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| Mizuho Corporate Bank of California and MB Financial Bank Renew Contracts with Magnet Communications - Continue Long-Term Relationship with Business Banking Authority
ATLANTA--(BUSINESS WIRE)--Aug. 5, 2003-- Banks Extend Relationship with Magnet into 2006 - Magnet's hosted BizVantage – Beyond the news: when knowing counts. Business Banking Platform Allows Mizuho and MB Financial to Serve and Grow Customers of all sizes Magnet Communications, Inc., the Internet Business Banking Authority, announced today that Los Angeles-based Mizuho Corporate Bank of California (formerly Dai-Ichi Kangyo Bank of California) and Chicago-based MB Financial Bank have selected Magnet as their long-term strategic business banking solutions provider. Mizuho Corporate Bank of California, the U.S. subsidiary of the Mizuho Financial Group--the world's largest banking institution in terms of assets--and MB Financial, one of the fastest growing locally managed banks in the Chicago area serving middle-market businesses, have renewed their existing contracts with Magnet into the year 2006. Both banks cite the depth and breadth of product functionality, Magnet's cash management expertise, and the reliability of Magnet's hosted solution as their reasons for remaining with Magnet as their strategic partner for online business banking. Mizuho and MB Financial use Magnet's Internet Banking Suite as their business banking platform, which enables the banks to offer services specifically tailored for the customer segments they serve. With Magnet's Internet Banking Suite, the same platform is used to deliver the functionality required by small businesses, middle-market businesses, and large corporations. With over $500 million in assets, Mizuho Corporate Bank of California, headquartered in Los Angeles, serves a growing and diverse customer base, from small businesses to multinational corporations. "Magnet's hosted solution lets us focus on our business rather than the technology behind our business banking platform," said Esther Wilson, Senior Vice President and Treasurer for Mizuho. "With Magnet, we have the flexibility we need to respond to changes in our business, and can continue to provide our customers with the expertise and functionality necessary to support their business banking needs today and into the future." With over $3.4 billion in total assets, MB Financial Bank is the lead bank within the $4.2 billion MB Financial, Inc. bank holding company, with branches throughout the Chicago area. "Magnet's cash management expertise and business banking platform have been strategically important to our business," said Judy Hill, Senior Vice President, Product Management with MB Financial. "Magnet's hosted solution has delivered operational efficiencies by removing the every-day IT responsibilities from our shoulders. At the same time, the depth and breadth of product functionality Magnet delivers means we can provide our customers all of the advanced business banking capabilities they need to support their growth." Because Magnet's Internet Banking Suite can accommodate multiple market segments from a single platform, Mizuho and MB Financial have the flexibility to develop and deliver advanced business banking services to a range of customers, and to implement new functionality rapidly. With Magnet, banks can easily modify offerings, packaging, and pricing to support the changing requirements of customers over time. "Magnet is proud to have served as a strategic partner for Mizuho Corporate Bank of California and MB Financial Bank since 2000, and we look forward to providing leading edge business banking solutions for them into the future," said Steve Gordon, President and CEO of Magnet Communications. "Magnet enables financial institutions of all sizes to provide their customers with the specific business banking capabilities they require. From a single business banking platform, our customers can support the entire range of customer needs--from the large multinational corporate customers to mid-market and small business clients." With a growing number of customers through its recent acquisitions and mergers, MB Financial continues to rely on the Magnet Internet Banking Suite, under the name Corporate InterConnect, to manage ACH, Balance Reporting, Book Transfer, Controlled Disbursement, Electronic Report Delivery (ERD), Lockbox, Positive Pay, Stop Payment and Wire Transfer services. Mizuho uses Magnet's business banking solution to manage Previous-day and Intraday Information Reporting, ACH, Wire Transfer Services, Book Transfer, Stop Payment and Electronic Report Delivery. About Mizuho Corporate Bank of California The formation of the Mizuho Financial Group resulted from the consolidation of The Dai-Ichi Kangyo Bank, Ltd., The Industrial Bank of Japan, Ltd., and The Fuji Bank, Ltd. The new organization took its place on the financial stage as the world's largest banking institutions in terms of assets. On April 1, 2002, the former Dai-Ichi Kangyo Bank of California brought with it 28 years of experience and became Mizuho Corporate Bank of California, beginning a new era of service to the business community of California. Mizuho offers sophisticated capabilities customized to each customer's requirements. Mizuho's goal is to provide an integrated solution aligned with each customer's objectives, built from a range of proven resources. Visit Mizuho on the Web at www.mizuhocalifornia.com. About MB Financial Bank MB Financial is a leader among Chicago area banks and concentrates on serving the needs of entrepreneurial middle-market businesses as well as individuals in the communities where its branches are located. MB Financial currently has 36 branches strategically located throughout the Chicago area and more than $4.2 billion in assets. MB Financial, Inc., a Chicago-based financial holding company, is the parent of MB Financial Bank, N.A. (Illinois) and Union Bank, N.A. (Oklahoma). MB Financial has been delivering competitive, personalized service for more than 90 years to privately owned, middle-market companies as well as to individuals who live and work in the Chicago metropolitan area. Visit MB Financial on the Web at www.mbfinancial.com. About Magnet Communications, Inc. Magnet Communications, Inc. is a leading provider of Web-based business banking solutions for financial institutions of all sizes. From a single, integrated platform financial institutions can deliver an intuitive, easy-to-use solution for small businesses, a sophisticated solution tailored to large corporations and the right mix of services for middle market customers. Financial institutions can deliver Magnet's business banking solutions through the company's state-of-the-art data center or through a licensed in-house implementation, both supported by Magnet's superior integration expertise, ongoing customer support and critical disaster recovery services that deliver consistent performance. Founded in 1995, Magnet Communications is headquartered in Atlanta. For more information call (404) 892-9300 or visit www.magnetbanking.com. Disclaimer: Magnet, Magnet Communications, The Internet Business Banking Authority and the Magnet Internet Banking Suite are trademarks and/or service marks of Magnet Communications, Inc.
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