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First Technology Credit Union Sells U.S. Savings Bonds Through Internet Home Banking

FOR IMMEDIATE RELEASE

December 3, 1997

Today, First Technology Credit Union, based in Beaverton, Oregon, becomes the first financial institution in the Northwest to offer the sale of savings bonds through their on-line home banking service. Now First Technology's 15,000 home banking members can buy Series EE savings bonds directly over the Internet using their home computers.

“First Technology is offering the sale of savings bonds through their on-line banking service,” said Richard L. Gregg, Commissioner of the Public Debt. “We look forward to other financial institutions throughout the country joining them and providing this safe, convenient way to save.”

The home banking member completes a simple savings bonds order form on the computer and tells the bank which account to charge. The issuing agent, First Technology, then charges the member's account and sends the order electronically to the savings bonds processing center at the Federal Reserve Bank in Kansas City. In about a week, the bond is mailed to the member.

First Technology, the first credit union in the Northwest to offer on-line banking to its members, has branch offices in the Portland, Oregon and Seattle, Washington areas with assets of more than $420 million. Introduced in 1991, First Technology's on-line banking site can be found at: www.1sttech.com.

The Bureau of the Public Debt, responsible for the savings bonds program, continues to work with other financial institutions and financial software companies to provide on-line purchase options for savings bonds. The wide variety of approaches to home banking by the industry precludes the development of a single, standard software package.

“We are eager to offer our members the opportunity to purchase savings bonds on-line,” said Tom Sargent, First Technology's President and CEO. “First Technology is dedicated to providing our members a full range of products and services via our Web site.”