Online Resources Renews Four Large Financial Institutions
MCLEAN, Va., May 26, 2004
Online Resources Corp. (Nasdaq: ORCC), a leading outsourcer of online banking and payment services, today announced it has renewed contracts with four financial institution clients with aggregate assets exceeding $25 billion. Each client has signed a three-to-five year agreement to expand the range of QuotienSM e-financial services provided to its consumers through Online Resources.
Citizens Equity First Credit Union (CEFCU), a $2.6 billion asset credit union that serves the employees of more than 550 companies in Central Illinois, executed an early renewal for bill payment services. An Online Resources client since 2001, CEFCU will expand its services to include the Company's ICM marketing programs.
Harbor Federal Savings Bank, one of the largest independent financial institutions in Florida with $2.5 billion in assets, has renewed its agreement for bill payment services. A client since 1999, Harbor Federal has also contracted for Online Resources' business services.
WesBanco Bank Inc., a $3.4 billion asset bank that operates more than 70 banking centers in West Virginia, Ohio and Pennsylvania, has renewed its agreement for bill payment services. A client since 2000, WesBanco has also contracted for a direct connection to Online Resources.
Finally, a large financial institution with more than $17 billion in assets has utilized Online Resources' full service suite since 1999. With the multi-year renewal, the client will add check imaging and supplementary marketing services to the online banking, payments, consumer contact and other services it currently receives.
"We appreciate the continued confidence of these valued clients," stated Raymond T. Crosier, president and chief operating officer of Online Resources. "We remain committed to providing them an outstanding consumer experience, powerful information and marketing services to drive Internet channel profitability, and innovative technology to help them stay competitive in the rapidly changing e-financial services environment."
About Online Resources
Online Resources (Nasdaq: ORCC - www.orcc.com) is an outsourcer of Internet banking and payment services to over 650 financial institutions nationwide. In contrast to other providers, Online Resources owns, operates and drives critical banking, payments and marketing infrastructure that enable a superior customer experience and Internet channel success. The company's services, branded to our financial institution clients, power over 100 million transactions and $9 billion in consumer bill payments annually. Founded in 1989, Online Resources has been widely recognized as one of the nation's fastest growing technology companies.
Media Contact: Beth Halloran,
Director, Corporate Communications
703.394.5248
bhalloran@orcc.com
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