SunGard Securities Processing, an operating group of SunGard (NYSE:SDS), announced today that Branch Banking and Trust Company (BB&T) and U.S. Central Credit Union have both signed multi-year contracts continuing their use of SunGard's InTrader for managing their fixed income securities transactions and back-office operations.
Founded in 1974, U.S. Central is the nation's only wholesale credit union serving 30 retail corporate credit unions nationwide. U.S. Central's asset liability department has used InTrader since 1995 to handle trade processing, back office operations and safekeeping of U.S. treasuries, treasury notes, and asset-backed securities for the institutions' own investment portfolios and those of its member corporate credit unions.
In addition to portfolio accounting for U.S. Central's assets and liabilities, InTrader handles multi-tier accounting and safekeeping for over $65 billion in assets for U.S. Central and its members.
"InTrader has helped us to accurately and efficiently manage our operations, and we are pleased to continue our relationship with SunGard," said Michelle Martin, director of operations at U.S. Central. "Over the years, SunGard has continued to invest in InTrader, providing us with additional capabilities that have helped us to enhance our internal controls and operational efficiency," Ms. Martin continued.
Branch Banking & Trust Company is the primary banking subsidiary of BB&T Corporation. As the 12th largest financial holding company in the United States, BB&T Corp. continues to experience steady growth. BB&T began using InTrader in 2000 to manage its growing internal investment and funding operations on behalf of the bank's own fixed income portfolios, including U.S. treasuries, mortgage-backed securities, municipal bonds and corporate bonds. With mergers and acquisitions occurring regularly, BB&T relies on InTrader to support additional securities and portfolios while managing its existing operations.
"InTrader helps to support our continued growth and provides us with the robust processing capabilities we need to effectively manage our portfolios," said Mike Sessoms, senior vice president at BB&T Corporation. "The system is very reliable, stable, and always available."
"We're extremely pleased BB&T and U.S. Central have continued their relationships with SunGard and extended their use of InTrader," said Herb Hesch, president of SunGard Securities Processing's InTrader unit. "InTrader's scalability, robustness, and breadth of support for fixed income securities make the system a powerful asset for both capital markets groups and corporate and wholesale credit unions alike," said Mr. Hesch.