Stanford Federal Credit Union creates subsidiary: Names president; Cardinal Services Corporation to provide Internet development for the credit union industry

Business Wire, April 11, 1997

PALO ALTO, Calif.--(BUSINESS WIRE)--April 11, 1997--The Stanford Federal Credit Union (SFCU) today announced the formation of Cardinal Services Corporation (CSC), a wholly owned subsidiary. The corporation's primary focus will be licensing software and supporting Internet development as a business. CSC will focus technological developments toward the growing number of credit unions wishing to license the SFCU Web site or add content to their own web site. The basis for CSC's Web site products will be the SFCU Internet and intranet technologies. Internet financial services veteran Joyce Hlava was named as CSC's president.

"Stanford Federal Credit Union's mission is to provide fairly priced consumer financial services to members of the Stanford Community," said Warren Marshall, president of Stanford Federal Credit Union. "The creation of CSC will allow us to take advantage of the expertise we have accrued in web site development and Internet delivery, without detracting from that primary mission."

SFCU has created a national reputation with the credit union's Internet business Web site. In 1994, SFCU offered the world's first Internet banking transaction product and created the first financial institution World Wide Web site in the United States. While other organizations have since joined the race to build the better site, the SFCU's Web site has entered its fourth generation. Such leadership has sparked interest from the credit union industry to license the SFCU web site.

Joyce Hlava has been named president of Cardinal Services Corporation. Prior to the formation of Cardinal Services Corporation, Hlava was Internet business development manager for Stanford Federal Credit Union.

"The creation of Cardinal Services Corporation was a logical and necessary step in the continuing growth and development of SFCU's Internet and intranet technology," said Hlava. "My charge is to see that SFCU's advanced Internet products are available to credit unions and other financial institutions."

Prior to joining the SFCU team, Hlava served as president and chief operating officer of RJE Internet Services Inc. RJE created and maintains the BankWeb site (http://www.bankweb.com). Well respected in the Internet financial services arena, Hlava has written articles on the Internet for Independent Bankers and Financial Services On-line magazines and has been a guest speaker at many financial seminars.

"Joyce's extensive experience in Web site design and use of the Internet in banking and financial services made her a perfect fit for this position," said Marshall. "Her past contributions to SFCU have been greatly appreciated."

About Stanford Federal Credit Union

Stanford Federal Credit Union was established in 1959 to meet the financial needs of the Stanford Community, faculty, staff and students. Currently, SFCU has five branches in the Stanford Community to serve its 36,000 members. It is a member-owned, non-profit, cooperative financial organization that offers a full range of financial products and opportunity for member involvement.

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