Source: Jack Henry
Jack Henry & Associates, Inc. (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 Iowa-based Libertyville Savings Bank and Minnesota-based Farmers State Bank have selected its Core Director® core processing platform to provide enterprise-wide automation.
Both banks will implement Core Director through Jack Henry Banking's outsourced offering.
Core Director is a Windows®-based solution that provides customizable core functionality that is fully integrated with approximately 110 complementary products and services. Core Director provides point-and-click operation; an extremely flexible browser user interface that can be customized to support unique user preferences and specific functional requirements; open architecture and connectivity to third-party products; in-house and outsourced implementation; and a highly scalable, cost-effective hardware platform.
Libertyville Savings Bank is based in Fairfield, Iowa and has approximately $195 million in assets. According to Ryan Troutman, the bank's CFO, "We have processed in-house for approximately 25 years on the same core system. Today, Libertyville Savings Bank is a very well capitalized community bank with a progressive management team that is capable and ready to take us to the next level. As our bank, our markets, our customers, and the banking industry at large evolved and progressed, we knew that implementing and optimizing our long-term business plan would require a state-of-the-art technology and delivery platform. We invested several months in a thorough and thoughtful evaluation of technology alternatives and after comprehensive product demos, visits, and calls with existing system users, we were convinced that Core Director and its integrated complementary solutions will provide the business and banking tools we need to execute our strategy and meet our growth and efficiency goals. We also appreciate how Jack Henry Banking does business and the strong service culture we share."
Farmers State Bank is based in Underwood, Minn. and has approximately $46 million in assets. According to Kellen Shebeck, the bank's senior vice president, "We are a family-owned bank with a strong history and reputation in the communities we serve. The decision to replaplace our long-time in-house system was motivated by our need for a new technology platform that would enable us to keep pace with the changing banking and business environment, puts leading-edge functionality at our fingertips, and provides continual enhancements and updates so we can be assured that our system will not become obsolete. We currently use several of the solutions provided by Jack Henry & Associates' ProfitStars division so we have first-hand experience with the company's service culture and outstanding support staff. We have a very high level of trust in the company, its people, and its products and services."
According to Stan Viner, general manager of sales for Jack Henry Banking, "It is always rewarding to add new banks to our client roster after they have performed comprehensive and smart evaluations of our company, our solutions, and the competitive alternatives. We believe that moving to Core Director and outsourcing after decades of in-house processing will be important milestones for these forward-thinking banks. These banks clearly understand the near- and long-term value that contemporary, dynamic technology will deliver as well as the operational and efficiency improvements and cost savings they will realize in our outsourced environment."