Fox Chase Bank selects Jack Henry SilverLake core system
Jack Henry & Associates, Inc. is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its Jack Henry Banking division announced today that Fox Chase Bank selected the SilverLake System to provide enterprise-wide automation.
The Hatboro, Penn.-based bank selected the core processing system through JHA OutLink Processing Services™, Jack Henry Banking’s outsourced offering.
Fox Chase Bank has transformed its operations during the past ten years, converting from a mutual thrift focused on residential mortgages in the greater Philadelphia area to a thriving commercial bank focused on middle-market growth companies and real estate investors between Baltimore and New York City. In 2006, the bank closed its residential department to concentrate exclusively on growth businesses and commercial real estate investors and developers. As of March 31, 2015, Fox Chase Bank achieved an eight-year compounded annual growth rate of 32 percent for its commercial loans. The bank wanted a core partner that would support its new business strategy and help it grow with economies of scale.
According to Tom Petro, president and CEO of Fox Chase Bank, “We were operating a commercial bank from a platform designed for mutual thrift institutions and credit unions that were heavy into consumer lending products, not sophisticated commercial lending. We wanted a core partner that could address our business needs with a sense of shared values. Our bank’s culture places a strong emphasis on brand promise and the idea of ‘doing the right thing’; we found a very like-minded culture in Jack Henry Banking. With Jack Henry as our partner, we’re now addressing those business issues which are extremely important to us.”
Scheduled for a 4th quarter conversion, SilverLake will provide Fox Chase Bank with single sign-on integration for its commercial services. It will improve efficiencies by enabling separate systems to be accessed using the same credentials, reducing redundant data entry. Furthermore, the bank will be able to customize its core platform to support its unique operational requirements while capitalizing on the many benefits of an outsourced processing environment.
Stacey Zengel, president of Jack Henry Banking, said, “Within ten years, the new management team at Fox Chase Bank has launched a successful commercial business. I am pleased to announce that SilverLake is their platform of choice to power new and sophisticated technology demands.”