MONETT, Mo., July 21, 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 its Symitar division added 33 new credit unions to its client roster during the past 12 months. Following comprehensive evaluations, these credit unions elected to replace competitive platforms with Symitar's Episys(R) system, a highly customizable IBM(R) Power(TM) System-based solution, or its Cruise(R) system, a Windows(R)-based client/server solution for smaller credit unions. Fifteen of these credit unions will install their new systems in-house and 18 will outsource their transaction and information processing.
Among the most recent additions to Symitar's client roster are New York-based Olean Area Federal Credit Union, which has approximately $165 million in assets and 18,700 members; South Carolina-based Brookland Federal Credit Union, which has approximately $3.6 million in assets and 1,600 members; and Wyoming-based Meridian Trust Federal Credit Union, which has approximately $200 million in assets and 18,700 members.
According to Kim Withers, CEO of Meridian Trust FCU, "We determined that our current core system cannot accommodate our evolving business strategy and our plans for the future. During our two-year due diligence and evaluation process, Symitar demonstrated the functional aspects of the Episys system that we sorely need to drive our ongoing growth, clearly validating our decision to replace our current system with Episys. We consider our move to Episys to be a precisely calculated strategic move that we could not postpone."
Kathy Hooker Burress, president of Symitar, said, "While some credit unions have reduced or postponed technology-related spending due to the recessionary economy, many progressive credit unions realize that especially now they cannot afford to continue using technology platforms that actually impede their ability to serve their members and aggressively and successfully compete in today's challenging business environment. It is extremely rewarding that even with the inherent impact of the down economy Symitar has outperformed itself in new client footprints compared to the previous 12-month period and we continue to increase our market share by replacing competitive systems. We believe the diversity of our 33 newest credit union clients also demonstrates the industry-wide appeal of our technology platforms."
Symitar provides two core systems that credit unions have selected to replace every major competitive alternative during the company's history. These core systems support diverse processing requirements and operating environments with in-house or outsourced implementation, customer-driven enhancements, open system architecture, scalable hardware platforms, the regular introduction of new complementary solutions and practical new technologies, and strict regulatory compliance. Symitar's complementary solutions are available to enhance the core functionality with integrated business intelligence and profitability, retail delivery, member business, Internet banking, electronic funds transfer, risk management and security, and item and document imaging solutions.
About Meridian Trust Federal Credit Union
Meridian Trust is a full-service, not-for-profit financial cooperative founded more than 50 years ago on the philosophy of people helping people. The Wyoming-based credit union has offices in Cheyenne, Rawlins, Lander, and Jackson, and PowerTrust facilities in Casper and Rock Springs. Additional information is available at www.meridiantrustfcu.org.
About Symitar
Symitar, a division of Jack Henry & Associates, Inc., is the leading provider of integrated computer systems for credit unions of all sizes. Symitar currently serves more than 700 credit unions as a single source for integrated, enterprise-wide automation and as a single point of contact and support. Additional information is available at www.symitar.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, which are now serving more than 8,700 customers nationwide, are marketed and supported through three primary brands. Jack Henry Banking(TM) 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(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 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, Inc.
http://www.jackhenry.com
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