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SOURCE Jack Henry & Associates, Inc.
- $1.19 billion bank launches transformation plan powered by the SilverLake System -
MONETT, Mo., Oct. 1, 2013 /PRNewswire/ -- 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 Pennsylvania-based Orrstown Bank has expanded its technology partnership and elected to migrate from in-house processing with the SilverLake System® core platform to the company's outsourced offering.
Ben Wallace, executive vice president of Operations and Technology for the $1.19 billion mid-tier bank said, "The focus of the technology organization in smaller institutions should be on finding creative solutions to real business problems – not consumed with managing banks' commodity infrastructures. The Jack Henry partnership affords us more bandwidth to address these business opportunities ensuring we deliver for our customers."
Orrstown Bank is in the middle of a strategic plan to fortify all aspects of its business, positioning it for growth. "We have taken an already great team and added additional talent from the region that will help us reshape our delivery to customers," says Wallace. "We believe with Jack Henry's support and this new partnership, the bank is well positioned for the future."
Along with investing in new IT employees and the expanded Jack Henry relationship, Orrstown's executive team has been revamped during the last 12 months. David Keim joined as an executive vice president and chief risk officer; David Boyle was hired as executive vice president and chief financial officer in August; and Jeffrey Siebert was brought on as an executive vice president and chief operating officer, also in August.
"While the outsourcing agreement was important, even more important is how integrated Jack Henry has become in our operations and future roadmap – across technology, operations, and risk management. With the pace of change at Orrstown, it was important to find a partner that was up for the challenge," concluded Wallace.
Stan Viner, general manager of sales for Jack Henry Banking, said, "The bankers responsible for reengineering Orrstown Bank clearly understand the role that technology plays in their ability to execute and optimize the new business strategy. We are confident SilverLake and our integrated complementary solutions will support this bank's ability to capitalize on evolving business opportunities and emerging industry trends, respond to dynamic customer and market demands, resolve operational inefficiencies, and improve speed-to-market with competitive products and services. We look forward to a productive, active, and beneficial technology partnership with this bank."
About Orrstown Bank
With nearly $1.2 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through 21 banking offices and two remote service facilities located in Cumberland, Franklin, and Perry Counties, Pennsylvania, and Washington County, Maryland. Orrstown Financial Services, Inc.'s stock is traded on the NASDAQ Capital Market under the symbol ORRF. Additional information is available at www.orrstown.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 1,300 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 electronic payment solutions 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 community 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 best-of-breed solutions that enhance the performance of domestic and international financial institutions of all asset sizes and charters using any core processing system, as well as diverse corporate entities. Additional information is available at www.jackhenry.com.
Statements made in this news release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company's financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking information.
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