First Security is Ready for the
Year 2000

A Message from Spencer F. Eccles, Chairman and CEO, First Security Corporation

 
Year 2000 Readiness Disclosure

After considerable investment, both in terms of dollars and work hours, we’re pleased to say that First Security Corporation’s computer systems are ready for the year 2000. Our year 2000 readiness effort, which began in 1995, was officially completed on June 30, 1999.

Our strategy was to implement, where possible, the most current systems available. This allowed First Security to not only become year 2000 ready, but also to add systems that can support new products and services, become more efficient, reduce maintenance costs, and, in many cases, improve customer service. In a strategic sense, this approach gave First Security the most benefit from the dollars spent.

Our readiness project included assessing, repairing and testing our systems to be sure they will operate in the year 2000 and beyond. This comprehensive project followed strict guidelines and time frames established by federal regulators. The systems are working today, and they’ll be working in 2000.

We’ve also checked that our building security, elevator, telephone, ATM and all other systems are year 2000 ready. First Security, like most other businesses, is dependent on critical suppliers like electrical power companies, telephone companies and communications carriers to provide service to its network. We contacted these suppliers and received assurances from them that they are ready.

In addition, First Security has always maintained backup systems that would allow us to resume business quickly should something unforeseen happen. Our intent is to be thoroughly prepared so contingency plans won’t be necessary. If, however, situations beyond our control dictate the use of these plans, our goal is to provide services with a minimum of inconvenience to customers and resume normal operations as quickly as possible.

We have taken, and continue to take, all the actions we feel are prudent to ensure First Security will provide uninterrupted service to customers into the year 2000 and beyond. We will continue to protect our customers’ funds and financial records to be certain they are safe, accurate and accessible before, during and after the year 2000 date change. While there are always risks and uncertainties in the business world, customer accounts are safe, and we expect no unusual disruptions in service. First Security remains committed to giving 110% customer service and providing its full range of banking, insurance and investment services into the 21^st century and beyond.

Spencer F. Eccles
Chairman and CEO, First Security Corporation