BankNews Feb. 2015

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The Evolving Issue of Data Security

By Toni Lapp

With EMV being phased in this year in the United States, 2015 could go down as a pivotal year in data security. Or not. EMV in and of itself is only part of the fraud-fighting solution, and is certainly not a magic bullet against all fraud. Its security features are intended to prevent in-person fraud at point-of-purchase. Unfortunately, there are myriad other ways to penetrate the security of financial institutions.

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Security First Bank Agrees to Merge with SunPac Financial

February 20 – Security First Bank has announced the execution of a definitive agreement for the merger of Security First Bank into Los Angeles based SunPac Financial. Under the terms of the definitive agreement for the merger, shareholders of Security First Bank shareholders will have the right to receive $10.50 in cash for each share of stock. The agreement has been approved by the boards of both companies. The transaction will close following the receipt of regulatory and shareholder approval, which is expected to occur by the end of the second quarter of 2015.

 

“We are so pleased to join forces with Security First Bank, which will serve as our initial platform providing the necessary infrastructure to expand banking activities in Fresno and into the Los Angeles market,” said V. Charles “Charlie” Jackson, CEO of SunPac Financial. “Our plan is to allocate capital to expand Security First’s presence, lending activities and commitment to the Fresno market. In addition, we plan to establish a commercial and private banking presence in the Los Angeles market.”

The combined expertise will provide a strong platform allowing an affinity of successful partnerships between Fresno and Los Angeles business communities. The headquarters of SunPac Financial will be in downtown Los Angeles, however, the Security First office location will remain and conduct business as usual.

“This merger will bring together exceptional talent, technology and the potential of growth through expanded and new business relationships and additional capital,” commented Security First CEO Robert Hemsath. “The value-added capital and products will truly benefit our business community.”

Advisors

SunPac Financial is advised by Keefe, Bruyette & Woods as its financial advisor and Manatt, Phelps & Phillips, LLP as its legal counsel. Security First Bank was advised by MJ Capital Partners, LLC as its financial advisor and Grady and Associates as its legal counsel.

About SunPac Financial

In July, 2014, SunPac, LLC, was formed as an investment vehicle to explore developing a commercial and private bank serving the Southern California marketplace. The management team is comprised of seasoned banking executives who have had experience in leading and operating other California based community banks. SunPac Financial, Inc. is a subsidiary that was set up to facilitate the bank merger.

About Security First Bank

Founded in 2007 by local investors, Security First Bank is devoted to providing superior banking products and services at competitive rates while maintaining personal banking relationships. Security First Bank’s primary goal is to help businesses be more successful, productive and efficient by providing personal one on one service, financial expertise and the latest banking technology. Security First Bank is a solid and secure financial institution that puts the customer first and works hard to deliver exceptional results. Additional information can be found at www.securityfirstfresno.com.

Forward-Looking Statements

This press release may contain forward-looking statements regarding SunPac Financial, Security First Bank and the proposed merger. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors: regulatory approvals of the merger may not be obtained or adverse regulatory conditions may be imposed in connection with such regulatory approvals and conditions to the closing of the merger may not be satisfied. There is no obligation to revise or publicly release any revision or update to reflect events or circumstances that occur after the date on which such statements were made.

Canadians Prioritize Security Over Convenience, Speed When Making Payments

February 19 – Ahead of Fraud Prevention Month, a new study commissioned by Visa Canada showed Canadian consumers still prioritize payment security above all else. Two thirds (66 per cent) of credit cardholders ranked security as the most important element of a credit card transaction, surpassing convenience (14 per cent) and speed (10 per cent). Additionally, nearly half (48 per cent) of credit cardholders report they worry about fraud when shopping online.

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MobileIron Introduces Mobile Security Solution to Protect Cloud-Based Enterprise Content

February 4 — MobileIron, the leader in enterprise mobility management (EMM), has introduced the MobileIron Content Security Service (CSS), delivering Phase Two of the company’s initiative to secure the personal cloud. Continue reading “MobileIron Introduces Mobile Security Solution to Protect Cloud-Based Enterprise Content” »

CSBS Releases Cybersecurity Resource Guide for Bank Executives

December 22 – The Conference of State Bank Supervisors (CSBS) has issued Cybersecurity 101: A Resource Guide for Bank Executives.  The guide is a non-technical, easy-to-read resource on cybersecurity that community bank CEOs, senior executives and board members can use to help mitigate cybersecurity threats at their banks. The guide puts into one place industry-recognized standards and best practices for cybersecurity currently used within the financial services industry.

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What Is the Security Behind EMV Chip Payments?

December 11 – Increased security and reduction of in-person counterfeit card fraud are major drivers for the ongoing migration to EMV chip payments in the U.S. However, the advanced security processes going on behind the scenes of a chip transaction may be confusing for stakeholders new to the technology. The EMV Migration Forum simplifies one of the fundamental security features of chip transactions – the cryptogram – in a new video tutorial just released.

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U.S. Banking & Financial Services Cybersecurity Market to Reach $9.5 Billion by 2015

November 17 – According to the new Banking & Financial Services Cybersecurity: U.S. Market 2015-2020 report, published by Homeland Security Research Corp. (HSRC), the surge and sophistication of "successful” cyber-attacks against the U.S. major retail chains, banks & financial services enterprises during the past year, in which over 500 million customers’ bank records and payment cards have been compromised, urged the boardrooms of the U.S. financial institutions to take action.

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Elavon Delivers Apple Pay, EMV & Security Solutions

November 3 – Elavon, a leading global payments provider and wholly owned subsidiary of U.S. Bancorp, has announced enhanced products for EMV readiness, security and support for Apple Pay.

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Smart Card Alliance White Paper: U.S. Payments Industry Can Layer EMV Chip, Encryption and Tokenization Security Technologies to Help Protect Against Card Fraud

October 28 – Businesses processing credit and debit payments can help protect themselves against new and evolving fraud threats by implementing EMV chip technology, tokenization and encryption security technologies in conjunction, the Smart Card Alliance Payments Council states in a recently released white paper.

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Cornhusker Bank Standardizes on Genetec Security Center for Access Control and Video Surveillance

October 28 – Genetec, a leading provider of unified IP security solutions, has announced that Cornhusker Bank in Lincoln, Nebraska, has revamped its security operations across all branches using Genetec Security Center, a unified security platform that blends video surveillance (Omnicast) and access control (Synergis).

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