154-year-old bank elevates technology strategy
to continue growth and meet commercial banking needs
MONETT,
Mo., July 31, 2023 /PRNewswire/ -- Jack
Henry™ (Nasdaq: JHKY) announced today that Machias Savings Bank, a
$2.4 billion-asset mutual savings
bank, has selected Jack Henry to modernize its technology stack and
help it continue delivering high-level customer service as the bank
grows.
Founded in 1869, Machias Savings Bank is one of Maine's oldest community banks, heavily
focused on its commercial portfolio, but also serving small
business, and retail customers. The bank needed a technology
strategy that would help it continue to support customers'
financial needs and compete with big banks in its community.
Jack Henry's open, modern, and highly customizable core
processing solution will help the bank automate processes and boost
efficiencies, while business process solutions such as Enterprise
Workflow will allow the bank to stay top of mind for larger
businesses in their community. Machias Savings Bank will also have
access to over 950 API-integrated, third-party fintechs within the
Jack Henry ecosystem, with the option to seamlessly integrate their
vendors of choice.
"Jack Henry's innovative mindset positions us well for a
technology transformation that will help us stay competitive
throughout shifting market and economic conditions," said
Peter Greene, executive vice
president and chief operating officer of Machias Savings Bank.
"They will help us operate more efficiently while reducing costs
and meeting the evolving needs of our commercial customers who need
fast, streamlined, and convenient service. Jack Henry's commitment
to community banks also makes the collaboration a great cultural
fit; they think, talk, and act like us."
Jack Henry's technology modernization strategy, which
will make service components available for financial institutions
in the public cloud, also fits the strategic direction of Machias
Savings Bank. "We've been serving our community for more than 150
years and want to continue doing so for generations to come,"
Greene added. "Jack Henry's new open technology strategy positions
the company ahead of its peers, and in turn, will help us stay
innovative and ahead of the curve."
"Historic community banks like Machias Savings Bank are driven
by long-term relationships they have created with their employees,
customers, and communities," said Stacey
Zengel, senior vice president of Jack Henry and president of
Bank Solutions. "These modernization efforts will help Machias
Savings Bank strengthen its connection to a new generation of
customers, compete with the big banks, and remain a strong pillar
in their community."
About Jack Henry & Associates,
Inc.®
Jack Henry™ (Nasdaq: JKHY) is a well-rounded financial
technology company that strengthens connections between financial
institutions and the people and businesses they serve. We are an
S&P 500 company that prioritizes openness, collaboration, and
user centricity – offering banks and credit unions a vibrant
ecosystem of internally developed modern capabilities as well as
the ability to integrate with leading fintechs. For more than 47
years, Jack Henry has provided technology solutions to enable
clients to innovate faster, strategically differentiate, and
successfully compete while serving the evolving needs of their
accountholders. We empower approximately 8,000 clients with
people-inspired innovation, personal service, and insight-driven
solutions that help reduce the barriers to financial health.
Additional information is available at www.jackhenry.com.
Statements made in this news release that are not historical
facts are "forward-looking statements." Because forward-looking
statements relate to the future, they are subject to inherent risks
and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements. Such
risks and uncertainties include, but are not limited to, those
discussed in the Company's Securities and Exchange Commission
filings, including the Company's most recent reports on Form 10-K
and Form 10-Q, particularly under the heading "Risk Factors." Any
forward-looking statement made in this news release speaks only as
of the date of the news release, and the Company expressly
disclaims any obligation to publicly update or revise any
forward-looking statement, whether because of new information,
future events or otherwise.
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SOURCE Jack Henry & Associates, Inc.