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CashTrans targets small banks with a new ATM initiative

Community banks are under enormous pressures to better manage cost and improve efficiencies, which this program delivers to our partner First Georgia Banking Co.

April 17, 2011

Cash Transactions LLC has deployed the first of two intelligent-deposit ATMs for First Georgia Community Banking Co. as part of a nationwide initiative targeting small financial institutions. Community banks find themselves facing stiff competition from national banks which are promoting the benefits of technology through the use of envelope-free machines.

Cash Transactions, or CashTrans, which provides affordable ATM solutions, today announced the launch of ATMlynk, which brings together key industry players that include Columbus Data Services, Conlan Financial Solutions and Visual Marketing Group to assist community banks in managing their ATMs, said Fred Ethridge, president of CashTrans, which is based in Austell, Ga.

According to the multi-year agreement, First Georgia Banking Co., which is based in Franklin, purchased an intelligent deposit Nautilus Hyosung Monimax 7600i ATM from CashTrans for the bank's drive-through branch in Villa Rica, Ga., Ethridge said. The Nautilus Hyosung 7600I dispenses cash, accepts cash and check deposits and provides account-balance information. CashTrans will install a second drive-through ATM for First Georgia Banking Co. in another location. The ATMs are called "Express Teller."

CashTrans, which is an authorized seller of Nautilus Hyosung, Wincor Nixdorf and Tritonmachines, will manage the ATM and drive its transactions, Ethridge said. Columbus Data Services, which is based in Dallas, will process transactions, and Conlan Financial Solutions of Tallahassee, Fla., is an image software provider. Woodstock, Ga.-based Visual Marketing Group provides all-site design and branding.

"We believe we are the very first community bank in Georgia to offer this integrated solution, and we are planning a second deployment with CashTrans in the near future," said Teresa Martin, executive vice president and chief financial officer at First Georgia Banking Co. "It has been highly beneficial to work with the CashTrans team, which has masterfully brought together all the key elements and delivered them in a powerful way."

Ethridge said the ATMlynk, which is a turnkey solution, is the result of a six-month strategic effort led by his company. 

"Community banks are under enormous pressures to better manage cost and improve efficiencies, which this program delivers to our partner First Georgia Banking Co.," he said. Ethridge added that community banks have been hurt by the down economy and they could not afford intelligent-deposit ATMs. 

At the same time, however, they face the possibility of losing customers to Bank of America, JPMorgan Chase & Co. and Wells Fargo Bank. All three financial institutions have extensive networks of envelope-free ATMs that make easy for customers to make deposits. The banks often have envelope-free ATMs deployed in branches in or near small towns.

Gil Luria, an analyst with Wedbush Securities in Los Angeles, agrees that community banks are under pressure.

"I do believe there is increasing pressure on smaller banks to adopt deposit automation, especially since the biggest banks are promoting the consumer benefits of this technology, including through TV ads by Bank of America," Luria said.

Bank of America operated the nation's largest bank-owned ATM network with 17,886 machines at the end of the first quarter. The first quarter ended March 31 for the Charlotte, N.C –based financial institution.

Deployment of intelligent-deposit ATMs at drive-through windows means First Georgia Banking Co. can reduce the hours the branch is open, Ethridge said. The machines, however, never close except for maintenance. CashTrans will promote ATMlynk beginning tomorrow with 6,000 emails to tier 2 and tier 3 banks and by attending trade shows, he added.

 

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