House, Inc. (ECHO) (Nasdaq:ECHO), a leading provider of electronic payment and transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. services, today announced that Richard Field Notable people named Richard Field include:
Mr. Field brings to ECHO more than 35 years of experience in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry as an executive for The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , Chase and Citigroup. In 1997, Mr. Field retired from The Bank of New York ("BONY"), where he had created a centralized marketing division and worked his way up over 19 years to Executive Vice President in charge of Retail Banking, subsequently joining BONY's Management Committee as Senior Executive Vice President. During his tenure at BONY, the Bank grew from a mid-sized regional player to one of the nation's premier performers in terms of earnings growth, market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. and expense efficiency. Under Mr. Field's direction, BONY's branch network expanded to become the largest in suburban New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Since retiring, Mr. Field was a founding director of LendingTree, an innovative and successful lending and realty services exchange, which allows consumers to receive competitive loan offers over the Internet. In addition, in 2002, Mr. Field joined the boards of Providian Financial Corporation and HSPC HSPC High School Policy Center HSPC Heat Sterilizable Potting Compound , the latter of which was sold to General Electric in January of 2004. Joel M. Barry, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Electronic Clearing House, Inc., commented, "We are extremely happy that Dick has agreed to join our Board. While at The Bank of New York, Dick engineered the growth of its formerly modest credit card subsidiary into one of the top ten issuers in the U.S. and was subsequently elected to MasterCard's Executive Committee and Chairman of its U.S. board. We believe he will be of immense value in our effort to grow and increase the profitability of our credit card and check processing businesses." Mr. Field said, "This is an exciting time for ECHO as it builds its check services business. ECHO has developed a portfolio of innovative products and technology, which provide a great value proposition to merchants and banks. I look forward to contributing to the development of the Company's marketing strategy to help build ECHO into a leading check and credit card processor." About Electronic Clearing House, Inc. (ECHO) Electronic Clearing House, Inc. provides a complete solution to the payment processing needs of merchants, banks and collection agencies. ECHO's services include debit and credit card processing, check guarantee, check verification, check conversion, check re-presentment, and check collection. For more information about ECHO, please visit www.echo-inc.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Examples of forward-looking statements included in this press release include the potential for growth and increased profitability of ECHO's credit card and check processing businesses. Potential risks and uncertainties that may cause actual results to differ materially include, but are not limited to, such factors as fluctuations in demand for the Company's products and services, the introduction of new products and services, the Company's ability to maintain customer and strategic business relationships, technological advancements, impact of competitive products and services and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other information detailed from time to time in the Company's filings with the United States Securities and Exchange Commission. |
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