System Upgrades

Dear Valued Customer,

I am excited to inform you that Glenwood State Bank is upgrading our main banking and accounting computer system.  This new system will enable us to have the latest technological equipment and software, allowing us to serve you even better.  We are excited to be able to utilize the new features on the system and are sure you will find them beneficial.  This new system will allow Glenwood State Bank to offer additional services that you, our customers, deserve.  In the months following the conversion, things such as e-statements, bill pay, cash management, and remote deposit will be available to you.  Watch for more information to come on these services.  At Glenwood State Bank, we work hard at offering you all of the tools and services which will allow you to successfully manage your financial affairs.

We are working hard to make this transition as seamless as possible for our customers.  However, no matter how much preparation we do, there will inevitably be items that arise that need to be dealt with.  I ask for your understanding during this process.  There is no doubt the benefits of the new system far outweigh some of these little challenges that may occur.

We will migrate to the new system on April 19th, 2008.  As part of this conversion, we will be printing statements for all accounts on April 18, 2008.  This is a one-time, special statement cycle that we must do.  Regardless of when your normal statement cycle occurs, you will receive this cutoff statement.  You will also get a statement at your normal statement date which will have the activity from April 19th to your statement date.  This will be the only time you will have two statements.  Going forward, we will resume your regular statement cycles.
 
Internet banking will also be part of the conversion.  Unfortunately, the history prior to April 19th will not be available through Internet banking.  This will include the past statements that previously were available.  We recommend that you print out any statements or history that you feel you will need for your records on Friday, April 18, 2008.  The other change regarding Internet banking relates to your password.  In order to protect your confidential information, we are forcing our customers to change their passwords.  We will be mailing you a new, one-time password in a separate letter before that date.  You will need to change your password the first time you log in, and will also need to choose a picture and a phrase to provide multi-factor authentication.  This is new, but is designed to provide better security for your personal information.  We take protecting your information very seriously and want to provide you with the highest level of security we can.  The new Internet banking should be available for use on Monday, April 21, 2008, if not sooner. 

We will also be converting to a new telephone banking system called Voice Access.  Again, for security reasons, your current Personal Identification Number (PIN) will not work on the new system.  The first time you log in you will be prompted to enter the last four digits of your social security number, and then you will need to choose a new 4-digit PIN to access your accounts.

This new system is yet another step Glenwood State Bank is taking to allow our customers to have the services of the larger financial institutions, while offering that personal service that is so vital to a financial relationship.  We are truly appreciative of your business and value you as our customer now and into the future.  Thanks again for your patience in this transition.

Sincerely,

Peter Nelson
President