Bank builds strategy to streamline processes, enhance retail and small business customer experience
MONETT, Mo., April 11, 2024 /PRNewswire/ -- Jack Henry™ (Nasdaq: JKHY) announced today that United Bank selected Jack Henry to support its growth, modernize operations, and gain a competitive edge.
United Bank, headquartered in Atmore, Alabama, has been serving agricultural communities since 1904. The creation of its holding company, United Bancorp of Alabama, Inc., more than 40 years ago began a geographic expansion that attracted small business and retail clients, as well as a recent acquisition. Staying true to its mission to make its communities better for everyone, the bank earned a Community Development Financial Institution (CDFI) certification and has introduced unique lending programs to benefit distressed areas. Today, the bank operates 20 branches across Alabama and Florida and has close to $1.2 billion in assets.
United Bank needed a well-rounded and open technology provider to meet the needs of retail and small business customers and improve its lending and CFDI reporting. Jack Henry's robust and scalable hosted core processing solution and commercial loan origination platform, LoanVantage®, will streamline operations and boost efficiency, while the Banno Digital Platform™ will elevate the customer experience.
"After evaluating the market, Jack Henry was the obvious choice. Their open and customizable tools will fill in our current technology gaps, streamline our processes, and help us stand out in our communities by elevating our customer experience," says Mike Vincent, CEO of United Bank. "And the company's reputation was a clear indicator of their commitment, as we heard rave reviews from peer banks as well as our staff that had prior experience with the platform."
The bank plans to continue its growth through a diversified approach, including organic growth, acquisitions, and geographic expansion. A flexible technology partner that can scale with them and guide their modernization was key. Vincent adds, "It was crucial for us to invest in a nimble company that can support us both now and in the future. Jack Henry is ahead of the curve in terms of innovation. We'll be able to rely on them for guidance through our technology journey."
"Regions like southwest Alabama and northwest Florida need resilient banks that are community minded and can bring the power of modern banking technology to people and businesses that are in need," says Stacey Zengel, senior vice president of Jack Henry and president of Bank Solutions. "At Jack Henry, we take pride in helping banks like United Bank continue to serve their communities, especially amidst growing industry consolidation, and stay competitive and agile in the face of increasing consumer expectations and regulatory pressures."
About Jack Henry & Associates, Inc.®
Jack Henry™ (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 47 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 7,500 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.
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SOURCE Jack Henry & Associates, Inc.
Analyst, Vance Sherard, Vice President, Investor Relations, (417) 235-6652; Press, Mark Folk, Director, Corporate Communications, (704) 890-5323
