Multimillion-dollar credit unions sign on for Jack Henry platform

Monett-based technology company Jack Henry & Associates Inc. (NASDAQ: JKHY) this week announced it signed contracts with two multimillion-dollar credit unions.

The $755 million Aloha Pacific Federal Credit Union in Hawaii and Virginia-based Member One Federal Credit Union, which holds $600 million in assets, selected Jack Henry's Episys platform within the company's Symitar division to provide in-house core processing, according to news releases.

Symitar serves some 750 credit unions, automating nearly 650 with its Episys platform, according to Ted Bilke, president of Symitar.

"Episys provides highly customizable, deep core functionality that our clients can augment with Symitar's more than 60 integrated complementary solutions or niche third-party solutions they need for specific components of their technology platforms," Bilke said in the release.

Member One Federal Executive Vice President and Chief Operating Officer Jean Hopstetter said the platform would serve the credit union's roughly 75,000 members and more than 500 companies and organizations.

"After carefully evaluating our current technology platform in relation to our strategic plan and growth and service goals, we initiated an evaluation to find a core system that provides more flexible and robust functionality, better integration with the ancillary systems that we need to support our business and better data management capabilities," Hopstetter said in the release.

Last week, Jack Henry announced a contract with the $140 million Pennsylvania-based New Cumberland Federal Credit Union.

JKHY shares were trading at $57.40 as of 11:46 a.m., compared to a 52-week range of $37.90 to $60.34.