Jack Henry & Associates (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its Jack Henry Banking division announced today that First Community Bank has selected its SilverLake core processing system to provide enterprise-wide automation.
This Virginia-based bank, which has more than $2.1 billion in assets, is in the process of installing SilverLake in-house.
According to Steve Lilly, executive vice president, chief operating officer, and chief information systems officer for First Community Bank, "Our bank is known for its unique ability to combine the best attributes of big banks and community banks to offer a wide variety of highly competitive financial products and services, exceptional personal service, and the resources to support our business and growth goals. Looking forward, we plan to grow both organically and through acquisition. We knew we needed a highly integrated system to optimize operating efficiencies, offer true relationship banking by consolidating customer information from our affiliates, and provide the technology to improve the customer experience and consistently exceed our customers' expectations. We also wanted a technology platform that would enable us to expedite our speed-to-market with flexible new products and services, and that would further differentiate us from our competition. After an extensive due diligence process, SilverLake emerged as the best solution for First Community Bank. SilverLake provides the integration, functionality, and flexibility we were looking for and Jack Henry Banking's success with mid-tier commercial banks and the satisfaction levels among those banks convinced us this is a long-term technology partnership. Moving to SilverLake is good for our bank, our bankers, and our customers."
Stan Viner, general manager of sales for Jack Henry Banking, said, "This bank's thorough evaluation included an extremely detailed operational assessment performed by a specialized team of our associates. The fundamental goal of the assessment was to determine the cost savings the bank could generate with a fully integrated operating environment. The inherent efficiency improvements and cost savings our team identified justified the bank's decision to convert to SilverLake. First Community Bank has a 138-year history of focused, balanced, and steady growth and we welcome the opportunity to support the next chapter in this progressive bank's history with our technology."
In addition to SilverLake, First Community Bank will initially implement an array of Jack Henry Banking's complementary solutions including Vertex Teller Automation System; NetTeller Online Banking; InTouch Voice Response; the jhaPassPort ATM and debit card transaction processing platform; the jhaKnow data warehousing, analysis, and reporting solution; the Smart GL general ledger reconciliation and compliance solution; Relationship Profitability Management (RPM); components of the Synergy Enterprise Content Management (ECM) solution; Yellow Hammer Fraud Detective; Yellow Hammer BSA; and jXchange for open connectivity with third-party products.