Jack Henry enters contract with $720M bank

Jack Henry & Associates Inc. (Nasdaq: JKHY) has entered an agreement to provide systemwide automation services to Northeast Bank.

The Maine-based company with $720 million in assets chose the Monett technology company's SilverLake System, a core processing platform offered by Jack Henry Banking, according to a news release.

"Northeast Bank is dependent on technology to reach our near- and long-term performance goals. We selected SilverLake based on our business needs, including the contemporary functionality," Northeast Bank Chief Financial Officer and Chief Operating Officer Claire Bean said in the release.

Stan Viner, general manager of sales for Jack Henry Banking, said the division supports some 1,300 bank clients.

JKHY shares closed Jan. 16 at $59.04, compared to a 52-week range of $37.90 to $60.34.