Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced that Partners Trust Bank (Nasdaq: PRTR) has signed a long-term outsourcing agreement with Metavante. Partners Trust, with assets exceeding $3.5 billon, is headquartered in Utica, New York.
Metavante will deliver a comprehensive set of products and services from its financial account processing, electronic funds transfer and card, and electronic banking, to Partners Trusts' banking subsidiaries.
"After our acquisition of BSB Bancorp, we compared Metavante with our in-house solution and determined it was more beneficial to convert all operating platforms to Metavante's outsourced financial account processing system," said John Zawadzki, president and chief executive officer, Partners Trust Financial Group, Inc. "We have experienced significant growth in the past two years through two acquisitions, and it is important to align ourselves with a financial technology provider equipped with the expertise and solutions that will continue to accommodate future expansion."
Since 1998, Metavante has been providing comprehensive outsourcing services to BSB Bank, a subsidiary of BSB Bancorp, Inc., headquartered in Binghamton, New York. In July 2004, Partners Trust acquired BSB Bancorp, Inc., creating one of the largest banking networks headquartered in Upstate New York. As a result of this acquisition, BSB Bank & Trust and SBU Bank were merged under the combined name "Partners Trust Bank."
"The agreement with Partners Trust is significant for Metavante because it is a replacement of an in-house operating system," said Paul Danola, executive vice president, Metavante Financial Services Group. "It is also the third time in less than a year that we have won new banking business after the financial institution has acquired one of our clients. Metavante's ability to retain and establish relationships with clients, like BSB Bank and Partners Trust, speaks highly of the richness of our solutions and the dedication and expertise of our staff."