Symitar™ Adds 32 Credit Unions to Client Roster During 2010 Fiscal Year
- Credit Unions Split Nearly Evenly Between In-House and Outsourced Solutions -
MONETT, Mo., Sept. 28 /PRNewswire/ -- 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, which provides core data processing and other technology solutions to U.S. credit unions of all sizes, added 32 credit unions to its client roster during the 2010 fiscal year, ended June 30. These credit unions elected to replace competitive platforms with Symitar's highly customizable Episys® system or its CruiseNet™ system which is designed specifically for small to mid-size credit unions. Of the 32 new clients, 17 will install their systems in-house and 15 have elected to outsource their transaction and information processing.
With approximately $987 million dollars in assets and nearly 70,000 members, University of Iowa Community Credit Union joins Symitar as a welcomed addition to its client roster. University of Iowa has entrusted Symitar to aid its efforts in crossing the billion dollar mark with the implementation of the Episys platform to drive the credit union's extensive technology roadmap.
According to Jeff Disterhoft, CEO of the University of Iowa Community Credit Union, "We're extremely excited to partner with Symitar for our core processor going forward. From our perspective, Symitar's dominant market share gives us peace-of-mind that we'll be on the forefront of changes from competitive, regulatory, and end-user points of view. Just as we're focused on growth enabled by the above-market value we provide our members, it's clear to us that Symitar shares that same approach – and in doing so provides a natural fit within our cooperative's future."
Ted Bilke, president of Symitar, said, "In a time where economic uncertainties have caused many financial institutions to postpone technology investments, it's the forward thinking credit unions like the University of Iowa Community Credit Union that have recognized the importance of making IT decisions that will help them capitalize on the economic recovery. Remaining compliant and establishing cost-effective measures were important factors in determining technology budgets during the year. Credit unions that continue to operate on platforms which inhibit growth and innovation limit their competitive advantage and put their businesses at serious risk. Despite the challenging economy, we continue to increase our market share year after year by welcoming diverse additions to our client roster that demonstrate the wide appeal of our technology platforms."
About University of Iowa Community Credit Union
University of Iowa Community Credit Union is a member owned financial cooperative serving members in Eastern Iowa since it was organized 1938. At the University of Iowa Community Credit Union, members come first. With a full menu of financial products and services, the Iowa-based credit union strives to be trusted financial advisers that members can count on to assist them with achieving their financial dreams. Additional information is available at www.uiccu.org/index.html.
About Symitar
Symitar, a division of Jack Henry & Associates, Inc. (Nasdaq: JKHY), 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 serve more than 11,200 customers nationwide, and are marketed and supported through four primary brands. Jack Henry Banking™ supports banks ranging from de novo 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 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. iPay Technologies operates as a leading electronic bill pay provider supporting banks and credit unions with turnkey, highly configurable retail and small business electronic payment platforms. 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.
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