Reelfoot Bank Selects Goldleaf Technology Goldleaf Client; Community Bank Sees Growing ACH Demand From Its Customers
BRENTWOOD, Tenn., May 8, 2003 (BUSINESS WIRE) -- Goldleaf Technologies Inc., a leading provider of ACH and Web site solutions to community and regional financial institutions, announced that Reelfoot Bank, a $150 million financial institution serving southern Kentucky and northern Tennessee, has purchased Goldleaf's Goldleaf Client product, a browser-based, bank-branded ACH transaction management solution.

The bank, like many other community financial institutions, had not offered ACH origination services in the past, but was seeing growing interest from commercial customers, who like the low cost and increased security of ACH services over traditional checking transactions.

"We had an increasing number of customers asking us about providing ACH services," said Reelfoot Bank Senior Vice President Sherry Borders. "Companies want to be able to conduct direct deposit transactions rather than issuing paychecks to employees. Goldleaf's Web Client product enables them to do this easily and at a low cost."

Reelfoot had considered some other ACH services, but the Goldleaf package offered the best combination of convenience, ease of use and integration with the bank's other products and services, Borders added.

Commercial customers can easily access Goldleaf Client from a hyperlink within the financial institution's Internet Cash Management solution or home page. In addition to using the more cost effective Internet delivery channel, Goldleaf Client provides greater financial institution control of originator functionality.

Goldleaf Client includes optional scanning functionality for the origination of ARC and RCK transactions. Optional check scanning functionality enables the automated import of transaction data from paper checks into Goldleaf Client consistent with NACHA requirements.

Goldleaf Web Client is branded with the bank's name and logo, but the bankers are not tasked with any of the technological support work. According to Borders, bank customers who have questions can contact Goldleaf specialists to help them with any ACH technology challenges. "It's important to us to be able to offer our customers the ACH services without needing to install or maintain the technology," Borders said.

Reelfoot Bank went live with the product in November 2002 and is already reaping financial benefits, according to Borders. One company with 40 employees has already moved his business to Reelfoot due to the ACH product. The bank is in discussions with additional commercial customers about making similar migrations, Borders said.

"By adding the Goldleaf Web Client product, Reelfoot Bank is taking a major step forward in its ability to serve the needs of commercial customers," said Paul McCulloch, president for Goldleaf. "We expect more community banks to follow Reelfoot's lead, particularly as they receive more demand for ACH services from their own customers."

About Reelfoot Bank

Reelfoot Bank, a $150 million community bank serving northern Tennessee and southern Kentucky, was founded in 1904 in Hornbeak, Tenn., and is now a wholly owned subsidiary of Reelfoot Bancshares, Inc. Reelfoot Bank's main location is in Union City, Tennessee, with five offices; one each in Martin, Hornbeak, and Union City's Wal-Mart Supercenter and two offices in Fulton, Ky.

For more information about Reelfoot Bank, visit its Web site at www.reelfootbank.com.

About Goldleaf Technologies Inc.

Brentwood, Tenn.-based Goldleaf Technologies Inc. is a privately held financial services company, offering ACH solutions and highly customized dynamic Web sites for financial institutions and other organizations. Goldleaf utilizes innovative marketing strategies and software solutions to help financial institutions retain valuable customers, add new customers, increase core deposits, and create recurring fee income.

Goldleaf's ACH solutions, built on both Windows and browser-based technology, are used by financial institutions and clearinghouse organizations throughout North America. The company also specializes in custom Web site creation and secure hosting for financial institutions, winning national awards and recognition for function and form. Goldleaf has a proven track record with more than 1,800 financial institutions and strong alliances with the world's top core technology providers and endorsements from many state banking associations.

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