MONETT, Mo., Aug. 4, 2015 /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 Fox Chase Bank selected the SilverLake System® to provide enterprise-wide automation. The Hatboro, Penn.-based bank selected the core processing system through JHA OutLink Processing Services™ (JHA OPS), Jack Henry Banking's outsourced offering.
Fox Chase Bank has transformed its operations during the past ten years, converting from a mutual thrift focused on residential mortgages in the greater Philadelphia area to a thriving commercial bank focused on middle-market growth companies and real estate investors between Baltimore and New York City. In 2006, the bank closed its residential department to concentrate exclusively on growth businesses and commercial real estate investors and developers. As of March 31, 2015, Fox Chase Bank achieved an eight-year compounded annual growth rate of 32 percent for its commercial loans. The bank wanted a core partner that would support its new business strategy and help it grow with economies of scale.
According to Tom Petro, president and CEO of Fox Chase Bank, "We were operating a commercial bank from a platform designed for mutual thrift institutions and credit unions that were heavy into consumer lending products, not sophisticated commercial lending. We wanted a core partner that could address our business needs with a sense of shared values. Our bank's culture places a strong emphasis on brand promise and the idea of 'doing the right thing'; we found a very like-minded culture in Jack Henry Banking. With Jack Henry as our partner, we're now addressing those business issues which are extremely important to us."
Scheduled for a 4th quarter conversion, SilverLake will provide Fox Chase Bank with single sign-on integration for its commercial services. It will improve efficiencies by enabling separate systems to be accessed using the same credentials, reducing redundant data entry. Furthermore, the bank will be able to customize its core platform to support its unique operational requirements while capitalizing on the many benefits of an outsourced processing environment.
Stacey Zengel, president of Jack Henry Banking, said, "Within ten years, the new management team at Fox Chase Bank has launched a successful commercial business. I am pleased to announce that SilverLake is their platform of choice to power new and sophisticated technology demands."
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 multi-billion dollar 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 technology solutions and payment processing services primarily for the financial services industry. Its solutions serve almost 11,300 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking® supports banks ranging from community banks to multi-billion dollar institutions with information processing solutions. Symitar® is a leading provider of information 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 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.