MONETT, Mo., Sept. 28, 2011 /PRNewswire/ -- Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of technology solutions and payment processing services primarily for the financial services industry, today announced that its Symitar™ division, which provides core data processing and other technology solutions to U.S. credit unions of all sizes, added 37 credit unions to its client roster during the 2011 fiscal year, which ended June 30. These credit unions elected to replace competitive platforms with Symitar's highly customizable Episys® system or its Cruise® system, which is designed specifically for small to mid-size credit unions.
Of the new clients, 25 chose Episys and 12 selected Cruise. Following a trend toward outsourced services, 20 credit unions chose an outsourced delivery model, while 17 credit unions opted for an in-house solution.
Pennsylvania's Clearview Federal Credit Union is a credit union that prefers the control and independence provided with an in-house Episys solution. Mark Brennan, CEO of this $730 million institution, said, "Episys provides a 360-degree view of member relationships at the front-line employee's fingertips. Service excellence is one of our core initiatives; therefore this member relationship information is critical. The streamlined process for new account opening and lending applications provides a consistency of service and has improved staff efficiency. Our employees are able to spend more time talking with members to determine their needs and providing appropriate solutions, which is the definition of excellent member service."
New York-based Great Meadow Federal Credit Union is one of Symitar's smaller credit unions that converted this year with $15.7 million in assets. It chose an outsourced Cruise solution. Chief Operating Officer Ryan Roberts said, "The customer service from Symitar – you can't beat it. It's a family atmosphere with lots of back-and-forth communication, and that's what we wanted. Before choosing Symitar, we talked to other clients, and what they told us about the company's excellent service was true. Everyone has been great to work with." Roberts is equally happy with the core system. "The functionality is great. We can do as much or as little as we want with this system. We can dive in if there's a technical area where we want to get involved. It's nice to have that ability."
Ted Bilke, president of Symitar, said, "It's no surprise that institutions like these are choosing a platform on the basis of flexibility and service. There's a big advantage to having a reliable, easy-to-use core platform that enables customization when needed. This puts the credit union in the driver's seat. They know their Symitar system contains the functionality to grow with them when they're ready, and they will never have to change platforms to get the tools they need. Also, offering world-class, personalized service is clearly a winning strategy for us, despite continuing challenges in the nation's economy."
About Clearview Federal Credit Union
Clearview Federal Credit Union was chartered in 1953. Dedicated to improving the economic and social well-being of its members, Clearview provides a wide variety of services for individuals, students, and businesses. The institution is heavily involved in charitable activities that make a positive difference in the communities it serves. Additional information is available at www.clearviewfcu.org.
About Great Meadow Federal Credit Union
Great Meadow Federal Credit Union was founded in 1956. It offers savings and checking accounts, loans, and ATM services. Its mission is to provide a strong, safe, and reliable place for savings and lending to members. Great Meadow strives to provide a solid alternative to for-profit banking and to offer its members the lowest possible cost for services. Additional information is available at www.greatmeadowfcu.org.
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 technology solutions and payment processing services primarily for financial services organizations. Its technology solutions serve more than 11,300 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.