Firstar Financial Resumes CD Program After Judge Dismisses Securities’ Charges

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A judge's ruling vacating a temporary restraining order has allowed Firstar Financial Group of Central Oklahoma to resume marketing of their certificate of deposit program. The decision confirmed that the company's CD program was not in violation of Oklahoma state security laws.

An Oklahoma County District Court Judge’s ruling last week has allowed Firstar Financial Group of Central Oklahoma to continue marketing their certificate of deposit program. The move came after the court ruled that the company’s CD offering was not a security, and thus not subject to Oklahoma Department of Securities regulations, according John Hamilton, Firstar’s Managing Partner.

“Since the temporary restraining order was granted without our presence at the hearing, we were looking forward to being able to present our side of the story,” Hamilton said. “We knew, and the judge agreed, that our FDIC-insured CD program was not in violation of any state security laws.”

The charges and inaccurate media reports surrounding the CD program did not affect the company’s day-to-day operations, Hamilton noted. “At no time were the assets of Firstar Financial frozen. In spite of the TRO, we were still able to offer our clients a variety of financial products, and the judge’s ruling will allow us to continue to do so in the future.”

About the Firstar Financial Group of Central Oklahoma:
Firstar Financial Group of Central Oklahoma is an Oklahoma City-based financial services firm offering certificates of deposit (CD's), savings accounts, money market accounts, fixed annuities and other financial products. The firm is affiliated with First Fidelity Financial Group, LLC. For more information, please visit http://www.firstfidelityusa.com/.

Ref: Oklahoma County District Court Case # CJ-2010-5268

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