Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced it has completed 19 core processing renewal contracts during the first quarter of 2006.
This builds upon its momentum from 2005 when Metavante achieved another record-setting year with a total of 119 financial institutions renewing multi-year core processing contracts for either the Bankway licensed core banking solution, or the Integrated Banking Solution (IBS), an outsourced core processing offering.
The 2005 contract renewals surpassed the 2004 record of 110. In addition, last year Metavante secured 20 agreements with de novo banks, for a total of 57 new core processing contracts. Overall, the renewing financial institutions represent assets exceeding $80 billion. Some of the clients to renew contracts during 2005 include the following corporations and financial institutions listed by geographic region:
East - Eastern Bank, Boston, Mass.; Tompkins Trust Company, Ithaca, N.Y.; Union State Bank, Orangeburg, N.Y.
South - Community Trust Bancorp, Pikeville, Ky.; First Security Bank, Searcy, Ark.; First State Financial, Middlesboro, Ky.; Oriental Group, San Juan, Puerto Rico; Renasant Bank, Tupelo, Miss.
Midwest - BankIowa, Independence, Iowa; Central State Bank, Muscatine, Iowa; INTRUST Bank, Wichita, Kan.; Wintrust, Lake Forest, Ill.
West - American Savings Bank, Honolulu, Hawaii; PFF Bank & Trust, Pomona, Calif.
"Last year's success demonstrated strong numbers in all market segments. This is a firm endorsement of Metavante's ability to empower de novo banks to come out of the gates ready to compete from day one, and for larger established banks that seek to strengthen their competitive position," said Paul Danola, president and chief operating officer, Metavante Financial Solutions Group. "We are strategically positioned for ongoing growth in every sector of the banking industry, through successful acquisitions, like Kirchman, and our constant focus to help our clients drive growth, efficiency and profit within their organizations."