Newspaper article The Florida Times Union

Credit Card Processor, Credit Union Ready for Y2K

Newspaper article The Florida Times Union

Credit Card Processor, Credit Union Ready for Y2K

Article excerpt

Here's a Y2K update for consumers tracking which financial institutions say they will be ready to handle the year 2000 date rollover:

Citibank Jacksonville, which handles the AT&T Universal Card, the AT&T Universal College Card, the AT&T Universal Business Card and the American Airlines Advantage Card at its complex on Baypine Road off Baymeadows Way, is telling its customers that it is ready for the year 2000.

"We are more than compliant," said spokesman Bruce Reid. "We have tested and retested."

Navy Federal Credit Union wrote to its more than 1.6 million members earlier this month that it will be "fully operational on Jan. 1, 2000."

And the credit union also made a promise.

"In the unlikely event that there is a problem that delays or disrupts the government's ability to deliver your directly deposited paycheck to Navy Federal for the first payday in January 2000, we will post an amount equal to your last payday's pay in December to your account."

RIVERSIDE OPEN HOUSE

Jacksonville-based First Guaranty Bank & Trust Co. will host a weeklong open house at its new Riverside Avenue banking center. The center is home to the bank's investment counseling, trust services and securities brokerage businesses, formerly housed at the King Street headquarters.

The new office, which is near the Cummer Museum of Art & Gardens, also replaces the community bank's May Street commercial branch. Its functions, including tellers, safe deposit boxes and other branch services, have been moved to the Riverside banking center.

The center also has three drive-through lanes, and an Automatic Teller Machine is being added in a fourth lane in the next few weeks.

The 13,000-square-foot, two-story Riverside office house about 15 employees.

First Guaranty is typically tight-lipped about its business, but did say last week that its trust and investment counseling services manage about $75 million for about 150 individuals and that its brokerage arm, Invest Financial, manages about $50 million for 400 or so clients.

First Guaranty is the oldest bank headquartered in Jacksonville.

BANKING POWER SHIFTING

It is hardly news that as banks consolidate across the country, states like Florida are seeing control of lending shift to new banking centers out of state. …

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