Fort Worth, Texas-based First Command Bank has chosen Monett technology firm Jack Henry & Associates (Nasdaq: JKHY) to provide systemwide automation services.
First Command Bank - which provides military, commercial and personal banking - will implement Jack Henry's SilverLake core processing system, as well as complementary services such as customer service, asset management and budgeting, and ATM solutions, according to a news release.
"Since most of our bank customers are serving our country from military facilities located all over the world, the majority of our financial products and services are delivered online. After carefully evaluating our core functionality, we knew we needed a state-of-the-art technology platform to meet our strategic goals and to provide the level of service our customers deserve and expect," First Command President David White said in the release.
Stan Viner, general manager of sales for Jack Henry's banking division, said the deal was a hard-fought victory.
"This bank's due diligence was one of the most highly technical evaluations we have participated in to-date," Viner said in the release. "(Bank leaders) constantly challenged us to demonstrate that our software has the functionality and flexibility to support their progressive business strategy and long-term success."
First Command Bank, which is privately held by First Command Financial Services, has more than 120,000 customers and roughly $650 million in assets, the release said.
Jack Henry, which posted net income of $36.7 million for its
third quarter, which ended March 31, constructs integrated computer systems and processes ATM and debit card transactions for bank and credit unions, with more than 11,900 customers nationwide.
As of 8:44 a.m., the company's shares were trading at $32.98, compared to a 52-week range of $24.41 to $35.37.[[In-content Ad]]
