DEFIANCE, Ohio, Nov. 6, 2007 (PRIME NEWSWIRE) -- Rurban Financial Corp. (Nasdaq:RBNF), a leading provider of full-service community banking, investment management, trust services and bank data and item processing, today announced its technology subsidiary, Rurbanc Data Services, Inc. (RDSI), has entered into an agreement with Paramount Bank of Nevada to provide data and item processing services. Paramount Bank has recently received regulatory approval to begin banking operations in Las Vegas, NV.
Paul Kadavy, President and CEO of Paramount Bank, chose RDSI as its technology partner in part because of RDSI's exceptional market reputation. "We felt RDSI's expertise and proven track record in the De Novo arena would benefit us greatly and help ensure our long-term success in the marketplace," stated Kadavy.
"We are pleased to be working with the quality staff that Paul has assembled and we are committed to being a vital, contributing technology partner in supporting their future success as a community bank," commented Hank Thiemann, President of RDSI.
Kenneth A. Joyce, President and CEO of Rurban, stated, "We welcome Paramount Bank to our family of clients. We are experiencing new clients making the transition to RDSI for data and item processing services, validating RDSI's high level of customer service, secure environment, and technology leadership." Ken Joyce continued, "This is RDSI's first entry into the growing Nevada market, and we are optimistic about the potential growth opportunities within this market."
RDSI will provide core data processing services including feature rich Internet Banking and Corporate Cash Management services. Paramount Bank will utilize RDSI's Image Capture Item Processing solution for their Item Processing needs.
About Rurban Financial Corp.
Rurban Financial Corp. is a publicly-held financial services holding company based in Defiance, Ohio. Rurban's wholly-owned subsidiaries are The State Bank and Trust Company, including Reliance Financial Services; Rurbanc Data Services, Inc. (RDSI); and DCM. The State Bank and Trust Company offers financial services through its 18 branches in Allen, Defiance, Fulton, Lucas, Paulding and Wood Counties, Ohio and Allen County, Indiana. Reliance Financial Services, a division of the Bank, offers a diversified array of trust and financial services to customers throughout the Midwest. RDSI and DCM provide data and item processing services to community banks in Arkansas, Florida, Illinois, Indiana, Michigan, Missouri, Nebraska, Ohio and Wisconsin. Rurban's common stock is quoted on the NASDAQ Global Market under the symbol RBNF. The Company currently has 10,000,000 shares of stock authorized and 4,993,933 shares outstanding. The Company's website is http://www.rurbanfinancial.net.