MONETT, Mo., Dec. 18, 2012 /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 Iowa-based Libertyville Savings Bank and Minnesota-based Farmers State Bank have selected its Core Director® core processing platform to provide enterprise-wide automation. Both banks will implement Core Director through Jack Henry Banking's outsourced offering.
Core Director is a Windows®-based solution that provides customizable core functionality that is fully integrated with approximately 110 complementary products and services. Core Director provides point-and-click operation; an extremely flexible browser user interface that can be customized to support unique user preferences and specific functional requirements; open architecture and connectivity to third-party products; in-house and outsourced implementation; and a highly scalable, cost-effective hardware platform.
Libertyville Savings Bank is based in Fairfield, Iowa and has approximately $195 million in assets. According to Ryan Troutman, the bank's CFO, "We have processed in-house for approximately 25 years on the same core system. Today, Libertyville Savings Bank is a very well capitalized community bank with a progressive management team that is capable and ready to take us to the next level. As our bank, our markets, our customers, and the banking industry at large evolved and progressed, we knew that implementing and optimizing our long-term business plan would require a state-of-the-art technology and delivery platform. We invested several months in a thorough and thoughtful evaluation of technology alternatives and after comprehensive product demos, visits, and calls with existing system users, we were convinced that Core Director and its integrated complementary solutions will provide the business and banking tools we need to execute our strategy and meet our growth and efficiency goals. We also appreciate how Jack Henry Banking does business and the strong service culture we share."
Farmers State Bank is based in Underwood, Minn. and has approximately $46 million in assets. According to Kellen Shebeck, the bank's senior vice president, "We are a family-owned bank with a strong history and reputation in the communities we serve. The decision to replace our long-time in-house system was motivated by our need for a new technology platform that would enable us to keep pace with the changing banking and business environment, puts leading-edge functionality at our fingertips, and provides continual enhancements and updates so we can be assured that our system will not become obsolete. We currently use several of the solutions provided by Jack Henry & Associates' ProfitStars division so we have first-hand experience with the company's service, culture and outstanding support staff. We have a very high level of trust in the company, its people, and its products and services."
According to Stan Viner, general manager of sales for Jack Henry Banking, "It is always rewarding to add new banks to our client roster after they have performed comprehensive and smart evaluations of our company, our solutions, and the competitive alternatives. We believe that moving to Core Director and outsourcing after decades of in-house processing will be important milestones for these forward-thinking banks. These banks clearly understand the near- and long-term value that contemporary, dynamic technology will deliver as well as the operational and efficiency improvements and cost savings they will realize in our outsourced environment."
About Libertyville Savings Bank
Libertyville Savings Bank is a family-owned bank that was established in 1901. With four locations in three counties in the Southeast corner of Iowa, the bank is known for having fun as it supports several communities with a staff of extraordinary tenure in a family-like atmosphere. Additional information is available at www.libertyvillesavingsbank.com.
About Farmers State Bank
Farmers State Bank is locally-owned, independent community bank. It has two locations to better serve its customers. Its main office is located in Underwood, Minn. and its branch is located in Dalton, Minn. Its officers, directors, and staff all live and work in its local communities. At Farmers State Bank, customers are treated with friendly, personal service, from people who value their business. Additional information is available at www.farmersstbank.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 community banks 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 11,900 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.
SOURCE Jack Henry & Associates, Inc.