The Fauquier Bank's Technology Initiative Rated Top Five
WARRENTON, Va., April 19 /PRNewswire-FirstCall/ -- Fauquier Bankshares, Inc. (Nasdaq: FBSS) The Fauquier Bank's core conversion program was rated as a Top 5 technology initiative among community banks by Bank Technology News. In a feature covering top community banks' 2009 IT projects, the March, 2010 issue outlines the Bank's savings following a core conversion in 2009 ("Fauquier's Core Swap Saves a Million.")
In 2008, The Fauquier Bank committed to upgrade their core system from Metavante to Fiserv. This new Fiserv system was successfully up and running by June of 2009. The initial cost savings was estimated at $600,000 over the life of the contract and the early experience indicates the projected savings should be attainable. Chip Register, CIO of The Fauquier Bank, said, "The economic environment at the time of our decision was a positive factor in that it provided us with a very favorable cost to complete the conversion."
In addition to the savings for the bank, the customers like the new system as well. The article notes " the number of online retail customers has grown 29.8 percent since implementation, while the number of business customers online has jumped a remarkable 48.2 percent." Randy K. Ferrell, President and CEO of The Fauquier Bank said, "It's great to have a project come together without any time delays that provides both a win for the bank from a financial perspective and an enhanced customer experience."
Fauquier Bankshares, Inc. and its principal subsidiary, The Fauquier Bank, had combined assets of $568.5 million and total shareholders' equity of $42.6 million at December 31, 2009. The Fauquier Bank is an independent, locally-owned, community bank offering a full range of financial services, including internet banking, commercial, retail, insurance, wealth management, and financial planning services through nine banking offices located in Fauquier and Prince William Counties in Virginia. Additional information is available at www.fauquierbank.com or by calling: (800) 638-3798.
SOURCE Fauquier Bankshares, Inc.
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