Summit Bank of Arkadelphia deploys Cypress Software lending platform

Source: Cypress Software

Summit Bank of Arkadelphia, Ark. has deployed Cypress Software Systems LP's Mark IV software to automate the bank's consumer loan application, underwriting and decisioning processes.

The software was installed this summer in the bank's 20 branches across central and south Arkansas. Micky Rigby, executive vice president and chief credit officer at Summit Bank, says the institution was looking for a solution that would add speed and efficiency to its consumer lending operations.

"Cypress' Mark IV has had a significant and positive impact on our customer service. In addition to the speed and automation that accompanies this software, we can now have customer service associates manage most consumer loan lending processes, which makes our loan origination and decisioning operations more profitable," said Rigby. "In addition, Mark IV's intuitive and user-friendly interface made our transition very smooth, and the software's reporting functions give us better visibility and control over our consumer lending."

Summit Bank was founded in 2000 with a simple philosophy of "doing banking better," and they staffed each branch with experienced bankers who are both well-respected in their communities and take a personal interest in customers' needs. With this approach, Summit rapidly grew, and today has more than 280 employees and $970 million in assets.

"Our Mark IV software helps financial institutions eliminate the tedious and mundane paper-pushing required under old, antiquated lending processes," said Stephen G. Sargent, president and chief executive officer of Cypress Software Systems. "We're excited that Summit Bank has selected our technology, and we are confident that they will experience further increases in lending automation, efficiency, productivity and customer service."

Cypress' Mark IV is a software platform that automates the consumer loan application and decisioning process. With Mark IV, service associates electronically input application information while interviewing customers. The software then quickly retrieves credit reports, efficiently reviews sources of repayment, and deploys the institution's loan policies. The result is a fast, quality loan decision.

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