Jack Henry signs $577M credit union

Monett-based technology firm Jack Henry & Associates Inc. (Nasdaq: JKHY) signed a contract to provide services to a $577 million California credit union.

Under the agreement, Christian Community Credit Union will utilize Jack Henry division Symitar's Ease product, the outsourced delivery model of its Episys core-processing software, according to a news release.

"Episys' sophisticated commercial loan capabilities will automate the time-consuming, labor-intensive, manual processes and inefficient workflow related to our church loans," Christian Community Credit Union Chief Operating Officer Marji Hughes said in the release.

According to Jack Henry, 100 credit unions have now implemented Episys through the Ease outsourced delivery model.

"Outsourcing enables credit unions to eliminate the capital expenditures required for in-house installations and the need for a highly trained staff to manage and perform in-house processing and ongoing hardware and software maintenance," Symitar President Ted Bilke said in the release.

For its fiscal third quarter ended March 31, Jack Henry posted net income of $46.8 million, up from $46 million in the same quarter a year earlier. The company has roughly 11,300 customers nationwide, according to the release.

JKHY shares were trading at $55.81 as of 10:19 a.m., compared to a 52-week range of $37.90 to $60.34.