Jack Henry & Associates (NASDAQ:JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced that Community Bank, NA has selected Jack Henry Banking as its technology partner and the SilverLake System as its technology platform.
This New York-based bank, which has more than $5.3 billion in assets, will install SilverLake in-house.
According to Mike Wilson, chief technology officer of Community Bank, NA, "We understand the essential role that technology plays in providing superior service capabilities and in supporting our nationally recognized customer satisfaction rankings. Our evaluation process was supported by a leading consulting firm and included multiple core system products and providers. Our new technology system, the SilverLake System from Jack Henry Banking, is an 'in-house' platform that we anticipate implementing in the latter half of 2010. We expect this important strategic investment will deliver high-value benefit to our customers and our shareholders through improved operational and customer service capabilities and lower operating costs."
Tony Wormington, president of Jack Henry & Associates, said, "We are excited to once again expand our presence among mid-tier banks by adding this progressive growth- and service-focused bank to our client roster. We believe SilverLake provides the functionality that Community Bank needs to support its business near- and long-term, and we are confident in the change management process we have in place to transition the bank's move from outsourced processing to in-house operations. Since technology plays a mission-critical role in every bank's success in the highly competitive financial services industry, we believe Jack Henry Banking is well positioned to provide the business tools that large and small banks need to attract, serve, and retain their customers; and to optimize their business strategies."