Fidelity National Financial, Inc. (NYSE: FNF), a Fortune 500 provider of products and outsourced services and solutions to financial institutions and the real estate industry, and its Fidelity Information Services ("Fidelity") division today announced that Bankers' Bank Northeast of Glastonbury, CT has chosen Fidelity's BancLine solution to automate their core processing.
The implementation is scheduled for the third quarter of 2005.
Bankers' banks came into being in the mid-1970s to serve the needs of small community banks that may have been disadvantaged when it came to providing their customers with advanced financial services such as cash letters, sophisticated electronic services, credit card programs, participation loans, over-line loans, investment services and technology solutions. Bankers' banks offer more services than provided by major holding company upstream correspondent banks. However, unlike the large correspondent banks, they do not compete with the banks they serve.
"The bankers' bank concept is unique," said Peter J. Sposito, president of Bankers' Bank Northeast. "Few organizations are aware of the dedication to community banking that we bring to our respective markets. Fidelity understands that our needs are different than those of a retail bank, and they are willing to address these unique demands, which in turn enables us to help community banks compete much more effectively."
Following an investment of nearly 1,000 man-hours in the study of bankers' banks specialized needs, Fidelity successfully refined the features of BancLine to meet the identified requirements. For example, the solution was modified to make it easier for bankers' banks to manage the accounting and finance aspects of participation loans when several or even dozens of member banks each finance a portion of a major loan that may be too large for any one community bank to handle by itself. Likewise, BancLine was adapted to allow bankers' banks to offer superior money management services, including the ability for bank officers to view their positions any time, rather than having to wait until the end of the day.
Bankers' Bank Northeast represents the third bankers' bank to choose BancLine, with a fourth running Fidelity's Windows-based BancPac solution. Last year, Atlantic Central Banker's Bank in Camp Hill, PA installed BancLine in a service bureau environment, and Jon Evans, president, commented, "Fidelity immediately appreciated our unique point of view, and they have helped us offer more efficient and accurate services."
The first bankers' bank to install BancLine was Independent Bankers' Bank in Springfield, IL. They have been operating the solution in-house for over two years. "BancLine has allowed us to update virtually our entire accounting operation," said John Schneider, president of Independent Bankers' Bank, "The solution has made our lives and those of the banks we serve much, much more comfortable. We wish we had done it sooner, as our savings and efficiencies could have started earlier."
BancLine is delivered in a Windows environment, yet offers fully integrated, advanced core processing capabilities. Operating on UNIX, the solution includes overnight funds automation systems, check and document imaging, a complete range of support systems and interfaces, and the option of selecting from more than 500 standard reports.
"Small banks make up an important part of our country's financial fabric, but they face special challenges due to their size," said Jim Susoreny, executive vice president of client relations for Fidelity's Integrated Financial Solutions division. "They depend on the products, services and expertise of the bankers' banks to help them compete with much larger institutions doing business in their backyard. In turn, our goal is to equip all of our bankers' bank relationships - including Bankers' Bank Northeast - with the highly specialized suite of solutions needed to successfully and profitably serve America's community bank market."