<SEC-DOCUMENT>0001193125-13-003621.txt : 20130321
<SEC-HEADER>0001193125-13-003621.hdr.sgml : 20130321
<ACCEPTANCE-DATETIME>20130104150701
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-13-003621
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20130104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CASS INFORMATION SYSTEMS INC
		CENTRAL INDEX KEY:			0000708781
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				431265338
		STATE OF INCORPORATION:			MO
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		12444 POWERSCOURT DRIVE
		CITY:			ST. LOUIS
		STATE:			MO
		ZIP:			63131
		BUSINESS PHONE:		314-506-5500

	MAIL ADDRESS:	
		STREET 1:		12444 POWERSCOURT DRIVE
		CITY:			ST. LOUIS
		STATE:			MO
		ZIP:			63131

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CASS COMMERCIAL CORP
		DATE OF NAME CHANGE:	19950518
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>Response to SEC Letter</TITLE>
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<TD VALIGN="bottom" ROWSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Arial Narrow" SIZE="1"><B>David W. Braswell</B></FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Arial Narrow" SIZE="1">Direct&nbsp;<B>T</B>314.552.6631&nbsp;<B>F</B>314.612.2229</FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Arial Narrow" SIZE="1">dbraswell@armstrongteasdale.com</FONT></P> <P STYLE="font-size:36px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px">&nbsp;&nbsp;


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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:20.83em; text-indent:-0.83em"><FONT STYLE="font-family:Arial Narrow" SIZE="3">January&nbsp;4, 2013</FONT></P>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Arial Narrow" SIZE="3"><B>Correspondence Filing via EDGAR</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Arial Narrow" SIZE="3">Ms.&nbsp;Mara&nbsp;L. Ransom</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Arial Narrow" SIZE="3">Assistant
Director</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Arial Narrow" SIZE="3">U.S. Securities and Exchange Commission</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Arial Narrow" SIZE="3">100 F Street, N.E.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Arial Narrow" SIZE="3">Washington, D.C. 20549</FONT></P>
<P STYLE="font-size:48px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em; text-indent:-2.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3"><B><I>Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cass Information Systems, Inc.</I></B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em; text-indent:-2.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Report on Form 10-K for fiscal
year ended December 31, 2011</I></B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em; text-indent:-2.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed March 9, 2012</I></B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4.00em; text-indent:-2.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No. 000-20827</I></B></FONT></P>
<P STYLE="font-size:24px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Arial Narrow" SIZE="3">Dear Ms.&nbsp;Ransom:</FONT></P>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:2.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3">On behalf of Cass Information Systems, Inc. (the
&#147;Company&#148;), we are responding to the staff of the Division of Corporation Finance (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) with respect to the definitive proxy statement on Schedule
14A, filed by the Company on March&nbsp;16, 2012, which is the subject of your letter of December&nbsp;19, 2012 to Eric H. Brunngraber, President and Chief Executive Officer of the Company. Our responses are numbered to correspond with the numbered
comments contained in the December&nbsp;19, 2012 letter. For your convenience, we have repeated the Commission&#146;s comments below before each of our responses.</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Arial Narrow" SIZE="3"><U>Definitive Proxy Statement on Schedule 14A filed March&nbsp;16, 2012</U></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Arial Narrow" SIZE="3"><U>Executive Compensation and Related Information, page 12</U></FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Arial Narrow" SIZE="3"><U>Compensation Discussion and Analysis, page 12</U></FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Arial Narrow" SIZE="3"><U>Elements of Compensation, page 14</U></FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:1px"><FONT SIZE="1">&nbsp;</FONT></P></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow" SIZE="1">&nbsp;&nbsp;ARMSTRONG&nbsp;TEASDALE&nbsp;LLP</FONT><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#de1a1e"></FONT><FONT STYLE="font-family:Arial Narrow" SIZE="1">&nbsp;&nbsp;
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<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow" SIZE="1">7700 FORSYTH BLVD., SUITE 1800, ST. LOUIS, MO 63105 <B>T</B>&nbsp;&nbsp;314.621.5070&nbsp;&nbsp;<B>F</B>
314.621.5065&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#de1a1e">ArmstrongTeasdale.com</FONT><FONT STYLE="font-family:Arial Narrow" SIZE="1"></FONT></B><FONT STYLE="font-family:Arial Narrow" SIZE="1"></FONT></FONT></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%; text-indent:5%"><FONT STYLE="font-family:Arial Narrow" SIZE="3">January 4, 2013 </FONT></P>
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<TD VALIGN="top"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Arial Narrow" SIZE="3"><U>Profit-Sharing Bonus, page 14</U></FONT></P>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-2.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
tell us what consideration you have given to filing your &#147;profit sharing bonus&#148; plan as an exhibit to your Annual Report on Form 10-K per Item&nbsp;601(b)(10)(iii)(A) of Regulation S-K.</FONT></P>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-2.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Answer:</U></FONT></P>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:2.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3">The Company&#146;s profit sharing program is not administered
pursuant to a separately adopted plan, but rather, is administered pursuant to a set of program guidelines that has been established by the Company&#146;s Board of Directors. Pursuant to Item&nbsp;601 of Regulation S-K, the Company will file a
description of the program and the guidelines pursuant to which it is administered as an exhibit to its Annual Report on Form 10-K for the year ended December&nbsp;31, 2012. The Company will also revise the disclosure about the profit sharing
program in its proxy statement relating to the 2013 annual meeting of shareholders (the &#147;2013 Proxy Statement&#148;) to clarify that the program is administered pursuant to a set of guidelines rather than a formalized plan.</FONT></P>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-2.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note
that you have disclosed ranges for profit sharing funds available to the CEO and to executive officers other than the CEO, respectively, in the sixth and seventh paragraphs on page 14. With a view towards clarifying future disclosure, please explain
to us how you determined these ranges.</FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-2.00em"><FONT
STYLE="font-family:Arial Narrow" SIZE="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Answer:</U></FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px; text-indent:2.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3">The Company&#146;s profit sharing program has been in place since 1968 and has, for the most part, been administered pursuant to the same
terms and conditions as were originally established. The practice of determining the profit sharing funds available to the CEO and other executive officers pursuant to established ranges has been in place for several years, and while the Company
does not benchmark its total compensation or specific elements of its total compensation, data that the Company has collected illustrates that the CEO and executive officer payout ranges have consistently yielded conservative profit sharing payments
as compared to bonus or incentive payments received by executive officers at other companies. These ranges have been modestly adjusted over time to reflect overall market changes in employee compensation but have been maintained so as to continue to
yield conservative profit sharing payments consistent with the Company&#146;s desire to operate in a sustainable manner with a long-term perspective. The Company&#146;s compensation committee has determined that the profit sharing payments resulting
from the established ranges are adequate to compensate the executive officers in accordance with the Company&#146;s compensation philosophies and objectives.</FONT></P></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%; text-indent:5%"><FONT STYLE="font-family:Arial Narrow" SIZE="3">January 4, 2013 </FONT></P>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:2.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3">The Company will include this explanation of the ranges for profit sharing funds available to the CEO and other
executive officers in its 2013 Proxy Statement to further clarify the operation of its profit sharing program.</FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-2.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With a view towards clarifying future disclosure, please explain to us how you
determined the specific dollar amounts for 2011 that you paid to your named executive officers pursuant to the profit sharing plan.</FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-2.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Answer</U>:</FONT></P>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:2.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3">The following is an explanation of how the Company determined the
profit sharing payments to named executive officers for 2011. In responding to this Comment 3, the Company has included disclosure from the Compensation Discussion and Analysis section of the proxy statement relating to the 2012 annual meeting of
shareholders (the &#147;2012 Proxy Statement&#148;). The Company has underlined the substantive revisions to the disclosure in the 2012 Proxy Statement to illustrate the additional disclosure that the Company will include in the 2013 Proxy
Statement.</FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:2.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3">As disclosed in the 2012 Proxy Statement, the
profit sharing payments for all employees, including the named executive officers, are paid out of a pool funded semi-annually with 12.5% of the Company&#146;s profit before taxes. The portion of this profit sharing pool available to the CEO is
based on return on average equity for the period and can range from 0% of the total profit sharing fund if return on average equity is zero or negative to a maximum of 5% if return on average equity is 20% or higher. For the purpose of determining
whether profit sharing funds are available to the CEO, return on average equity is calculated by dividing net income for the period by average daily shareholders&#146; equity for the same period.</FONT></P>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px; text-indent:2.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3">The portion of the profit sharing funds pool allocated to payouts
for the named executive officers other than the CEO is determined based on the net increase in income after taxes (&#147;NIAT&#148;) for the respective semi-annual period. This pool can range from 9% to 16% of the total profit sharing funds
available to exempt staff based on <U>a change in the NIAT</U> of -20% to +20% or greater, respectively. Distributions from this pool to individual named executive officers, other than the CEO, are made by the CEO based on a subjective assessment of
performance, <U>considering factors such as performance of the individual and his or her associated operating unit taking into account factors such as revenue growth, cost efficiencies, technological advancements and leadership. Consideration is
also given to profit sharing payments that an individual has received in the past as well as those received by other named executive officers in order to help ensure internal equity.</U> Individual performance targets for profit sharing payments to
named executive officers other than the CEO are not pre-established.</FONT></P></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%; text-indent:5%"><FONT STYLE="font-family:Arial Narrow" SIZE="3">January 4, 2013 </FONT></P>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:2.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3">As disclosed in the 2012 Proxy Statement, bonuses earned in the first and second halves of 2011 were paid in August
2011 and February 2012, respectively, and were made in accordance with the Company&#146;s profit sharing program. The CEO bonus calculations were based on the return on average equity achieved by the Company during the respective six-month periods
(i.e., 15.87% and 15.11%). <U>These return on equity achievements resulted in the CEO receiving 4.17% and 4.02% of the total profit sharing pool based on the profit sharing program guidelines, for a total 2011 profit sharing payment of
$216,000.</U></FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:2.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3">The total profit sharing pool funds
available to other executive officers, including the named executive officers other than the CEO, was based on an 18.74% increase in net income after taxes for the first half of 2011 over the first half of 2010 and an 8.35% increase in net income
after taxes in the second half of 2011 over the second half of 2010, <U>resulting in 15.76% and 14.20% of the total exempt staff profit sharing pool being available for profit sharing payments to executive officers, including named executive
officers other than the CEO, in the first and second halves of 2011, respectively. As noted above, the amount of these profit sharing funds allocated to individual named executive officers, other than the CEO, is determined by the CEO based on a
subjective evaluation. For 2011, profit sharing payments, as disclosed in the Summary Compensation Table of the 2012 Proxy Statement, were primarily based on the size of the profit sharing pool. Payments made to the named executive officers
increased in 2011 as compared to 2010 due primarily to the overall increase in Company profits and the corresponding increase in the profit sharing pool. However, the CEO also considered internal equity among the named executive officers and other
individual factors, including:</U></FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6.00em; text-indent:-1.50em"><FONT STYLE="font-family:Arial Narrow" SIZE="3"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS 2">&#151;</FONT></FONT><FONT STYLE="font-family:Arial Narrow" SIZE="3"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;<U>P. Stephen Appelbaum:&nbsp;&nbsp;overall stewardship of
corporate financial processes, reporting and controls.</U></FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6.00em; text-indent:-1.50em"><FONT
STYLE="font-family:Arial Narrow" SIZE="3"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS 2">&#151;</FONT></FONT><FONT STYLE="font-family:Arial Narrow" SIZE="3"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;<U>Gary B.
Langfitt:&nbsp;&nbsp;leadership and growth of the Company&#146;s expense management business unit throughout the economic recovery.</U></FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6.00em; text-indent:-1.50em"><FONT STYLE="font-family:Arial Narrow" SIZE="3"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS 2">&#151;</FONT></FONT><FONT
STYLE="font-family:Arial Narrow" SIZE="3"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;<U>Robert J. Mathias:&nbsp;&nbsp;ongoing growth of the Company&#146;s banking subsidiary while maintaining excellent credit quality.</U></FONT></P>
<P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6.00em; text-indent:-1.50em"><FONT STYLE="font-family:Arial Narrow" SIZE="3"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS 2">&#151;</FONT></FONT><FONT STYLE="font-family:Arial Narrow" SIZE="3"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;<U>Harry M. Murray:&nbsp;&nbsp;planning and direction of activities
leading to an acquisition closing in early 2012.</U></FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6.00em; text-indent:-1.50em"><FONT
STYLE="font-family:Arial Narrow" SIZE="3"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS 2">&#151;</FONT></FONT><FONT STYLE="font-family:Arial Narrow" SIZE="3"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;<U>John F.
Pickering:&nbsp;&nbsp;leadership and growth of the Company&#146;s transportation information services business unit throughout the economic recovery.</U></FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Arial Narrow" SIZE="3"><U>Executive Compensation and Related Information, page 12</U></FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Arial Narrow" SIZE="3"><U>Summary Compensation &#151; Executive Officers, page 20</U></FONT></P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:7%; text-indent:3%"><FONT STYLE="font-family:Arial Narrow" SIZE="1">ARMSTRONG TEASDALE LLP </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%; text-indent:5%"><FONT STYLE="font-family:Arial Narrow" SIZE="3">January 4, 2013 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%; text-indent:5%"><FONT STYLE="font-family:Arial Narrow" SIZE="3"> Page
 5
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="90%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-2.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please tell us what consideration you have given to reporting the amounts in
the &#147;Bonus&#148; column of the table as &#147;Non-Equity Incentive Plan Awards.&#148; Please refer to the definitions in Item&nbsp;402(a) of Regulation S-K, as well as Item&nbsp;402(c)(2)(vii) of Regulation S-K. You may also wish to refer to
C&amp;DI Question 119.02 (Regulation S-K).</FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2.00em; text-indent:-2.00em"><FONT
STYLE="font-family:Arial Narrow" SIZE="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Answer:</U></FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; text-indent:2.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3">The amounts reported in the &#147;Bonus&#148; column of the Summary Compensation Table in the 2012 Proxy Statement for prior fiscal years
are amounts paid pursuant to the Company&#146;s profit sharing program. The Company has analyzed the operation of its profit sharing program as it applies to the CEO and other named executive officers and has made the following determination with
respect to the disclosure of the profit sharing payments in the 2013 Proxy Statement:</FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6.00em; text-indent:-1.50em"><FONT STYLE="font-family:Arial Narrow" SIZE="3"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS 2">&#151;</FONT></FONT><FONT
STYLE="font-family:Arial Narrow" SIZE="3"></FONT>&nbsp;&nbsp;&nbsp;Profit sharing payments for the CEO:&nbsp;&nbsp;The Company will disclose the profit sharing payments for the CEO as non-equity incentive plan compensation based on the profit
sharing program guidelines as applicable to the CEO and relevant Commission guidance. Profit sharing payments to the CEO are made based on pre-determined return on average equity targets which are communicated to the CEO prior to the performance
period, the outcome of which are uncertain at the time the targets are made. The CEO&#146;s profit sharing payments are not subject to any discretion on the part of the Company&#146;s Board of Directors or compensation committee and are capped at a
certain percentage of the profit sharing pool. As such, the Company will disclose the CEO&#146;s profit sharing payments as non-equity incentive plan compensation as applicable throughout the 2013 Proxy Statement, including in the Summary
Compensation Table and Grants of Plan-Based Awards Table.</FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:6.00em; text-indent:-1.50em"><FONT
STYLE="font-family:Arial Narrow" SIZE="3"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS 2">&#151;</FONT></FONT><FONT STYLE="font-family:Arial Narrow" SIZE="3"></FONT>&nbsp;&nbsp;&nbsp;Profit sharing payments
for the named executive officers other than the CEO:&nbsp;&nbsp;The Company will continue to disclose the profit sharing payments for the named executive officers other than the CEO as bonus payments based on the profit sharing program guidelines as
applicable to non-CEO executive officers and relevant Commission guidance. As indicated in response to Comment 3 and as disclosed in the 2012 Proxy Statement, the profit sharing payments for the non-CEO named executive officers are not made pursuant
to pre-established performance targets communicated to these executive officers prior to the performance period. While the profit sharing program as applicable to these individuals does measure the size of the profit sharing pool available to these
non-CEO executive officers based on set Company performance targets, the amount of the executive officer profit sharing pool that each non-CEO named executive officer is to receive is based solely on the subjective evaluation of the CEO. The profit
sharing program guidelines do establish maximum salary percentages that each non-CEO named executive officer can receive, but</FONT></P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:7%; text-indent:3%"><FONT STYLE="font-family:Arial Narrow" SIZE="1">ARMSTRONG TEASDALE LLP </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%; text-indent:5%"><FONT STYLE="font-family:Arial Narrow" SIZE="3">January 4, 2013 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%; text-indent:5%"><FONT STYLE="font-family:Arial Narrow" SIZE="3"> Page
 6
 </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="90%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3">the CEO has the discretion to award more than the established maximum percentages if the Board of Directors or
compensation committee of the Company so approves. Given that the profit sharing payments to non-CEO named executive officers are substantially discretionary in nature, the Company will continue to report these amounts as bonuses as applicable
throughout the 2013 Proxy Statement, including in the Summary Compensation Table.</FONT></P> <P STYLE="font-size:16px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Arial Narrow" SIZE="3">********************</FONT></P> <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px" align="left">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:2.00em"><FONT
STYLE="font-family:Arial Narrow" SIZE="3">In addition, the Company acknowledges that:</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6.00em; text-indent:-4.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS 2">&#151;</FONT></FONT><FONT
STYLE="font-family:Arial Narrow" SIZE="3"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company is responsible for the adequacy and accuracy of the disclosure in the filing;</FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6.00em; text-indent:-4.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS 2">&#151;</FONT></FONT><FONT STYLE="font-family:Arial Narrow" SIZE="3"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:6.00em; text-indent:-4.00em"><FONT STYLE="font-family:Arial Narrow" SIZE="3"><FONT STYLE="font-family:Times New Roman" SIZE="3"><FONT STYLE="FONT-FAMILY:WINGDINGS 2">&#151;</FONT></FONT><FONT
STYLE="font-family:Arial Narrow" SIZE="3"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any
person under the federal securities laws of the United States.</FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
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<TD WIDTH="47%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow" SIZE="3">Sincerely,</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow" SIZE="3">/s/ David W. Braswell</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow" SIZE="3">David W. Braswell</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="8%"></TD>
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<TD WIDTH="90%"></TD></TR>


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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Arial Narrow" SIZE="3">DWB/jrp</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow" SIZE="3">cc:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Arial Narrow" SIZE="3">Scott Stringer/U.S. Securities and Exchange Commission</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Arial Narrow" SIZE="3">Jason Niethamer/U.S. Securities and Exchange Commission</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Arial Narrow" SIZE="3">Jacqueline Kaufman/U.S. Securities and Exchange Commission</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Arial Narrow" SIZE="3">Dietrich King/U.S. Securities and Exchange Commission</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Arial Narrow" SIZE="3">Eric H. Brunngraber/Cass Information Systems, Inc.</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Arial Narrow" SIZE="3">P. Stephen Appelbaum, Cass Information Systems, Inc.</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:7%; text-indent:3%"><FONT STYLE="font-family:Arial Narrow" SIZE="1">ARMSTRONG TEASDALE LLP </FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
