SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15 (d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported) June 16, 2000
COVEST BANCSHARES, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 0-20160 36-3820609
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(State or other (Commission File (I.R.S.
Employer Jurisdiction Number) Identification
No.) No.)
749 Lee Street, Des Plaines, Illinois 60016
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(address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (847) 294-6500
Item 5. OTHER EVENTS
On June 16, 2000, the Company issued a press release pertaining CoVest
Banc to offer Internet Banking Services. The text of the press release
is attached hereto as Exhibit 99.1.
Exhibit 99.1
Des Plaines, IL. June 16, 2000 - CoVest Banc announced the completion
of a new service agreement that will soon enable CoVest customers to
access their account information and perform banking transactions over
the Internet in a secure banking environment. CoVest Banc currently
offers PC Banking, a privately networked online banking solution that
requires the use of proprietary software. Recognizing the trend of
Internet convenience and flexibility, CoVest Banc began researching
Internet banking solutions in January 2000. "The service is designed to
increase accessibility and time flexibility for busy customers. Our
customers will be able to do their banking anytime, anywhere... all
they need is Internet access. No separate software is required," said
Jack Nick, Assistant Vice President and Internet Banking Manager.
With CoVest Banc's new Internet banking solution, customers will be
able to view current balances and account history, examine transaction
details, transfer funds, execute stop payments and export data to their
accounting software for reconciliation. In addition to the
aforementioned functionality, the Cash Management solution for
businesses includes the ability to originate ACH and wire transfers,
process EFT tax payments, manage payroll, and order currency. The
CoVest Banc Internet banking solutions will be implemented in a real-
time environment, helping both retail and commercial customers manage
their money more efficiently. Using an Internet browser with 128-bit
SSL encryption ensures a secure banking environment. "CoVest Banc's
Internet banking solution will offer multiple levels of security that
let the customer assign authorization access for different types of
transactions," added Mr. Nick.
CoVest Banc's implementation of Internet Banking will help CoVest
compete more effectively and profitably with the big banks, leveling
the playing field with technology. CoVest will also be in a position to
compete with brokerage firms as part of the Internet banking solution.
The addition of Internet banking will provide CoVest customers with
superior flexibility. Customers can still choose to visit any one of
three CoVest locations to meet with a Personal Banker, or they can take
advantage of the extended hours offered at all CoVest drive-up
facilities. CoVest customers already enjoy the convenience of banking
via ATM, telephone, and PC Banking 24 hours a day, 7 days a week. Now,
customers will be able to choose to bank with CoVest via the Internet -
a CoVest branch that's accessible anytime from anywhere.
CoVest Banc evaluated several solution providers, and chose Q UP as the
provider that offered the highest levels of ease, convenience and
flexibility. CoVest was also impressed with Q UP's community bank
orientation and technological leadership, characteristics that helped
solidify the partnership with the community-focused bank.
Q UP, which was founded in 1995 and is headquartered in Austin, TX, is
a leading provider of Internet banking and E-Commerce portal solutions
for community-based financial institutions. Developed by bankers for
bankers, Q UP was one of the first companies to provide secure Internet
banking, Internet-based cash management, and financial portal solutions,
and it continues to be a proven leader in the industry. The Q UP web site
can be reached at www.qup.com. Q UP is owned by S1 (Nasdaq:SONE), who
pioneered Internet banking, and who is currently a leading provider of
innovative Internet-based financial services solutions worldwide. Additional
information about S1 is available on their web site at www.s1.com.
CoVest Banc's Internet banking solution is expected to be available to
customers in the fourth quarter of this year. The bank already offers
secure on-line loan applications, as well as current product and rate
information through its web site at www.covestbanc.com.
As of March 31, 2000, CoVest Bancshares, Inc. had consolidated assets
of $569 million. CoVest Banc operates three full-service offices in
Arlington Heights, Des Plaines and Schaumburg, and a mortgage office in
McHenry, Illinois.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Dated: June 16, 2000 COVEST BANCSHARES, INC.
By: /s/ James L. Roberts
James L. Roberts
President and
Chief Executive Officer
By: /s/ Paul A. Larsen
Paul A. Larsen
Executive Vice President and
Chief Financial Officer
