Jack Henry picks up $4B credit union client

Jack Henry & Associates Inc. (Nasdaq: JKHY) added a $4 billion credit union to its list of clients utilizing in-house core processing services.

Poughkeepsie, N.Y.-based Hudson Valley Federal Credit Union will utilize Episys, a product offered by Monett-based Jack Henry’s Symitar division, according to a news release.

“Symitar has met the needs of other large credit unions in our market. We have seen the efficient conversions, successful interfaces and quality service that follow. This evidence, coupled with the organization's clear technology plan, gives us confidence that the Episys system is the right solution to further accelerate our growth,” Hudson Valley CEO Mary Madden said in the release.

The move marks the first core conversion for Hudson Valley in nearly two decades. The platform will allow the credit union to take new offerings to market quicker and save time by eliminating manual processes.

Hudson Valley joins some 800 other credit unions that use Symitar products. Episys claims over 40 percent of U.S. credit unions with assets exceeding $1 billion, according to the release.

JKHY shares were trading at $60.84 as of 8:43 a.m., compared toa 52-week range of $51.86 to $62.