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) November 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 Thursday, November 16, 2000, the Company issued a press release
pertaining to launching the Internet banking. The text of the press
release is attached hereto as Exhibit 99.1.
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: November 16, 2000
COVEST BANCSHARES, INC.
By :/s/ PAUL A. LARSEN
PAUL A. LARSEN
Executive Vice President and
Chief Financial Officer
Item 7. EXHIBIT 99.1
CoVest Banc Launches Comprehensive Retail and Commercial Internet
Banking Solutions
Des Plaines, IL, November 16, 2000 - CoVest Banc launches a new
service that will enable CoVest customers to access their account
information and perform banking transactions over the Internet in
a secure banking environment. "The service is designed to increase
accessibility and 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 A. Nick, Assistant Vice President and Internet Banking
Manager.
With CoVest Banc's new Internet banking solutions, customers will
be able to view current balances and account history, examine
individual transactions, transfer funds between deposit accounts
or execute stop payments. Customers can also make loan payments
through internal transfers or by using the optional Bill Payment
service. If customers use a third-party accounting software
package, they can export their account history seamlessly to it
from the Internet banking solutions. In addition to the
functionality listed above, the Cash Management solution for
businesses includes the ability to originate ACH and wire
transfers, process EFT tax payments, manage payroll, and order
currency. "CoVest Banc's Cash Management solution also allows
the customer to assign authorization access for various users
within the business, adding to the solution's functionality and
value," added Mr. Nick. The CoVest Banc Internet banking
solutions are 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 provides a secure banking environment.
CoVest Banc's Internet banking solutions will help CoVest compete
more effectively and profitably with larger banks, leveling the
playing field with technology. CoVest will also be in a position
to compete with online brokerage firms as part of the Internet
solution in early-2001. The addition of other Internet
banking features such as account aggregation (early-2001) will
provide CoVest customers with superior value-added flexibility.
Customers can also visit any one of our locations to meet with a
CoVest 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 and telephone 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.
A new web site was launched in conjunction with the rollout of
Internet banking. CoVest Banc's new web site, which replaces a
previous site that was launched in December 1996 and redesigned
in April 1999, provides a customizable portal, or gateway, to the
Internet. The portal will offer comprehensive, up-to-the-minute,
local and national news, sports, and weather. It will provide
several features including Market Watch, allowing users to track
their stocks throughout the day. Community events will be posted
in a Community Bulletin Board as well as highlighted on a
Community Calendar. The portal will provide links to the local
and global marketplaces as well as a Financial Toolbox that is
designed to help users manage their finances from day to day. The
CoVest Banc portal is customizable, so users can add their own
favorite links to it. More importantly, this Internet start page
will be the doorway to CoVest Banc's Internet banking solutions.
Please visit www.covestbanc.com for more information.
As of September 30, 2000, CoVest Bancshares, Inc., the holding
company for CoVest Banc, had consolidated assets of $579 million.
CoVest Banc operates three full-service offices in Arlington
Heights, Des Plaines and Schaumburg.
