CASS INFORMATION SYSTEMS Business Summary

Cass Information Systems, Inc. (CASS) operates a specialized dual-stream revenue model that integrates business process outsourcing with financial services, generating income through transaction-based processing fees and net interest income derived from the investment of "float" funds. The company’s primary operations are divided into two segments: Information Services, which provides automated audit, payment, and business intelligence for complex transportation and facility (utility and waste) invoices, and Banking Services, conducted through its subsidiary, Cass Commercial Bank. Following the 2025 divestiture of its Telecom Expense Management business to Asignet and the acquisition of the AcuAudit platform, Cass has sharpened its focus on high-volume logistics and facility expense management. It competes directly with U.S. Bank Freight Payment, nVision Global, CTSI-Global, and Corcentric, maintaining a distinct competitive advantage as a Federal Reserve member bank that sits directly in the flow of funds to provide superior security and capital efficiency compared to non-bank competitors. Originally founded in 1906 as Cass Avenue Bank, the company is currently led by President and CEO Martin H. Resch, who assumed the role in April 2023 after serving as COO; Resch brings a deep pedigree in financial technology from his tenure as EVP and CAO/COO of the Commercial Banking Group at Bank of the West. The executive team includes EVP and CFO Michael J. Normile, a former CFO of First Bank and KPMG senior manager, and EVP and CIO James M. Cavellier, who oversees the firm’s proprietary technology infrastructure. Governance is anchored by Executive Chairman Eric H. Brunngraber, who served as CEO for 15 years, and Lead Independent Director Joseph D. Rupp, the former Chairman and CEO of Olin Corporation. The company maintains a strong institutional investor base, with significant holdings by The Vanguard Group, JPMorgan Chase, and Dimensional Fund Advisors.