Pacific Coast Bankers' Bank Selects Open Solutions' Enterprise-Wide Data Processing Platform. Check it out:
GLASTONBURY, Conn. --(Business Wire)-- Open Solutions Inc.(R) (NASDAQ:OPEN), announced that Pacific Coast Bankers' Bank (PCBB), with $473 million in assets, has selected its enterprise-wide data processing platform, The Complete Banking Solution(R) (TCBS), and other Open Solutions' complementary applications. The second largest bankers' bank in the United States in terms of assets under management, PCBB provides correspondent banking services to more than 400 independent community banks across the country. Open Solutions is a provider of integrated enabling technologies for financial institutions in the United States, Canada and internationally. In September 2005, Open Solutions announced an agreement with PCBB to offer PCBB customers its image item processing services as a complement to PCBB's cash letter settlement service.
"One of the contributors to PCBB's significant growth and continued success is its ability to respond quickly in an innovative manner to meet both the current and the developing correspondent banking needs of its respondents," said Tom Evans, president and CEO of PCBB. "Our online, user friendly and very robust cash management communications application, Correspondent Bank Connection (CBC) is the cornerstone application that provides us with the ability to conduct business very effectively and efficiently with a continually increasing number of community banks."
Evans continued, "Due to our heavy reliance on technology and the unique needs inherent in the operations of a bankers' bank, selecting the right core solution was critical to ensuring the continued execution of our business plan. Our primary focus was finding an open architecture application that would allow the CBC to interface in a dynamic environment. We were also looking for a core platform that could change as we grow, not only in assets but also in customers, products and services. We evaluated numerous vendors and focused on identifying the best solution to interface our in-house applications with the core database. After an extensive evaluation process, we found Open Solutions to be the best fit for our institution. Having worked with Open Solutions since 2005, we were impressed with their commitment to their clients and their focus on the industry."
In addition to The Complete Banking Solution, PCBB will implement Open Solutions' Financial Accounting Suite (general ledger, accounts payable and fixed assets) and cView(TM) MyVision and Report Wizard.
"We are very impressed with the accounts payable, fixed assets and the cView reporting tools," Evans said. "The cView report writer will allow us to create custom reports from many different applications including the core processor, CBC and others."
Louis Hernandez, Jr., Open Solutions chairman and CEO, said, "Correspondent banking services are fundamental in the community banking market. We are pleased that when PCBB was looking to add additional services that they turned to us. PCBB is an industry leader -- they have been very successful in offering high quality, competitively priced banking services to their community bank customers. We are proud to be PCBB's technology partner and look forward to building on our existing business relationship."
About Open Solutions Inc.
Open Solutions Inc. offers a fully featured strategic product platform that integrates core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, digital documents, Check 21, interactive voice response, network services, Web hosting and design, and payment and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States and Canada to better compete in today's aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions or its financial product line, contact Mickey Goldwasser by email at [email protected] by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Internet site at www.opensolutions.com.
Open Solutions Inc. is a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright 2006 Open Solutions Inc. All rights reserved.
Safe Harbor Statement
Statements made in this press release that state Open Solutions Inc.'s or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. All forward looking-statements are only as of the date of this press release and Open Solutions Inc. undertakes no obligation to update or revise them. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Open Solutions Inc.'s actual results to differ materially from those projected in such forward-looking statements. For example, if we fail to adapt our products and services to changes in technology or in the marketplace, we could lose existing clients and be unable to attract new business. Factors which could cause our actual results to differ materially from those projected in forward-looking statements include, without limitation, economic, competitive, governmental and technological factors affecting the banking and credit union industry and/or Open Solutions Inc.'s operations, markets, products, services, prices and other factors set forth under the heading "Factors Affecting Future Operating Results" in Open Solutions' Quarterly Report on Form 10-Q for the three months ended June 30, 2006, as filed with the Securities and Exchange Commission.
Editors Note: The correct usage of the company name, Open Solutions Inc., is either referring to it as Open Solutions Inc. or Open Solutions. Open Solutions no longer uses the acronym of OSI to refer to the company.
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