PRESIDENTIAL® OFFERS CAR LOANS AND VISA CHECK CARD
December 27, 1999. Presidential® Online Bank is pleased to announce the following enhancements to Internet banking programs
PRESIDENTIAL® LAUNCHES NEW ONLINE BUSINESS BANKING CENTER
October 20, 1999. Presidential® Online Bank has announced a major enhancement to its Internet banking site, with the implementation of Presidential's new Business-to-Business online banking system.
Commercial customers will be able to obtain the following kinds of financing online:
An important feature of the new Online Business Banking Center is its automated Commercial Loan Pre-Qualifiers. A potential customer can anonymously enter annualized financial data into the appropriate Pre-Qualifier screen and receive an immediate response indicating the amount of financing for which the customer is pre-qualified.
Customers who then desire to submit an actual financing application, can proceed to enter all relevant borrower information online, avoiding the tedious paperwork frequently involved in business and commercial real estate financing transactions.
Credit amounts of up to $2.5 million will be available online. Certain financing categories may have lower limits, and larger amounts may also be available on a case-by-case basis. Other conditions will apply, and all transactions will be subject to credit approval.
Additional categories of commercial and consumer lending will be added to the Presidential® web site in the near future. Real time deposit account balance information is currently available. Online customer initiation of wire and ACH money transfers will also be available soon.
PRESIDENTIAL® LAUNCHES NEW INTERNET-ONLY MORTGAGE BANKING DIVISION
May 7, 1999. Presidential® Online Bank has announced the formation of a new Internet-only mortgage banking division, to be called 1st-presidential.com. 1st-presidential.com will originate all types of home mortgages solely over the Internet and by telephone. This marketing channel is expected to permit significant a reduction the cost of originating home mortgages, compared to conventional methods.
Presidential Savings Bank, of which Presidential® Online Bank is a division, is one of the larger originators of home mortgages in the Washingon, DC, metropolitan area, having originated over $300 million in mortgages during 1998. 1st-presidential.net will be headed by Mr. Ron King, who already has over a year's experience in Internet-based mortgage originations, as well as 25 years of mortgage banking experience.
In addition, all data that customers enter into the Presidential® Business Banking Center site will be available to the customer to be recalled at any time, merely by entering a reference number supplied online and by e-mail when the information is initially submitted. Customers and Presidential® commercial loan officers can look at the same information at the same time from their respective computer terminals, editing it in real time as circumstances warrant.
PRESIDENTIAL® ANNOUNCES NEW HIGH-TECH LENDING OFFICE AT RESTON TOWN CENTER, VIRGINIA
May 1, 1999. Presidential Savings Bank has announced that it will be opening a high-tech business oriented lending office at 1760 Reston Parkway, Reston, VA. The new office will focus on financing the Internet- and data communications-oriented companies and related businesses located in the rapidly growing Dulles Corridor market, stretching from Tysons Corner to Dulles Airport in Northern Virginia. This is the area in which America Online, MCI Worldcom, Nextel, Winstar, and numerous other communications companies are headquartered.
Consistent with the Bank's limited branching strategy, a banking branch intended primarily to service the Bank's business customers, in support of the its new hich-tech lending office, is planned for the Reston area in the year 2000.
PRESIDENTIAL® ANNOUNCES NEW BANKING BRANCH IN THE BALLSTON AREA OF ARLINGTON, VIRGINIA.
February 28, 1999. Presidential Savings Bank has received approval to open a new deposit banking branch at 901 North Stuart St. in Arlington, Virginia, at the Ballston Metro Station. The new branch is expected to open by May 31, 1999.
This new branch is consistent with Presidential's limited branching strategy. Under this approach to branching, the Bank's primary emphasis in deposit gathering activities is being shifted to the Internet, through the Presidential® Online Bank division. Branches will be concentrated in the corridor which runs along route I-270 in Maryland, through downtown Washington, DC and out the I-66 and the Dulles Tollroad in Northern Virginia. It is along this corridor where most of the Washington area's high tech and government contractor businesses are located. The Bank's branches are intended to lend support to its commercial lending business.
FINAL SHAREHOLDER APPROVAL RECEIVED FOR THE FORMATION OF A PRESIDENTIAL® HOLDING COMPANY.
February 2, 1999. A special meeting of shareholders has approved the final step in the creation of a unitary thrift holding company for Presidential Savings Bank, FSB. This action was taken pursuant to regulatory approval received in June 1998. Under current federal banking law, this holding company will not be restricted to activities closely related to banking, but may engage in any type of business activity.
The holding company is called Presidential Holdings, Inc. Completion of the holding company reorganization is expected within about 3 months.
PRESIDENTIAL® ANNOUNCES ALL CORE BUSINESS SYSTEMS ARE YEAR 2000 COMPLIANT.
February 1, 1999. Presidential Savings Bank has announced that all of its systems necessary for deposit services, electronic banking, lending, accounting and internal networks have been tested and demonstrated to be Year 2000 compliant. We have also developed and tested manual backup procedures so that we can continue to provide basic functions even in the event our own or external systems fail for Year 2000 reasons.
This success reflects the results of planning begun in 1997 and many months of analytical and testing effort from our people in all functional areas of the bank. See our Y2K page.
See our Year 2000 Readiness Disclosure Notice.
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