Jack Henry signs deal to service $1.7B bank

Monett-based technology company Jack Henry & Associates Inc. (Nasdaq: JKHY) has inked a deal to service a bank company with $1.7 billion in assets.

Vermont-based Merchants Bank will implement Jack Henry Banking's SilverLake System to provide systemwide core processing automation, according to a news release.

The move represents a significant shift for Merchant Bank, which joins Jack Henry's list of more than 11,300 customers in the nation, including some 1,300 banks.

"We have processed in-house for more than 20 years and had reached the point in our technology lifecycle that we needed more sophisticated core capabilities, access to more fully integrated complementary solutions, and a true technology and business partner rather than a vendor," said Zoe Edrman, senior operations officer of Merchants Bank, in the release.

Jack Henry provides computer systems and electronic payment solutions largely for the financial services industry. The company also this month announced it entered an agreement with Maine-based Northeast Bank, a company with $720 million in assets, to provide service through its SilverLake System, according to Springfield Business Journal archives.[[In-content Ad]]