Jack Henry signs $1.4B credit union client

Orlando, Fla.-based CFE Federal Credit Union has chosen Jack Henry & Associates Inc. (Nasdaq: JKHY) to provide the company with in-house core processing services.

CFE Federal, which holds $1.4 billion in assets, will utilize the Episys platform of Jack Henry’s credit union division, Symitar, according to a Sept. 10 news release.

"Partnering with Symitar ultimately means that our institution is not limited by technology,” said Kevin Wright, senior vice president of information technology for CFE Federal, in the release. “Through this partnership, we have been able to change the way we operate IT, eliminating nearly 90 man hours each month in processing time; giving those hours back to our staff has been greatly appreciated."

Monett-based financial industry software firm Jack Henry also will provide complementary services, including check processing, document management, customer relationship management and data warehousing.

"A core conversion has the potential to impact nearly every function within a credit union. Converting to Episys has given CFE Federal Credit Union a strong technology platform that directly supports its business needs and growth strategy,” Symitar President Ted Bilke said in the release.

Jack Henry, which counts over 800 credit union clients, posted record earnings of $211.2 million for its fiscal year ended June 30, according to Springfield Business Journal archives.

JKHY shares were trading at $68.40 as of 10:42 a.m., compared to a 52-week range of $51.86 to $71.75.