Source: Metavante Corporation
Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced that Chemical Bank (Nasdaq: CHFC) has renewed its core banking agreement with Metavante.
Headquartered in Midland, Mich., with total assets of nearly $4 billion, Chemical Bank is the third-largest bank holding company in the state of Michigan.
Metavante's recent contract renewal with Chemical Bank continues a 28-year relationship, which includes it using the Bankway software at 129 locations throughout Michigan's lower peninsula. Chemical Bank's expanding relationship with Metavante also includes TrustDesk to perform wealth management processing, and leveraging various consulting and professional services. Additionally, Chemical Bank participates in Metavante's NYCE Network for retail PIN-debit and ATM-card access.
"Over the years, our organization has grown with Metavante and the Bankway product offerings. It made good business sense for us to extend our relationship as we continue to expand our market presence," said Kenneth W. Johnson, executive vice president and director of bank operations of Chemical Bank. "Our goal is continued growth and financial strength. Metavante's flexible product infrastructure is helping us achieve these goals through leveraging our technology and resources to increase operating earnings and dividends each year."
Bankway software is an in-depth core banking package that employs a single-system, customer-centric architecture. It offers financial institutions an expanded core processing solution with the advantage of strategically organized customer service tools. Bankway software is available as an in-house solution running on multiple hardware platforms, or in a hosted environment.
"Chemical Bank's contract renewal and expanding relationship exhibits their confidence in the strategic direction of our banking services," said Rachel Landrum, president, Metavante Banking Solutions-Bankway. "Between Metavante's first-class suite of products and our commitment to providing our clients with quality service, we are well-equipped to build and maintain enduring relationships with customer-driven institutions like Chemical Bank. It is a privilege to be their technology provider."