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MutualFirst Financial, Inc. Announces Receipt of All Regulatory Approvals to Convert MutualBank to an Indiana Commercial Bank Charter

Published Thursday, December 22, 2011 7:00 am by David W. Heeter, President and CEO

MutualFirst Financial, Inc. (NASDAQ: MFSF), the holding company of MutualBank, has announced that the Company and the Bank have received all required regulatory approvals for the conversion of MutualBank, from a federal savings bank to an Indiana commercial bank.  The Indiana Department of Financial Institutions issued its approval of the conversion on December 15, 2011, based on its review of the conversion application and the joint examination of MutualBank it conducted with the Federal Deposit Insurance Corporation, which will be the Bank’s primary federal regulator after the conversion is effective.  The Office of the Comptroller accepted the Bank’s notice of the charter conversion.  In addition, the Federal Reserve Bank ofChicago has approved the Company’s application to become a bank holding company upon the effectiveness of the conversion of MutualBank to a commercial bank.  The Registrant anticipates that this conversion will be effective
January 1, 2012. 

David Heeter, President and CEO of the Company said: “We are pleased to conform our financial institution charter to one that better reflects who we are, a community commercial bank serving the markets in which we have offices.  This charter conversion eliminates certain percentage of limits on the amount of our consumer and commercial lending and is expected to reduce our regulatory assessments.  After a thorough exam, we are pleased the Indiana Department of Financial Institutions and the FDIC will be our primary regulators.”

MutualBank, is well capitalized and strong by all regulatory standards.  MutualBank has thirty-two full-service retail financial centers in Delaware, Elkhart, Grant, Kosciusko, Randolph, St. Josephand WabashCountiesin Indiana.  MutualBank also has two Wealth Management and Trust offices located in Carmeland Crawfordsville, Indianaand a loan origination office in New Buffalo, Michigan.  MutualBank is a leading residential lender in each of the market areas it serves, and provides a full range of financial services including wealth management and trust services and Internet banking services.  The Company's stock is traded on the NASDAQ National Market under the symbol "MFSF" and can be found on the internet at www.bankwithmutual.com.

Statements contained in this release that are not historical facts, including references to the conversion date and our future regulatory costs, are forward-looking statements, as that term is defined in the Private Securities Reform Act of 1995.  Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those currently anticipated due to a number of factors, which include, but are not limited to factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.  

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Interesting Facts About Computer Security

In light of the fun fact countdown we have been posting for our 125th Anniversary, our Information Security Department has put together a list of interesting facts about computer security. While they aren't "fun", they should give you an idea of how important it is to take proactive steps to protect you and your data!

  • The first recorded “hackers” were from 1878, only 2 years after the telephone was invented, a group of teenagers were running switchboards for telephones.  They were later fired because they were more interested on how the telephone system worked then making proper connections.  They tried to hack the system to see how it worked.
  • The largest data breach is history was in 2007 where at least 160 million credit and debit card numbers were stolen and a loss of around $200 million as a result.  Albert Gonzalez, one of the persons behind the data breach, was prosecuted and sentenced to 20 years in prison.

  • 3 out of 4 Americans will be a victim to cyber-crime.

  • Data breach investigations increased 54% from 2012.

  • The United States is number one in cyber-crime victims at a whopping 59%.  After that is the United Kingdom at 14%.

  • Retail is the top industry that has been compromised at 35% of all cyber-attacks.

  • The top malware hosting country is the United States at 42%.

  • The most exploited program for vulnerabilities is Java at 78% of all vulnerablities.

  • 85% of all exploits were third-party programs. 

  • The median number of days for a victim of cyber-crime to know they have been compromised is 87 days.

  • 31% of all compromises were a result of weak passwords.

  • The top 5 compromised passwords in 2013 were:

- 123456
- 123456789
- 1234
- Password
- 12345

  • Spam still accounts for 70% of all inbound emails in 2013.

  • 58% of spam e-mail contains information about pharmaceuticals.

  • The top malicious e-mail subject line in 2013 was “Some important information is missing”.

  • The top 6 vulnerabilities

- SQL Injection
- Cross-Site Scripting
- Use of Default Passwords
- Configuration Issues
- Weak Encryption Ciphers
- Denial-of-Service

  • 100% of all mobile apps have had vulnerabilities in them ranging from low severity to critical severity.

  • 68% of mobile vulnerabilities create information leakage which is the highest of mobile vulnerabilities.

  • From 2008 until now, an estimated $1 trillion dollars of data was stolen around the world due to cyber-crimes.

  • In 2009 the world’s largest bot net, a large group of “zombie” computers, were run by Ukrainian gangs with a total of 1.9 million zombie computers from all around the world.

  • 5 cyber-criminals are on FBI’s most wanted list and are responsible for losses ranging from $350,000 - $100 million.

  • The United States loses around $100 billion a year due to cyber crimes.

  • More than 600,000 Facebook accounts alone are compromised every day.

  • 33.63% computers are affected by malware.

- 78.92% are Trojans
- 10.78% are worms
- 7.44% are viruses
- 2.69% are adware
- 0.17% are other malware

 

Sources:
www.floridatechonline.com/online-degree-resources/interesting-facts-on-cyber-security/ 

www.visual.ly/interesting-facts-about-internet-threats-and-security 

Tuesday, August 5, 2014

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