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MUTUAL FUNDS COME TO MAIN STREET! IBAA SELECTS MFS TO PROVIDE MUTUAL FUND PROGRAM; IBAA TO CHARTER FINANCIAL SERVICES CORPORATION

 WASHINGTON, July 20 /PRNewswire/ -- The Independent Bankers Association of America (IBAA) today announced that its subsidiary, the IBAA Community Banking Network, has executed a letter of intent with MFS Financial Services Inc. to offer a mutual funds program for the association's 5,800 community bank members.
 MFS Financial Services is the sales company of Massachusetts Financial Services, America's oldest mutual fund organization. MFS was selected from a field of 22 companies that submitted written proposals. The IBAA chose MFS because of the quality of its products and services, its financial strength and its well-established reputation in the securities industry.
 MFS launched the nation's first mutual fund, Massachusetts Investors Trust, in 1924 and today manages more than $32 billion in assets for 1.6 million individuals and institutions.
 IBAA also announced that a new company, IBAA Financial Services Corporation (IBFS), would be chartered to offer the new mutual funds program. IBFS will be the fourth subsidiary of the Network.
 "The program will provide community banks with unparalleled opportunities to attract and retain customers while generating an additional source of fee income, both of which are critical to the future of community banks," said Network Chairman Jack Dickey, president of First National Bank of Thomas, Okla.
 "Community banks are striving to meet the ever-changing needs of customers," said IBAA President James R. Lauffer, chairman/president/CEO of First National Bank of Herminie, Irwin, Pa. "MFS is an outstanding company with both the products and resources to help them meet those needs."
 Jerry Potts, MFS senior vice president and head of the Financial Institutions division, said: "We are committed to community banks and believe that they will play a significant role in providing financial services in the future.
 "Through this program with the IBAA and its newly formed distribution subsidiary, we are able to combine the financial and product resources of MFS with the integrity of community banks and the affinity of the IBAA," Potts added.
 Ken Guenther, IBAA executive vice president, said program marketing will begin immediately after the licensing of IBFS. The program will offer community banks access to mutual funds through three levels of participation, each designed to meet the diverse markets and resources of IBAA members, while ensuring their ability to control the services offered.
 "Participating banks will also be supported by sales and training assistance, which is critical to assuring marketing success and, more importantly, customer satisfaction," Guenther said.
 In summary, he said, "Watch out Wall Street, here comes Main Street."
 IBAA is the only national trade association that exclusively represents the interests of the nation's community banks.
 -0- 7/20/93
 /CONTACT: Gary Teagno of the IBAA Community Banking Network, 202-659-8111; John Reilly, MFS Financial Services, 617-954-5305; or Ken Guenther of IBAA, 202-659-8111/


CO: Independent Bankers Association of America; MFS Financial
 Services ST: District of Columbia IN: FIN SU:


IH-DC -- DC021 -- 6833 07/20/93 12:43 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
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