First State Community Bank chooses ProfitStars Commercial Lending Center Suite

Source: Jack Henry & Associates

Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its ProfitStars® division announced today that First State Community Bank (FSCB) has selected its Commercial Lending Center Suite™ to enhance the borrower experience and support the institution’s commercial lending growth with a modern digital strategy.

FSCB also leverages the Jack Henry Banking® SilverLake System® for their core banking.

First State Community Bank is the largest banking organization headquartered in Southeast Missouri. The rapidly growing bank needed a more robust, automated commercial lending platform that would support its evolving digital strategy. FSCB formed a committee of nearly 30 employees plus executive management to identify and vet potential solutions, ultimately selecting ProfitStars’ lending platform because of its intuitive borrower experience, seamless data integration and advanced portfolio management capabilities. Borrowers will be able to apply for loans anywhere, from any device, while also delivering newfound efficiencies and transparency into the back office.

Ben Wasson, vice president and senior credit administration officer for FSCB, explained, “We’re looking forward to leveraging a commercial lending platform that will automate manual processes and enhance efficiencies as we continue to scale. The Commercial Lending Center Suite will allow our employees to conduct their business with more speed and visibility while delivering advanced functionality. Our borrowers will be able to apply for loans how and when they prefer. This digital sophistication and speed will make us competitive with alternative lenders and fintechs. We’re not just rolling out new technology, we’re implementing a modern way of doing business.”

Commercial Lending Center Suite’s all-digital loan origination, automated decisioning and portfolio management workflow will enable FSCB to reduce paper and streamline processes, decreasing loan turnaround time and boosting overall productivity. The platform’s online portal allows borrowers and bank employees to more conveniently interact and securely exchange information. Wasson added, “ProfitStars’ technology will streamline our commercial lending process, taking data out of silos and arming us with newfound transparency into individual borrower relationships as well as our overall portfolio. Our processes and communication will be streamlined and simplified, allowing us to take on more business with accuracy and confidence.”

Russ Bernthal, vice president of Jack Henry & Associates and president of ProfitStars, stated, “Commercial lending is often the most paper-intensive process in banking, which is off-putting for both borrowers and bank employees. FSCB recognized the need to modernize this process, delivering the speed and convenience that is necessary to compete, and to retain top talent. The suite’s open platform will also help them to be more responsive and agile. FSCB is well positioned to continue strategically growing its portfolio with ease.”  

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