Jack Henry adds $6.2B bank to client roster

A Pennsylvania bank with more than $6.2 billion in assets has selected Jack Henry & Associates (Nasdaq: JKHY) to provide systemwide automation services.

First Commonwealth Bank, which operates its headquarters in Indiana, Pa., outside Pittsburgh, has selected the SilverLake System within Jack Henry's banking division, according to a news release.

"Every bank is looking for ways to reduce operating costs while increasing operating efficiencies. After an objective and forward-looking evaluation of our long-time core system and operating environment, we began an investigation of alternative technology solutions," said Norm Montgomery, First Commonwealth executive vice president of business integration, in the release. "Our comprehensive evaluation identified SilverLake as the most functionally compatible system for our near- and long-term requirements."

First Commonwealth also has contracted several complementary services for SilverLake, including cash management, online financial management and data warehousing and analysis solutions.

Last week, Jack Henry announced it had signed four new, separate clients with assets ranging from $192 million to $1.5 billion.

According to the release, Jack Henry Banking has roughly 1,300 bank clients and more than 11,300 customers nationwide. The company is scheduled to release its first-quarter financial results later today.

JKHY shares were trading at $54.36 as of 10:49 a.m., compared to a 52-week range of $37.12 to $56.95.