MONETT, Mo., May 18, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, announced that Whitney National Bank has selected Jack Henry Banking as its technology partner and the SilverLake System as its technology platform. This Louisiana-based bank, which has more than $12 billion in assets, will install SilverLake in-house.
According to Robert Baird, Jr., Senior Executive Vice President - Banking Services of Whitney National Bank, "Success in banking today requires both a clear focus on specific customer service expectations and their timely execution by enabled bankers. Converting to a new technology platform is one of the most forceful decisions a bank will make as it seeks further improvements in its competitiveness and profitability. After carefully considering both the improved customer service capabilities of a more fully-featured core system and the tangible economic benefits of a platform which supports full integration with those profitable ancillary products our customers purchase from us, we made the decision to replace our current system. We evaluated multiple technology products and providers, and retained a respected consulting firm to validate our evaluation process. Our comprehensive due diligence, which lasted approximately 16 months, clearly demonstrated that SilverLake is the core solution that is most compatible with our strategic plan and its expected information and transaction processing requirements."
Francisco "Frank" DeArmas, Executive Vice President, CIO - Operations & Technology Division said, "Our SilverLake decision was based on specific points of competitive distinction that we identified during our evaluation. Among the fundamental points that ultimately supported our decision were the system's extensive functionality and the ability to customize that functionality to support our unique business requirements, the satisfaction levels among existing SilverLake users with the system and support services, and the similar corporate culture that we share with Jack Henry & Associates. We are also impressed with this company's ability to provide the complementary solutions that growing mid-tier banks need even if it means going outside its proprietary product offering and integrating best-of-breed ancillary solutions provided by other companies."
Tony Wormington, President of Jack Henry & Associates, said, "Whitney National Bank is an impressive financial institution that has grown its assets to more than $12 billion during its 125-year history. It is the largest bank headquartered in Louisiana with 161 banking locations across five states in the Gulf Coast region. This progressive bank's selection of SilverLake represents an unprecedented endorsement of the functionality and solid integration this technology platform provides. Our goals now are to deploy our proven change management and conversion process, to ensure the bank's staff is fully trained and ready to use SilverLake's broad functionality, to consistently meet and exceed the bank's service-related expectations, and to proactively provide the advancing technology the bank needs to support its dynamic business and growth strategies. We are confident that a technology engine powered by SilverLake and a significant number of our complementary solutions will play an important role in this bank's ability to continue attracting and retaining customers and prospering in today's extremely competitive business environment."
Jack Henry & Associates' integrated complementary products and services enhance the core functionality and enable banks to respond to specific business opportunities and challenges with production-proven solutions. These add-on solutions are assembled through internal product development, disciplined acquisitions, and strategic alliances with successful companies like ARGO Data Resources. According to Mr. DeArmas, "We had evaluated ARGO(R) before launching our core system evaluation and planned to install the system to support our branch network. But fortunately for us, ARGO Data Resources and Jack Henry & Associates have been long-time business partners and the SilverLake and ArgoKeys solutions are fully integrated and installed in Jack Henry & Associates' top-tier client banks. Not only is the integration done, but Jack Henry Banking adds additional value by serving as the single point of contact, support, and accountability for this integrated solution set."
David Engebos, President and CEO of ARGO, said, "ARGO provides a proven retail delivery platform that enables large banks and sophisticated branch networks to operate in a highly secure, reliable, and scalable environment. We are confident that the integrated ARGO/SilverLake solution will convert routine customer contact into sales-focused service-oriented experiences, and will help Whitney National Bank increase profit potential across its product offering, enhance customer satisfaction and loyalty, and generate material operating efficiencies."
"We believe the ability to leverage innovative financial products and services driven by superior technology, customer-driven bankers, and exacting service standards will bolster our market presence and help us capitalize on our market potential," concluded Mr. Baird.
In addition to SilverLake and ArgoKeys, Whitney National Bank will initially implement an array of Jack Henry & Associates' complementary solutions including the Vertex Teller Automation System(TM), the Synapsys(R) sales force automation and marketing solution, modules of the Synergy(TM) Enterprise Content Management (ECM) solution, the Yellow Hammer(TM) suite of fraud detection and prevention solutions, the 4|sight(TM) Item Imaging platform, Check 21 solutions, the Smart GL general ledger exception management and settlement solution, and the jXchange(TM) services-oriented architecture solution.
Stan Viner, General Manager of Sales for Jack Henry Banking, said, "jXchange is a services-oriented architecture framework on a .NET platform that provides open connectivity between our solutions and third-party products. Although we provide one of the most comprehensive product offerings that consists of deep core functionality and more than 100 best-of-suite complementary solutions, our experience supporting more than 20 percent of mid-tier banks proves that diverse financial institutions have unique product requirements outside our offering. The contemporary integration methodology facilitated by jXchange will enable Whitney National Bank to easily implement niche products, increase its operating flexibility, and leverage its existing and ongoing technology investments."
About Whitney National Bank
Whitney Holding Corporation, through its banking subsidiary Whitney National Bank, serves the five-state Gulf Coast region stretching from Houston, Texas; across southern Louisiana and the coastal region of Mississippi; to central and south Alabama; the panhandle of Florida; and the Tampa Bay metropolitan area of Florida. Additional information is available at whitneybank.com.
About ARGO Data Resources
Founded in 1980, ARGO is a national leader in technology-based solutions for the financial services industry. Today, our customers come from all parts of the financial services world--from the nation's largest banks to community-centered credit originators and processors. Additional information is available at argodata.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 approximately 1,600 banks as a single source for integrated, enterprise-wide automation and as a single point of contact and support. Additional information is available at 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 8,800 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(TM) is the leading provider of information processing solutions for credit unions of all sizes. ProfitStars(R) 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 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.
SOURCE Jack Henry & Associates, Inc.
http://www.jackhenry.com
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