BancVue Adds Six New Kasasa Banks to Expand Nationwide Coverage.

Six new community financial institutions have agreed to carry Kasasa branded products, joining the 13 banks and one credit union already supporting the program across 11 states. The new additions bring the number of states in which Kasasa products are available to 15.

Kasasa is the first nationally branded checking account supported by individual community banks and credit unions. The idea, created by bank marketing company BancVue, is simple: By combining together under a single brand, smaller banks can pool their marketing resources, creating a unified advertising strategy that can compete against the banking giants that dominate the industry. BancVue launched Kasasa in May 2009. (Finovate video here, Netbanker blog post here.)

Joining the Kasasa program are six financial institutions:

• The Farmers & Merchants State Bank in Archibold, OH, the third Kasasa bank in Indiana and the second in Ohio ($640 million in deposits)
• First Bank in Clewiston, FL, the second Kasasa bank in Florida ($220 million in deposits)
• InCommons Bank in Mexia, TX, the second Kasasa bank in Texas ($74 million in deposits)
• Murphy-Wall State Bank & Trust Company in Pinckneyville, IL, the fifth Kasasa bank in Illinois ($69 million in deposits)
• Aspire FCU in Clark, NJ, the first Kasasa financial institution in New Hampshire, New Jersey, New York, and Virginia (21,000 members)
• Double 11 Credit Union in Indianapolis, IN, the first Kasasa credit union in Indiana (5,000 members)

Adding new banks and credit unions is important to Kasasa because each new addition expands the service area covered by the program, strengthening the brand nationally and benefiting all the financial institutions participating in it.

Kasasa enables participating financial institutions to offer customers their choice of four products:

1. High-interest checking
2. Savings accounts
3. Reward account giving debit-card users iTunes downloads
4. Charitable program allowing users to allocate interest payments to established charities.

Of the six newcomers, only The Farmers & Merchants State Bank elected to offer all four of Kasasa's products.

Kasasa's four products