$600 Million Bank to Implement the SilverLake System(R) through Jack Henry Banking's Outsourced Offering
MONETT, Mo., Jan. 12 /PRNewswire-FirstCall/ -- Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced that Wausau, Wisconsin-based Peoples State Bank has selected Jack Henry Banking's SilverLake core processing system to provide enterprise-wide automation. This bank, which has approximately $600 million in assets, will implement SilverLake through Jack Henry Banking's outsourced offering.
According to Peter Knitt, president and CEO of Peoples State Bank, "We consider technology as one of the key components of our bank's ability to meet our business goals and provide an exceptional customer experience. After thoroughly evaluating our current in-house system, we began investigating the leading technology providers and platforms to enhance our capabilities. We narrowed our search to two vendors and participated in multiple product presentations, contacted a long list of references, and visited banks using the respective technology solutions and the companies' headquarters. Jack Henry differentiated itself throughout the evaluation, and the banks utilizing their technology validated the company's product and service claims."
Leif Christianson, vice president and chief information officer for Peoples State Bank, commented, "We are confident Jack Henry provides the functionality, the scalability, and the integrated add-on products and services to streamline many day-to-day functions. We are excited about establishing a technology partnership with a company driven by a commitment to provide outstanding customer service, and the opportunity to focus exclusively on the business of banking by outsourcing our information and transaction processing to Jack Henry. Jack Henry's organizational culture was a great fit with Peoples State Bank and their approach to service truly embodies the spirit of community banking."
Stan Viner, general manager of sales for Jack Henry & Associates, said, "SilverLake is a best-of-breed core system that maximizes banks' operating flexibility and long-term technology investments with customizable core functionality, integration with more than 100 complementary solutions, open architecture, the ability to support both in-house and outsourced operating environments, and the scalable IBM® Power™ hardware platform. Our OutLink Data Centers™ enable banks to eliminate the capital expenditures required for in-house systems and the resources they need to operate in-house data centers, while providing ongoing access to advancing technology and our technology and security experts. We are confident that the move to a SilverLake-based, outsourced operation will enable Peoples State Bank to more effectively execute its business strategy and capitalize on the trends that are shaping the financial services industry, to better serve its customers, and to maximize operating efficiencies."
In addition to SilverLake, Peoples State Bank will initially implement an array of Jack Henry Banking's complementary solutions including the ArgoKeys® DepositKeys account opening and administration solution, the Vertex Teller Automation System™, the Synapsys® sales force automation solution, NetTeller Online Banking™, NetTeller Cash Management™, the NetTeller Bill Pay electronic bill payment solution, the goDough® mobile banking solution, the Electronic Statements–Interactive solution, the InTouch Voice Response® telephone banking solution, the Cognos® 8 BI report generation solution, the Yellow Hammer™ BSA compliance and risk mitigation solution, the Bounce Protection® overdraft privilege solution, the 4|sight™ Item Imaging platform, components of the modular Synergy™ Enterprise Content Management (ECM) solution, the jhaPassPort ATM and debit card solutions, the Intellix Consulting operational assessment service, and the ECS Document Capture Service which provides turnkey back file document scanning.
About Peoples State Bank
PSB Holdings, Inc. (OTC Bulletin Board: PSBQ) is the parent company of Peoples State Bank, headquartered in Wausau, Wisconsin. Peoples has served central and northern Wisconsin residents and locally owned businesses with traditional retail and commercial banking products since 1962. Peoples operates eight full-service Wisconsin locations in Marathon, Oneida, and Vilas counties, providing community banking services to approximately 14,000 households and businesses. To meet the needs of growing small- to medium-sized locally owned businesses, Peoples offers commercial credit and treasury management services that are tailored to this key company growth area. As a leading home lender in its markets, Peoples' fixed rate secondary market loan origination and servicing provides the foundation for the company's retail banking products. In addition, Peoples Wealth Management expands the bank's services to provide retail investment products and insurance annuities along with retirement planning and advisory services through Commonwealth Financial Network, a Registered Investment Advisor. PSB Holdings, Inc. common stock is traded over the counter on the Bulletin Board exchange under the ticker PSBQ Holdings, Inc. Further information regarding PSB can be found at www.psbholdingsinc.com.
About Jack Henry Banking
Jack Henry Banking, a division of Jack Henry & Associates, Inc., is a leading provider of integrated computer systems for banks ranging from de novo to mid-tier institutions. Jack Henry Banking currently serves more than 1,500 banks as a single source for integrated, enterprise-wide automation; and as a single point of contact and support. Additional information is available at www.jackhenrybanking.com.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of computer systems and ATM/debit card/ACH transaction processing services primarily for financial services organizations. Its technology solutions serve more than 11,300 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking supports banks ranging from de novo to mid-tier institutions with information processing solutions. Symitar™ is the leading provider of information processing solutions for credit unions of all sizes. ProfitStars® provides highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs. Additional information is available at www.jackhenry.com.
