Headlines:
Corillian to Stagger 3-Year Board Terms Carreker Expects to File Reports in May Bank Stores Signature Cards as Images Tower Renews Its Digital Insight Contract
Corillian to Stagger 3-Year Board Terms
Corillian Corp. has staggered the terms of its six directors.
The Portland, Ore., online banking software vendor said last week in a regulatory filing that its board voted April 10 to divide its members into three groups, so that every year two seats would be up for election. Each director serves for three years.
The change will take effect at the next shareholder meeting.
An investor group is pressuring one of Corillian's chief rivals, S1 Corp. of Atlanta, to sell itself. This month the group announced plans to nominate two directors for seats on S1's six-member board that are up for election this year.
The group also proposed an amendment to expand the board by three seats, and it named nominees for those prospective seats.
Steve Shaw, a Corillian spokesman, said its new election schedule "has nothing to do with what's going on" at S1. "We're just formalizing a process that we needed to put in place."
However, institutional investors have been buying up Corillian's shares this year. Mellon Financial Corp. of Pittsburgh reported in February that various trust and investment management units had acquired 240,000 shares.
In February the mutual fund company Delaware Management Holdings Inc. reported an "agreement to file joint acquisition statements" by more than 30 of its funds and trusts, though it said it had not yet made any purchases.
In January, Barclays Global Investors reported that it had acquired 2.2 million shares, and the New York mutual fund company Royce & Associates LLC said it had acquired 3.1 million.
Corillian has 44.9 million shares outstanding.
Carreker Expects to File Reports in May
Carreker Corp. missed the deadline for filing the fourth-quarter and yearend reports for the fiscal year that ended Jan. 31, but it said it expects to file the reports by May 2.
Last month the Dallas vendor had said it would delay the reports, because of an accounting issue related to deferred revenue. It also said the issue could reduce revenue and earnings by as much as $2.1 million.
The Securities and Exchange Commission requires companies to file their 10-K annual reports within 75 days of the end of their fiscal year.
Bank Stores Signature Cards as Images
First Bank at Farmersville in Texas is scanning its customers' signature cards into a digital system to tighten security, eliminate paper files, and improve employees' access to the records.
Cindy Dickens, a senior vice president at the $94 million-asset unit of Farmersville Bancshares Inc., said the scanning project began in February and should be complete by June. Once the digital records are audited, the bank plans to begin using the system in its three branches.
The system, which uses Centraspect FS software from Systemware Inc. of Addison, will let tellers and other branch staff members call up images of the cards online, eliminating the need to make copies for distribution to branches, Ms. Dickens said last week in an interview.
With paper signature cards, "we have file cabinets everywhere, and we're simply out of room," she said. In addition to saving space, "storing them on our network will provide stronger means of security for protecting that information." When new customers open accounts in the future, the bank plans to capture their identifying documents digitally, as well, such as driver's licenses, Ms. Dickens said.
First Bank eventually plans to scan loan documents and personnel files, she said. "We want to get all we can out of it."
Tower Renews Its Digital Insight Contract
Tower Federal Credit Union of Laurel, Md., has renewed its contract to use consumer online banking and bill payment software from Digital Insight Corp.
The Calabasas, Calif., vendor announced the multiyear extension Tuesday. Tower Federal's active online banking customers have grown 62% since January 2002, to nearly 40,000, and the number of active bill payers has grown 93%, to nearly 10,000. About 35% of its members bank online, and 25% pay bills online.
The credit union also offers customers online statements, digital check imaging, and online check reorders.
Martin Breland, its president and chief executive, said in a Digital Insight press release that the credit union is "committed to providing our home banking members access to a wide range of value-added financial products and services in a convenient, secure, and reliable manner."
