Redwood Empire Bancorp signed an agreement to license electronic banking software to Pacific Wester Bank, a $1.1 billion-asset institution based in San Jose, Calif.
Under terms of the agreement, Pacific Western Bank will market the software to its corporate customers and Redwood will receive a percentage of the monthly revenue. The software is a cash management tool that allows corporate cash managers or small-business owners to make inquiries about the status of their loans and deposits and transfer funds through their own personal computers.
The software was developed by Redwood Empire Datacorp. Redwood has been using the software in-house for eight years. Redwood Empire Bancorp is the holding company for National Bank of the Redwoods and Allied Savings Bank FSB. The company, based in Santa Rosa, operates throughout Northern California.