Source: Jack Henry
Capitol Bancorp Limited, the United States' largest bank holding company, has completed its enterprise-wide migration to Jack Henry's SilverLake system.
Michigan-based Capitol Bancorp Limited is a community bank development company and the nation's largest bank holding company based on the number of subsidiary banks, installed SilverLake to support its 53 separately chartered banks, which collectively represent more than $4.3 billion in assets.
During the past 18 months, 32 of these subsidiary banks were converted to SilverLake from the P21 core processing system. During that same time period, Capitol Bancorp also opened 21 de novo banks with SilverLake as their core processing platform.
According to Greg Bixby, CIO for Capitol Bancorp, "We are an aggressive, growth-focused organization that firmly believes that our near- and long-term growth goals, our ability to successfully compete, and our ability to continually enhance the services supporting our banks and ultimately their customers are dependent on proven, state-of-the-art technology. We are confident that SilverLake is the robust, long-term technology platform for our banks; and that Jack Henry is the technology partner with a distinct commitment to our ongoing success."
SilverLake supports approximately 15 percent of domestic banks with assets ranging from $1 billion to $30 billion with enterprise-wide automation. This system supports bank-specific requirements by integrating customizable core functionality with more than 100 best-of-suite complementary solutions. SilverLake's open architecture, ability to support both in-house and outsourced operating environments, and scalable IBM System i hardware platform maximize banks' operating flexibility and long-term technology investments.
Stan Viner, general manager of sales for Jack Henry Banking, said, "Capitol Bancorp conducted a comprehensive evaluation of the industry's leading core processing alternatives and providers. Based on this professional and extensive due diligence, it is extremely rewarding that Jack Henry was selected based on our competitively distinct business and banking solutions, our proven ability to provide outstanding day-to-day service, and our fundamental commitment to do the right thing."
Jack Prim, CEO of Jack Henry & Associates, concluded, "Capitol Bancorp's decision to extend and expand its relationship with Jack Henry by moving all of its 50 subsidiaries to SilverLake is a testament to our ability to establish and build strong, loyal client relationships with diverse financial institutions. We have enjoyed a successful relationship with Capitol Bancorp for more than 18 years, and believe SilverLake's functionality is ideally matched with this progressive organization's growth, service, and operational, and profit goals."