GNADENHUTTEN, Ohio and OLYMPIA, Wash., Dec. 14, 2004 (PRIMEZONE) -- Indian Village Community Bank, the subsidiary of Indian Village Bancorp (OTCBB:IDVB), today announced its selection of ET Financial Services to provide market-leading consumer loan origination and servicing capabilities. IVC Bank expects to open the new system to its lobby and Internet customers before the year-end.
"Indian Village Community Bank was founded more than 80 years ago to meet the financial needs of its customers. We continue today to provide customers excellent products and the individual personal service each customer deserves," said Marty Lindon, President and Chief Executive Officer of Indian Village Bancorp. "We've recently announced plans to significantly expand our operations; ET Financial will help us do so profitably. With ET we can speed our approval process, increase our number of consumer loans, reduce our prices, and increase our earnings, all at the same time. With ET we can profitably offer our loan customers the speed, convenience, pricing and service they expect and deserve.
"We expect to originate a typical loan in less than 10 seconds and to fund it in less than 3 minutes," Mr. Lindon added. "We will offer very attractive pricing to each loan customer, all while making a good return for our shareholders."
"We're delighted to partner with Indian Village Community Bank," said Brian Cregg, ET's Vice President - Marketing. "They care about their customers and recognize the benefits of superior customer service and competitive pricing. With this decision, Indian Village Community Bank will be able to compete even more effectively as it expands from its base."
About Indian Village Community Bank
Indian Village Community Bank's principal business is attracting deposits from the general public and originating loans secured by mortgages on one- to four-family residential real estate. The bank also offers a wide range of consumer loans, checking, savings and commercial products. IVC Bank was founded in 1923 as a Federal Savings and Loan Association and converted to a State Chartered Savings Bank in June 2000. Indian Village Bancorp, Inc. is the holding company for Indian Village Community Bank with full service banking offices in New Philadelphia and Gnadenhutten, Ohio.
About Enhanced Technology Financial Services, Inc.
ET Originates, Services, Collects and Reports on private label consumer loans for community and mid-sized banks using its proprietary OSCAR system and team. By combining ET's risk-related pricing and best-in-industry servicing, ET's client banks generate higher margins and more volume with lower risk and less volatility, simultaneously. ET typically guarantees that its bank client will increase earnings by at least 20% by using its OSCAR system to originate and service consumer loans. Headquartered in Olympia, Washington, ET was recently endorsed by the Washington Independent Community Bankers Association. ET markets its services to banks with assets up to $20 billion.