Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced that American Security Bank and Trust, a new, locally owned bank based in Hendersonville, Tenn., has signed a long-term outsourcing agreement with Metavante.
Under the contract, Metavante will provide products and services including financial account processing, electronic funds transfer and card, electronic banking, investment technology services and customer relationship management.
"After reviewing other competitive outsourcing alternatives, Metavante's demonstrated commitment to our overall strategic business objectives as well as its critical solutions such as BankerInsight and its enterprise-wide contact management tool, will help us meet the specialized needs of our clients," said Mark Thomas, president, American Security Bank and Trust.
In May 2004, American Security Bank and Trust officially opened its doors for business. American Security, the only bank headquartered in Hendersonville, Tenn., will provide banking services to the retail and small business markets, as well as developing a new professional banking group that will combine private banking with commercial lending. The bank anticipates expanding its business throughout Middle Tennessee by opening additional branches.
"American Security Bank and Trust demonstrates a solid example of our ability to meet the unique needs of a de novo bank entering the community bank segment and to tailor our extensive suite of offerings around its specific business objectives," said Paul T. Danola, executive vice president, Metavante Financial Services Group. "Our ability to blend our technology offerings with core banking expertise and offerings through our role in Marshall & Ilsley Corporation's Financial Institutions Group is a one-of-a-kind offering in the industry. We look forward to developing a strong relationship with American Security Bank and Trust and providing them with the high-level of service that has set Metavante apart from our competitors."