Fiserv (NASDAQ: FISV), the leading global provider of financial services technology solutions, announced today Chicago-based MB Financial Bank, the local operating unit of MB Financial (NASDAQ: MBFI), has completed, in less than 90 days, its conversion of FDIC-closed Heritage Community Bank to the Signature Bank Platform from Fiserv.
Relying upon Fiserv for rapid conversion capability and scalable technology to support its growth strategy, MB Financial was able to capitalize on the opportunity to acquire Heritage and integrate loans and deposits to the Signature Bank Platform in a short period of time with minimal disruption to operations and impact on customers.
As reported nationwide, MB Financial was awarded with the winning bid to acquire the bank only three days prior to Heritage's closure by the FDIC in late February. To streamline operations and reassure Heritage customers, a seamless transition was needed. MB Financial and Fiserv have a successful history of merger and acquisition partnership. Since first deploying Fiserv technology in 1995 (as Manufacturers Bank),MB Financial has acquired and merged eight financial institutions with assets ranging from $227 million to $2.6 billion, increasing their assets from $700 million in 1995 to $9 billion today, in one of the country's most competitive banking markets.
"Through the years, we have worked closely with Fiserv, our technology partner, to deploy innovative and flexible systems that drive our business forward. Together we look for best practices and incorporate them as part of the acquisition process," said Larry Kallembach, executive vice president and chief information officer, MB Financial Bank. "Fiserv solutions allow us to manage every process centrally, so nothing is left 'outside' to become an orphan system."
"Enabling our clients to grow and succeed is our primary goal," said Tony Catalfano, division president, Bank Solutions, Fiserv. "With more than 14 years of partnership, MB Financial's growth is evidence of the flexibility provided by innovative, SOA-based solutions from Fiserv and our ability to support clients' complex growth plans and unique business models."
With the possibility of additional acquisitions in the near future, MB Financial's capacity to acquire and integrate additioonal banks is supported by their ability to rely on Fiserv to seamlessly integrate any new business. Fiserv solutions provide real-time data across channels that enable clients to provide an exceptional experience for their new customers - both from acquisition and organic growth - as well as the ability to retain current customers and expand their banking relationship. Quickly acclimating the customers, as well as staff, of the acquired institution to MB Financial is equally important in retaining customers and realizing cost efficiencies.
"We found that speed is everything when acquiring a bank," said Kallembach. "If there are issues, we deal with them as quickly as possible and move on. We found this to be the best way to serve our customers, integrate new staff and recoup cost savings for the corporation. This speed also allows us to be ready for the next opportunity without disrupting day-to-day operations. Fiserv has been a key element in our ability to streamline acquisition activities and add accounts quickly and efficiently, so we are well-positioned to meet our business objectives both now and in the future."
MB Financial uses a comprehensive set of deposit, loan and cash management solutions from Fiserv to help them compete in the very diverse Chicago-area market. Their strategy includes wealth management, small to middle market business banking, and ethnic community outreach. MB Financial relies on Fiserv best-of-breed processing services and solutions to arm their employees with consolidated customer information, multi-lingual capabilities, and the most comprehensive financial management tools available, including enterprise wide fraud protection, efficient transaction and payments processing, imaging, treasury management systems, risk solutions and item processing.