Metavante reports record number of contract renewals for 2004

Source: Metavante

Metavante Corporation today announced that it had a record setting year in 2004, securing 110 multi-year core processing contract renewals with numerous clients within its Financial Solutions Group.

This total reflects the largest renewal year to date for Metavante, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI).

In 2004, Metavante had 48 contract renewals for the Integrated Banking Solution (IBS), its outsourced core processing offering. At Metavante's Kirchman Corporation, 62 clients renewed contracts for the Kirchman Bankway solution, which financial institutions primarily run on an in-house basis. In total, the renewing financial institutions represent assets exceeding $130 billion.

Some of the key clients to renew contracts during 2004 include the following corporations and financial institutions listed by geographic region:

  • Southeast - First Farmers & Merchants National Bank, Columbia, Tenn.; First National Bank of Tennessee (formerly First National Bank of the Cumberlands), Livingston, Tenn.; Citrus and Chemical Bank, Bartow, Fla.; Raymond James Financial, St. Petersburg, Fla.
  • East - Astoria Federal Savings, Lake Success, N.Y.; Provident Bank, Baltimore; Cambridge Trust Company, Cambridge, Mass.; The Provident Bank, Amesbury, Mass.
  • South - Citizens National Bank, Meridian, Miss.; BankPlus, Belzoni, Miss.
  • Midwest - Citizens Bank, Flint, Mich.; First Midwest Bancorp., Buffalo Grove, Ill.; Northern Trust, Chicago, Ill.

"2004 was the best year ever at Metavante for core processing contract renewals, with nine of our top 25 core clients renewing their contracts with us," said Paul Danola, president and chief operating officer, Metavante Financial Solutions Group. "These renewals reflect our clients' recognition of our ongoing commitment to provide superior customer care and solutions of value. They're also a strong testament in our ability to add 42 new core processing relationships in 2004."

Metavante Financial Solutions Group provides the technology that financial institutions need to deliver products and run their operations. Serving clients on an outsourced basis, or using in-house turnkey software, Metavante integrated systems provide financial account processing for deposit accounts, loans, financial accounting and customer information; branch and teller platform technologies; electronic banking; and trust services. The comprehensive suite of Metavante offerings also includes software for check imaging, risk and compliance, and treasury management as well as consulting and professional services.

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