$25 Billion Bank To Convert To Online Resources
CHANTILLY, Va., May 2, 2005
Online Resources Corp. (Nasdaq: ORCC), a leading outsourcer of Internet
financial services, today announced that New York Community Bank, the primary
subsidiary of New York Community Bancorp, Inc. (NYSE: NYB) and the fourth
largest thrift in the nation, has signed a five year agreement for the company's
suite of web-based account presentation, payments and relationship management
services.
Beginning in July 2005, New York Community Bank will introduce customers
to its new Internet banking site, NYCBDIRECT, via Online Resources' integrated
platform. The bank's existing Internet banking users will be converted
to the new platform beginning in August 2005.
Online Resources' comprehensive suite of services will enable New York
Community Bank to aggressively grow its online banking and bill pay relationships.
These services, which are branded to New York Community Bank, include
retail and small business Internet banking, bill payment, cash management,
web design and other financial self-service capabilities. The bank will
also make available to its customers additional services, including online
check imaging, e-statements and account aggregation through Money HQ.
Online Resources will also integrate its unique ICM relationship management
services into New York Community Bank's call center and marketing programs.
ICM combines consumer marketing, CRM technology and access to multiple
consumer touch points, in order to drive consumer adoption and Internet
channel profitability for Online Resources' clients.
"We chose Online Resources based on its track record of providing
both high consumer adoption and exceptional service quality," said
Barbara Ann Tosi-Renna, 1st senior vice president of New York Community
Bank. "With tight integration of online banking, bill payment and
other services, all backed by robust marketing and customer service, we
believe we can significantly raise the value of our Internet channel."
"Our primary goal is to increase New York Community Bank's consumer
adoption rate," stated Raymond T. Crosier, Online Resources' president
and chief operating officer. "We will be particularly focused on
raising the Bank's bill pay adoption rate, where we lead the industry
in achieving a more than 30 percent upsell of billpay services to our
online banking users."
About New York Community Bank
New York Community Bank is the primary subsidiary of New York Community
Bancorp, Inc. (NYSE: NYB), the fourth largest thrift in the nation, with
assets of $24.6 billion at March 31. 2005. The Bank serves its customers
through a network of 143 banking offices in New York City, Long Island,
Westchester County, and northern New Jersey, and operates through seven
divisions: Queens County Savings Bank, Roslyn Savings Bank, Richmond County
Savings Bank, Roosevelt Savings Bank, CFS Bank, First Savings Bank of
New Jersey, and Ironbound Bank. The Bank is the leading producer of multi-family
mortgage loans for portfolio in New York City and the third largest thrift
depository in the New York metropolitan region. Additional information
about the Bank is available at www.myNYCB.com.
About Online Resources
Online Resources powers Internet financial services for 700 firms nationwide.
The Company's proprietary account presentation, payment and relationship
management services are branded to its client banks, credit unions, card
issuers and payment acquirers. The Company serves over three million consumer
end-users and processes over $10 billion in payments annually. Founded
in 1989, Online Resources (Nasdaq: ORCC, Website: www.orcc.com) has been
widely recognized as one of the nation's fastest growing technology firms.
This news release contains
statements about future events and expectations, which are "forward-looking
statements." Any statement in this release that is not a statement
of historical fact may be deemed to be a forward-looking statement. Such
forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the Company's actual results, performance
or achievements to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements.
Specifically factors that might cause such a difference include, but are
not limited to the Company's: history of losses; dependence on the marketing
efforts of third parties; potential fluctuations in operating results;
ability to make and successfully integrate acquisitions of new businesses;
potential need for additional capital; potential inability to prevent
systems failures and security breaches; potential inability to expand
services and related products in the event of substantial increases in
demand; competition; ability to attract and retain skilled personnel;
reliance on patents and other intellectual property; exposure to the early
stage of market adoption of the services it offers; exposure to the consolidation
of the banking and financial services industry; and additional risks and
uncertainties discussed in filings made by the Company with the Securities
and Exchange Commission, including those risks and uncertainties contained
under the heading "Risk Factors" in the Company's Form 10-K,
latest 10-Q, and S-3 as filed with the Securities and Exchange Commission.
These factors should be considered in evaluating the forward-looking statements,
and undue reliance should not be placed on such statements.
Media Contact: Beth Halloran,
Director, Corporate Communications
703.653.2248
bhalloran@orcc.com
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