MONETT, Mo., May 19, 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, today announced that Dep@sit(TM), the micro-business and consumer remote deposit capture solution provided by its ProfitStars division, has been selected by Mercantile Bank of Michigan, a subsidiary of Mercantile Bank Corporation (Nasdaq: MBWM). Dep@sit, which enables small businesses and consumers to deposit checks remotely using personal computers and flat bed scanners, will be private-labeled and marketed as Merc@Home(TM) Deposit by Mercantile Bank.
This competitively distinct remote deposit capture solution will make banking easier for time-conscientious, convenience-driven bank customers by enabling them to make deposits 24/7 to Mercantile Bank checking or savings accounts. Using a personal computer, flat bed scanner, and high-speed Internet connection, paper checks are scanned and sent to Mercantile Bank for deposit via its Internet banking site. The bank anticipates that Merc@Home Deposit will have strong appeal to sole practitioners and other micro-business owners, and does not plan to charge retail and business customers to use the service although typical account fees may still apply.
According to John Schulte, senior vice president and chief information officer for Mercantile Bank, "We know it's not always possible to get to the bank during a busy day. We are also aware that many people are trying to save fuel by limiting trips around town. This new remote deposit capture service can help our customers save time and reduce traffic hassles while giving them quicker access to their money. Instead of holding on to a check until you can get to the bank, for example, you can deposit it immediately from home - and the sooner it's deposited, the sooner it's credited to your account."
David Foss, president of ProfitStars, said, "We are excited Mercantile Bank selected our solution to power its new high-profile Merc@Home Deposit program and we are confident it will effectively and efficiently support the bank's expectations. We expect that many types of sole practitioners - doctors, lawyers, and dentists in particular - as well as a wide variety of micro-businesses will benefit from this competitively differentiating banking service. As remote deposit capture continues to evolve into a product that financial institutions need to compete and meet the expectations of today's convenience-driven customers, we welcome the opportunity to partner with a leading-edge institution like Mercantile Bank."
The Dep@sit solution was developed internally by ProfitStars and Jack Henry & Associates. It is sold to the core bank clients supported by the Jack Henry Banking(TM) division, to the core credit union clients supported by the Symitar(TM) division, and to financial institutions outside the core client bases by its ProfitStars division.
Dep@sit also complements the company's high-volume Remote Deposit Capture solution which provides virtually any commercial entity that accepts checks as a form of payment with a Web-based electronic payment processing system that converts paper-based checks into electronic transactions and processes them through the ACH or Check 21 image exchange networks.
About Mercantile Bank Corporation
Based in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank of Michigan. Founded in 1997 to provide banking services to businesses, individuals, and governmental units, the bank differentiates itself on the basis of service quality and its banking staff expertise. Mercantile has nine full-service banking offices in Grand Rapids, Holland, Lansing, Ann Arbor, and Oakland County, Michigan. Mercantile Bank Corporation's common stock is listed on the Nasdaq Global Select Market under the symbol "MBWM."
About ProfitStars
ProfitStars, a division of Jack Henry & Associates, Inc., provides best-of-breed solutions that improve the performance of financial institutions of all asset sizes and charters, and diverse corporate entities. These solutions facilitate revenue and growth, risk mitigation and control, and cost control and complement virtually any core information processing platform. Additional information about ProfitStars is available at www.profitstars.com.
About Jack Henry & Associates
Jack Henry & Associates, Inc. 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 and transaction processing solutions. Symitar is the leading provider of information and transaction 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 about Jack Henry & Associates 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.
SOURCE Jack Henry & Associates
http://www.jackhenry.com
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