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Interview with Trent Sorbe, First Community Financial (FCF) President

July 30, 2006  -  

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Trent Sorbe, First Community Financial (FCF) President, joined us to tell all about the new Revel Advance card his organization offers. The Revel Card is a potential alternative to payday loans. And then, as a very knowledgable industry player, Trent discussed related payday loan industry issues--including his opinion about why banks and credit unions can't compete--or may choose not to compete--with the payday loan industry. Although bound by a variety of non-disclosure and privacy agreements, he shared a bit about his work as a Senior Compliance Examiner at the FDIC, where he worked for eight years.

Trent Sorbe, President, First Community Financial. Trent is a Certified Risk Professional and Certified Regulatory Compliance Manager. He holds Bachelors Degrees in Business and Political Science from Northwestern College of Iowa and has studied Comparative Political and Economic Systems as part of a fellowship at Georgetown University in Washington, D.C. Trent is also an active board member and volunteer for local nonprofit organizations whose mission it is to help troubled children.

About First Community Financial: "First Community Financial (FCF), the national products subsidiary of Fishback Financial Corporation (FFC), South Dakota's largest bank holding company with assets of over $1.2 billion. First Community Financial is responsible for the review, development, and ultimate administration of all large-scale consumer and nonconsumer products and services for FFC. Today, these products typically include consumer credit and debit products marketed through retail and online channels to prime and subprime customers."

About the Revel Advance card: "The Revel Card serves as the vehicle for loading all types of cash and noncash transactions, including check cashing, payroll, and electronic funds transfers. Funds are FDIC-insured and the Revel Card can be used anywhere in the U.S. where MasterCard is accepted and on all major ATM networks. Customers can also have their payroll direct deposited, and pay bills or transfer money using a feature-rich website ("

"However, the distinguishing feature is Revel Advance(SM). Qualified customers can establish a small dollar line of credit directly from one of the Fishback subsidiary banks. Proceeds from each advance are loaded on to the Revel Card, with the balance to be repaid in installments over a 4-10 week period. Trent Sorbe, President of First Community Financial, Fishback's national products subsidiary, adds: Consumers who desire small denomination loans need time to pay them back, and they want to see their payments actually decrease their balance owed rather than perpetuate their short term cash crunch. We've eliminated the 'cycle of debt' that has been a persistent criticism of so many small dollar loan products. At the same time, we've cut borrowing costs by as much as 60 percent, while keeping the process simple and convenient. Future plans include Revel Save(SM), an interest-bearing savings account feature."

Mr. Sorbe can be contacted via telephone at 605.696.2103 or E-mail at

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