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STAR, ITS partner to offer payroll cards

Enid, Okla. – Employers all across Indiana will soon have the option of offering the convenience of an ITS® Visa Payroll Card to their employees because of a recent agreement between Interactive Transaction Services and STAR Financial Bank.

The agreement allows ITS to issue and process FDIC-insured Visa Payroll Cards for STAR, headquartered in Fort Wayne, Indiana. The bank holds assets of $1.7 billion and operates 46 banking centers throughout the state. ITS is a transaction processing subsidiary of Central National Bank.

“Payroll cards are convenient for our business customers, who no longer have to issue paper checks. They can reduce payroll processing costs and potential check fraud,” said Jim Marcuccilli, President and CEO of STAR Financial Bank.

Payroll cards have become an effective mechanism for serving individuals who are typically unbanked and underserved by the financial world. STAR’s entrance into the payroll card market makes it the newest bank to be served by ITS.

“Payroll cards allow us to reach out to workers within the communities we serve who may not otherwise need a bank,” said Marcuccilli.

“Community banks all across the country are being proactive in their methods to enter the prepaid space,” said Brud Baker, president and CEO of Central National Bank. “With the ITS Visa Payroll Card, they can brand the card as their own and begin offering it immediately while earning revenue.”

“Financial institutions realize the value of having a cost-effective and turn-key solution to recommend to their commercial accounts,” Baker said. “All the bank has to do is market the cards. We handle everything else, from compliance to collection, distribution, settlement, and other complex operational requirements.”

The Visa Payroll Card offered by ITS has many features that make it unique, including a built-in remittance capability that allow cardholders to send money to family members in Mexico and 13 other Latin American and Caribbean countries at a price of $6. This is far less than the national average. ITS will also begin offering Bill Pay and Mobile Banking to cardholders. It is these features that make it particularly attractive in STAR’s area.

“STAR’s footprint consists of both urban and rural areas across east central and northeast Indiana. This diverse market area encompasses local residents, immigrants and migrant workers who don’t have a bank account. Instead of having to use expensive check cashing services, they can now use their payroll card which functions just like a debit card, allowing them to make purchases and pay bills. Funds can also be withdrawn using an ATM,” said Marcuccilli.

About Interactive Transaction Services
As subsidiary of the Central National Bank of Enid, Interactive Transaction Services was established to provide marketing, sales, delivery, and processing services for the prepaid card products of CNB. This model will work for banks, credit unions, and savings banks. For more information about any of the ITS products, contact Jerry Baskin at jbaskin@itsvcs.com or by phone at (918)254-0099. www.itsvcs.com

About Central National Bank
Central National Bank of Enid is an FDIC-insured financial institution headquartered in Oklahoma and is held by Central Services Corporation. There are eight branch locations throughout the state. The bank reported assets of $518 million as of June 30, 2009. CNB has been providing electronic services to other financial institutions for over 20 years and issuing and processing prepaid cards since 2002. www.cnb-ok.com

STAR contact information:
Trois Hart
Senior Vice President
Marketing and Strategic Planning
STAR Financial Bank
(260) 479-2548

About STAR
Headquartered in Fort Wayne, Indiana, STAR Financial Bank holds assets of $1.7 billion. It operates 46 banking centers throughout Indiana, including the communities of Anderson, Angola, Carmel, Churubusco, Columbia City, Elwood, Fishers, Fort Wayne, Gas City, Gaston, Greenfield, Hamilton, Indianapolis, Kokomo, Marion, Muncie, New Castle, Noblesville, Pendleton, Shirley, South Whitley, Tipton and Upland. The bank’s parent company, STAR Financial Group, provides professional services in insurance, trust and wealth management. For more information about all of STAR’s services, visit the company’s web site at www.starfinancial.com.

Basic Terminology of Bulk REO Investing

Many people are checking out bulk REO investments as a way of building some financial security in these troubling times. For the average reader, however, you may not even be aware of what bulk REO investments means, especially because REO is an acronym that has erupted into contemporary popular usage only recently. If you are one of those people who want a way to navigate the confusing terminologies behind bulk REO investing, here are the basic terminologies that you need to be acquainted with.

What are Bulk REOs?

Bulk REOs is an acronym that stands for ‘real estate owned’ and is a term that is often used in the banking as well as the lending world. The process of bulk REOs is summed up in the event where a home that is placed on mortgage is placed on a foreclosure because of the homeowner’s inability to pay the mortgage or other dues that have been made with the real estate used as the collateral. Bulk has been often added to the REO acronym because investment in this field is most profitable when buying REOs in bulk, since these forms of real estate are much cheaper than others and are thus best when bought in bulk, the way wholesale buying is much more efficient than choosing to purchase goods from retailers. Some institutions will not allow individual REO buying.

What is a POF

The acronym stands for ‘proof of funds’ and is one of the basic requirements before you as an investor can begin your transactions to have a bulk REO package made. If you have ever bought a house, and you probably have since you are now looking at real estate as an investment option, you have probably realized that to purchase a single house alone requires the participation and help of many entities. Among those that may have been involved in the purchase of your home is the homeowner who intends to sell, you who intend to buy, a bank that may provide some of the funds that you need in order to purchase the house, a lawyer to settle the paperwork, and even an objective home inspector to act as a third party. The same goes with bulk REO investments. Because it entails much work, most banks will need a POF before proceeding.

What is Vetting?

Otherwise known as the critical examination or assessment part of the bulk REO buying process, it is necessary in order for the bank to assess not only the POF of the person who intends to buy the real estate, but also the actual willingness of the person to proceed with the transaction. After all, not everyone who has sufficient POF necessarily has the intent, and may simply be surveying his investment potentials.

What is an LOI?

Also known as the ‘letter of intent,’ this is the letter which the bank will entertain once you have undergone the vetting of the POF. The LOI will indicate what your exact bulk REO investment request entails, such as what type of property you are looking for, the price range that you desire, as well as the location that you will entertain.

What is a NCND?

The acronym stands for ‘non-circumvent, non-disclosure agreement’ and is a document signed by all the parties involved to secure the transaction. Here, the basic premise is that all parties involved in the transaction will not interfere with the proceedings of the REO investment and that inform

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