Jack Henry Banking's SilverLake System Continues to Attract Billion Dollar Banks

MONETT, Mo., Feb. 7, 2012 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of computer systems and electronic payment solutions primarily for financial services organizations. Its Jack Henry Banking™ division announced today that during an eight month period, five mid-tier banks, defined as banks with $1 billion to $20 billion in assets, selected its SilverLake core processing system to provide enterprise-wide automation. All five institutions are replacing existing legacy systems provided by other vendors. Four of the banks will be operating in an outsourced environment and one will install the system in-house. Jack Henry Banking now serves as the primary technology provider for more than 20 percent of the mid-tier banking market.

The recent additions to the company's roster of mid-tier banks include previously announced UniBank based in Whitinsville, Mass.; Brookline Bank based in Brookline, Mass.; Midland States Bank based in Effingham, Ill.; and two additional banks pending public announcements. All five institutions stated the flexibility gained from SilverLake's integrated, best-of-suite platform is unmatched by the older, legacy platforms they are currently running.

President and CEO of Midland States Bank, Leon Holschbach, said, "After evaluating the leading providers, we believe that SilverLake provides the functionality and flexibility we need to support our business strategy.  We look forward to leveraging the enhanced features of this powerful suite of products."

Mid-tier institutions that continue to invest in legacy, mainframe systems are limited in terms of the operational efficiencies, cost-savings, and customer service levels that can be achieved. Most legacy platforms typically consist of numerous, silo-ed software components that are pieced together through layers of customized code and product interfaces. This approach makes it nearly impossible to implement new software releases issued each year without additional and significant investments of money, time, and resources.

According to James Cosman, chief operations officer of Brookline Bank, "After thoroughly evaluating the functionality of our current systems, we were convinced that we need a common platform to support our current and planned technology requirements, provide leading-edge commercial functionality, and seamlessly support our long-term growth plans. We also want all the benefits of full integration, state-of-the-art CRM and Internet banking solutions, consolidated customer information across our three-bank enterprise, and an intuitive user experience. We retained a consulting firm and conducted an extensive evaluation that identified SilverLake as the best solution for our banks, our business strategies, and our customers. We believe that consolidating our operations with a robust core platform and the integrated complementary solutions Jack Henry Banking provides is a strategic component of our ongoing progress and performance."  

Stan Viner, general manager of sales for Jack Henry Banking, said, "These are important additions to our client roster and demonstrate that core decisions are being made within the mid-tier market. Banks are quickly recognizing the value in replacing outdated, disparate systems with a tightly integrated infrastructure. For most mid-tier institutions, replacing existing legacy systems is more cost-efficient than the costs associated with maintaining and updating existing systems."

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 mid-tier institutions.  Jack Henry Banking currently serves approximately 1,500 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 11,200 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.