1st Trust Bank outsources IT to Metavante
12 July 2006 | 2086 views | 0
Metavante Corporation today announced that Memphis-based 1 st Trust Bank for Savings has signed an extensive agreement for fully outsourced banking technology services from Metavante Banking Solutions.
Metavante is the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI).
In a long-term agreement, Metavante will provide 1 st Trust Bank with a comprehensive suite of products and services from its banking and payment technology solutions, including core account processing, electronic funds transfer and card services, electronic banking, customer relationship management and item processing services.
"We needed to form a strategic partnership with a provider to help us quickly and profitably expand our commercial and private banking business lines through a robust and integrated banking solution geared around growth. Metavante met this criteria, and then some," said William C. Menkel, president and chief executive officer, 1 st Trust Bank for Savings. "Metavante's unique combination of financial expertise and technological innovation, all within a flexible infrastructure, will accommodate our growth objectives and help us remain competitive in our marketplace."
Founded seven years ago, 1 st Trust Bank's primary focus is providing deposit accounts and loan products to meet customer needs in the marketplace. These services are divided along three business lines: retail banking, real estate lending, and mortgage banking. After a successful private placement, doubling its capital, the bank has begun its transformation to a multi-faceted financial services provider. With continued emphasis on its current business lines, the bank is aggressively adding an enhanced retail presence, private banking, and commercial/small business lending.
"1 st Trust Bank is taking a new strategic direction to aggressively expand its organization in the next several years. Metavante has a proven track record of addressing these types of business needs by providing clients with a comprehensive banking solution that is highly scalable to allow businesses to start small and grow rapidly," said Paul Danola, president, Metavante Financial Solutions Group. "This latest agreement will open the way for 1 st Trust Bank to be a major player in the markets they serve and adhere to its operating strategies of decreasing operating expenses while continuing to extend the reach of its commercial and real estate business lines."