First Union Joins Integrion Financial Network.CHARLOTTE, N.C. and ATLANTA--(BUSINESS WIRE)--Sept. 25, 1997-- Nation's sixth largest financial institution joins leading banks in industry's largest commitment to electronic commerce First Union National Bank announced today that it has agreed to acquire an equity position in Integrion Financial Network, joining 17 leading banks and IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) on Integrion's Board of Managers. With this step, First Union strengthens its commitment to participating in the development of the electronic commerce arena through ownership in the alliance. Integrion provides interactive banking and electronic commerce services to financial institutions in 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. . Integrion announced in August its acquisition of Visa Interactive, the remote banking subsidiary of Visa International. First Union is a customer of Visa Interactive and sits on the Board of Visa U.S.A. "Integrion has made great progress in the past six months, bringing state-of-the-art systems and applications to the market," said Jack Antonini, executive vice president and head of First Union's Consumer Group. "These developments, coupled with the additional capabilities provided by Visa Interactive, ensure Integrion's position as the preferred provider of electronic commerce services. First Union is looking forward to supporting the Gold Standard for conducting financial service transactions and introducing our customers to services enabled by Integrion's technologies." The addition of First Union brings 12 million customers in 12 states and Washington D.C. to Integrion, whose original ownership of 16 financial institutions represents over 60 percent of the households in North America. The transaction is subject to regulatory approval. First Union offers its customers five ways to bank on-line - Cyberbanking(SM), First Union's Internet home banking service, Quicken(R), Microsoft Money Microsoft Money is Microsoft's personal finance software for computers using the Microsoft Windows operating system. A version is also available for Windows Mobile (available for Money versions 2000-2006, and up to, but not including Windows Mobile 5.0). (R), America Online See AOL. (R), and Telephone BillPay. Customers also can receive updated account information through Interim and Mini statements offered at First Union ATMs and 24-hour telephone access to all accounts seven days a week, 365 days a year. "First Union is a dynamic organization with a strong, loyal customer franchise," said William M. Fenimore Jr., managing director of Integrion. "We are delighted to have them as both a customer and an owner and expect them to contribute significantly to our rate of growth." FIRST UNION NATIONAL BANK Charlotte-based First Union Corporation (NYSE NYSE See: New York Stock Exchange :FTU FTU Foreign Trade University (Hanoi, Vietnam) FTU Federation of Trade Unions (Hong Kong, China) FTU Formal Training Unit FTU Florida Times-Union (newspaper) ) provides financial products and services to approximately 12 million customers nationwide. First Union is the nation's sixth largest bank holding company with assets of $143 billion as of June 30, 1997. INTEGRION FINANCIAL NETWORK Integrion Financial Network provides interactive banking and electronic commerce solutions to financial institutions. Through the Interactive Financial Services (IFS) platform, Integrion offers financial institutions a network through which electronic transactions flow from multiple consumer access points to a bank's host system and/or processor. Integrion's operating philosophy allows banks to determine the manner and format in which home banking and electronic commerce services are offered, ensuring consistency with the bank's full range of services, effective branding by the bank and maximum customer benefit. The owners of Integrion are ABN AMRO North America, Bank One, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , Barnett Bank, Citibank, Comerica, First Chicago NBD NBD Next Business Day NBD National Bank of Dubai (United Arab Emirates) NBD No Big Deal NBD Network Block Device (Linux) NBD Nucleotide Binding Domain NBD New Business Development , First Union National Bank, Fleet Financial, IBM, Key Corp, Mellon Bank, Michigan National Bank Michigan National Bank was established on 31 December 1940 when Howard J Stoddard consolidatied six Michigan banks: First National Bank and Trust Company of Grand Rapids, First National Trust and Savings Bank of Port Huron, Lansing National Bank, Battle Creek's Security National , NationsBank, Norwest, PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Bank Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. , US Bancorp, Visa U.S.A. and Washington Mutual Inc. Additional information about Integrion can be found on the Internet at www.integrion.net . CONTACT: Integrion Financial Network by Al Paul Lefton Co. Grant Evans, 215/351-4210 grantevans@lefton.com or First Union Donna Smart, 704/374-6999 donna.smart@firstunion.com |
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