EXHIBIT 10.2
EXTENSION TO THE AGREEMENT FOR DATA PROCESSING SERVICES
BETWEEN COMMUNITY SHORES BANK AND FISERV SOLUTIONS, INC.
WHEREAS it is in the best interest of Community Shores Bank (Client) and Fiserv
Solutions, Inc. (Fiserv) to extend the relationship represented by the above
captioned contract
and
WHEREAS such extension shall provide for terms and conditions in addition to
those in the current contract for Exhibit A.
The parties to the agreement hereby agree to the following additional terms and
conditions. These are understood to be additional terms except in the instances
where they conflict with the original contract in which case the terms of this
Extension Agreement will take precedence. All non-conflicting terms and
conditions of the original contract will continue to apply during the extension
term.
TERM
The term of this Agreement shall be extended five (5) years from the
expiration of the current contract or until January 31, 2012. Each year,
beginning no later than January, 2008, the remaining contract term will be
reviewed for a one (1) year extension and Client may extend to yield the
maximum processing discount.
PROCESSING DISCOUNT:
Fiserv will discount monthly processing and installation fees for new
products and services based on the remaining term of our Agreement. The
discount will be applied to all "above the line" products or services and is
not applicable to third party or pass-through fees such as network or
shipping fees. The discount will be listed as a single line item discount
below the totals of the services provided on the invoice.
Remaining Contract Term Processing Discount
5 years or more 18%
4 years 18%
3 years 8%
2 years 0%
1 year 0%
BASE PROCESSING FEE:
The monthly base processing fee will be as follows:
Number of Open and Closed
Loan and Deposit Accounts
0 -- 4,000 .80
4,001 -- 8,000 .75
8,001 -- 12,000 .70
12,001 -- 16,000 .65
16,001 -- and up .60
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ADDITIONAL SERVICES:
TRANSACTION MANAGEMENT SYSTEM
Onetime Fees:
Installation and Training: $2,000.00
On-going Fees:
Monthly per open and closed account fee $0.02
Monthly minimum of $275.00
U.S. PATRIOT OFFICER
Onetime Fees:
Installation and Training: $13,500.00
On-going Fees:
Monthly fee $950.00
OFAC
Onetime Fees:
Installation and Training: $960.00
On-going Fees:
Monthly processing Charges $275.00 minus Prime credit $250.00
Quarterly processing $225.00 minus Prime credit $200.00
The set-up fee includes the implementation of the online name
verification, audit and log reporting, ACH name verification for
company and individual, xxxx payment vendor name verification for
vendors maintained in the Xxxx Payment Module (BPM) and the monthly
comparison of Client database to the published OFAC list.
H.S.A. MODULE
Onetime Fees:
Installation and Training: $960.00
On-going Fees:
Monthly per open and closed account fee $0.01
Monthly minimum of $300.00
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DOCUMENT DISTRIBUTION
-- the following charges are for the set up of this service at the Brookfield
center these fees do not include any Director or software charges required at
client location
Onetime Fees
Installation and set up: $960.00
ECORP DEMO
- Any updates or changes to the demo will be the on going responsibility of the
client.
Installation and set up:
eCorp $1,800.00 reduced
to $960.00
INTUIT WEB CONNECTION INTERFACE
Installation and Set up: $960.00
SAS70
Upon availability one electronic copy of this report will be provided
to the bank annually at no charge.
In witness whereof, the parties hereto have caused this Extension Agreement to
be executed by their duly authorized representatives as of the date indicated
below.
Community Shores Bank Fiserv Solutions, Inc.
By: /s/ Xxxxxxx X. Xxxxxxx By: /s/ Xxxxx X. Xxxxx
------------------------ -----------------------------------
Name: Xxxxxxx X. Xxxxxxx Name: Xxxxx X. Xxxxx
------------------------ -----------------------------------
Title: President & CEO Title: President Fiserv ITI Central Region
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Date: 6/28/06 Date: 7/7/06
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