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ANOVA announces resolution of patent litigation
on April 8, 2014

    Raleigh NC – April 8, 2014 – Anova Financial Corporation (“Anova”) announced today that the patent litigation between Promontory Interfinancial Network, LLC (“Promontory”) and Anova in the United States District Court for the Eastern District of Virginia has been settled. The confidential business resolution of the case involves no payment of money by Promontory and includes certain terms providing Anova freedom to operate in the deposit placement services field.


    “We welcome the resolution of this matter,” said Kim B. Winslow, Anova’s President and CEO. “We look forward to getting back to the business of providing banks and deposit customers the innovative Anova deposit placement services they rely on.”


    Anova is a North Carolina-based company that provides banks and deposit customers with a suite of deposit placement services. With AnovaCore™, FDIC-insured institutions have immediate access to a stable source of wholesale funds without typical collateral requirements or credit limits. AnovaFunds™ offers depositors, including local governments and banks with excess liquidity, a high-yielding investment alternative that is FDIC insured up to $20 million.


For more information about Anova and its deposit placement services, call Derek Blair (888-ANOVA-YES) or e-mail him at dblair@anovafinancial.com.


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