Silverton Bank Enters Into a Credit Issuing Agreement With Discover Financial Services

ATLANTA (AllPayNews) - Silverton Bank, a leading national correspondent bank, today announced that it has entered into a credit issuing agreement with Discover Financial Services , a leading credit card issuer and electronic payment services company, to start offering to community financial institutions credit card products that are accepted on the Discover Network.

Under the terms of the agreement, Silverton will begin issuing two card products, the Preferred credit card and a premium level card product called the Elite with Concierge credit card. Both card products will be accepted on the Discover Network, a business unit of Discover Financial Services. Both the Preferred card and Elite with Concierge credit card can be used everywhere Discover® Network Cards are accepted and feature the Perks Everyday(SM) rewards program, offering cardholders the opportunity to collect reward points for their purchases.

With the Preferred and Elite with Concierge credit cards on the Discover Network, Silverton Bank's customer financial institutions will be able to offer their cardholders benefits such as:

-- Low fixed APR on purchases and balance transfers
-- Low introductory APR on purchases and balance transfers for the first
six full billing cycles
-- No balance transfer fees
-- No annual fee
-- Access to Buy Smart with Discover Network -- a secure shopping website
where Discover Network cardholders can take advantage of special merchant
discount offers
-- Cash Over -- Discover Network cardholders can get cash back at
participating merchants without the use of a PIN or paying additional fees
at the point of sale
In addition, the Preferred credit card and Elite with Concierge credit card both feature the Perks Everyday Rewards Program. Through the Perks Everyday, cardholders automatically earn rewards points with each purchase, redeemable for gift cards, travel, entertainment, electronics, clothing and cash. Points can even be turned into a donation for one of a wide number of offered charities.

The Elite with Concierge credit card offers cardholders access to a complimentary concierge service that can assist them with requests 24 hours a day, 365 days a year, online and by phone. This concierge service can help cardholders obtain event tickets, plan vacations, or even suggest and coordinate unique gift ideas.

"We are very excited to make the Preferred and Elite with Concierge Discover Network credit cards available to our customer financial institutions to help them expand the variety of products they can offer to their customers," said Ron Turbayne, Senior Vice President, Silverton Card Services. "This will give small- to mid-sized community banks a better opportunity to compete for and win more credit card business."

"We are pleased to welcome Silverton Bank to our growing family of issuing partners," said Gloria Colgan, senior vice president of network marketing and strategy for Discover Financial Services. "This new relationship is another important example of how Discover Network is working with leading community banks to help them drive loyalty, increase transaction volume and offer more choice and value to their customers."

About Discover Financial Services

Discover Financial Services (NYSE: DFS) is a leading credit card issuer and electronic payment services company with one of the most recognized brands in U.S. financial services. The company operates the Discover Card, America's cash rewards pioneer. Since its inception in 1986, the company has become one of the largest card issuers in the United States. Its payments business consists of the Discover Network, with millions of merchant and cash access locations, PULSE, one of the nation's leading ATM/debit networks and Diners Club International, a global payments network with acceptance in 185 countries and territories. For more information, visit www.discoverfinancial.com.

About Silverton Bank

Silverton Bank is a leading national correspondent bank chartered specifically to serve the needs of community financial institutions across the United States. Headquartered in Atlanta, Silverton Bank has developed a comprehensive suite of products and services that include card services, payment solutions, lending, capital markets, consulting and insurance programs. They have grown to over $2.8 billion assets and a customer base in excess of 1,500 financial institutions. Regional offices are located in Annapolis, Birmingham, Charlotte, Chicago, Cincinnati, Denver, Nashville, Orlando, San Diego, San Francisco, Seattle, Tampa and Winston-Salem. Visit www.silvertonbank.com or call 800.277.2265.