LAS VEGAS, Sept. 7, 2006 (PRIMEZONE) -- 1st Federal Financial, Inc., a wholly owned subsidiary of 1st Global Financial Corporation (Pink Sheets:FGBF), today announced that its strategic focus on the payment processing needs of Hispanic merchants has met with significant success since the program's recent inception.
Before the program's August 1 start, an average of two new merchant accounts (merchants that receive credit and debit card processing services through 1st Federal Financial) were added every three days. With the new program now in operation for just over a month, an average of two and one-half new merchant accounts per business day have been added, an increase of almost 400 percent. Since August 1, 1st Federal Financial's merchant portfolio has grown by 55 accounts, an increase of 39.6 percent over the number of merchant accounts in the portfolio on July 31.
In addition, since August 1, 1st Federal Financial has signed on four new agent offices. These independently owned and operated offices are located in Houston; Orange County, Calif.; Las Vegas and Long Island, N.Y. Besides the new agent offices that were added, the number of agents at the 1st Federal Financial headquarters office has increased from five to twelve in the last two weeks.
1st Federal's affiliate, Latino Merchant Services, LLC, in which 1st Federal holds a 25 percent interest, is adding new merchant clients who process through 1st Federal Financial as well as adding new agents.
According to Gil Gillis, chief executive officer of 1st Federal Financial, "Our merchant services program has been a roaring success during the rollout period. The way the Hispanic merchant community has embraced our focused offerings has caused many established agents and agent sales offices to seek us out. Seeing how well we are doing, these agents are pursuing a relationship with us because they want to represent our products and services in their local Hispanic communities. As new agents and new offices come online, we expect our growth will increase on an accelerating basis. We welcome with open arms the many qualified agents who are contacting us because they want to join in our success."
"We are very pleased with the progress 1st Federal Financial has made to date. The rapid acceptance and overwhelming demand for our demographic-focused credit and debit card processing services in the very important but underserved Hispanic merchant market has validated our business strategy," stated Arnold F. Sock, president of 1st Global Financial Corporation, the parent company of 1st Federal Financial. "We look forward to vigorous and continued growth in this market segment."
About 1st Global Financial Corporation
1st Global Financial Corporation has three operating subsidiaries: Debit Cash Card, LLC, (www.debitcashcardllc.com), Accepted Sales Advance Purchase Funding, LLC (A.S.A.P. Funding) (www.workingcapitalasap.com), and 1st Federal Financial, Inc. (www.1stfederalfinancial.com). A.S.A.P. Funding provides cash advances for working capital needs to small and mid-size businesses. Debit Cash Card will begin marketing its proprietary brand stored-value debit card, The Best Cash Card(tm) (http://www.thebestcashcard.com), in the near future. 1st Federal Financial is the sales and marketing arm of its sister companies. Information on 1st Global Financial can be accessed at www.1stglobalfinancial.com.
Safe Harbor Statement
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as FGBF or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates," or other words or phrases of similar import. Similarly, such statements in this release that describe the company's business strategy, outlook, objectives, plans, intentions, or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. These risks and uncertainties include among other things, product price volatility, product demand, market competition, and risk inherent in the operations of a company.
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