Metavante (NYSE:MV), a leading provider of banking and payments technology, today announced that Commerce State Bank is converting its current core processing platform to Metavante's Integrated Banking Solution to support its growth.
Established in 2005 as a commercially focused lender, Commerce State Bank reached over $200 million in assets in 2008, making it one of the fastest growing de novo banks in Wisconsin history.
The bank's long-term agreement with Metavante consists of several banking and payments technology products and services, including core processing, electronic funds transfer and card, electronic banking, image and ATM. Metavante's commitment to service delivery and high levels of conversion expertise will promote easy integration of the core processing platform with the other offerings being deployed by Commerce State Bank.
"Metavante's strategic focus of providing clients with world-class banking technology and applications aligns well with Commerce State Bank's goal to provide clients with funding and financial tools that will ultimately help them earn more," said Joe Fazio, chairman and co-founder, Commerce State Bank. "The efficiency of Metavante's integrated products and services will fuel our continued growth, making us a stronger bank to support our clients."
"Commerce State Bank needed a banking and payments technology provider that would not only support the bank's growth, but have the ability to grow along with it," said Paul Danola, president, Metavante Financial Institutions Group. "Metavante's continued process improvement along with its scalable capacity meets the changing needs of a fast-growing institution like Commerce State Bank-providing it with a sustainable competitive market advantage."