To be completed in phases, management expects a significant improvement in operational efficiency, risk management, an improved customer experience as well as reduced operational and financial risk stemming from older legacy systems.

The company is executing in phases to allow for thorough testing of the new systems before retiring the current systems, with care being exercised to minimize or eliminate any adverse customer impact. These initiatives are in the early stages of development and by their very nature, projections of duration, cost, expected savings, and related items are subject to change and significant variability. Management currently estimates that these initiatives will take between five and seven years to implement; of course benefits and milestones will be accomplished along the way.

The total cost of these initiatives is currently estimated to be approximately $200 million, with approximately one third of that amount estimated to be capitalized.