Bank plans enterprise transformation to support aggressive growth goals while keeping service the top priority
MONETT, Mo., Aug. 4, 2020 /PRNewswire/ -- Jack Henry & Associates, Inc.® (NASDAQ: JKHY) 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 Rockwall, Texas-based Lakeside Bank converted to the cloud hosted SilverLake System® core along with Jack Henry Digital services as part of its strategy to accelerate growth while maintaining its strong community connections and commitment to personal service.
Lakeside Bank announced a transition of ownership in September 2019, when the bank had approximately $80 million in assets, one branch, and 11 employees. The bank is still family-owned and plans to grow to a $500 million-asset institution in five years by offering the technology and services typically offered by large national banks while keeping a community bank culture.
The bank wasn't getting the attention needed from its former core provider, and in late 2019 decided to convert to Jack Henry. It went live with the SilverLake System core in May 2020, just in time to work with Jack Henry Lending to manage Paycheck Protection Program (PPP) loan applications with as much speed and efficiency as possible. The bank processed $23 million in PPP loans. Paul R. Haney, Lakeside Bank president and CEO, commented, "Jack Henry helped us be more responsive and agile, and made us look bigger than we were with their PPP capabilities. Knowledge of our offering spread fast, and I was soon being sent small business borrowers from banker friends. It was great to be able to aid the community so swiftly."
Lakeside Bank will also use the Banno Digital Platform™ with JHA OpenAnywhere™ online account opening and e-signature services to better serve its existing customers and enter into new geographic areas including Dallas. It will expand commercial services with treasury management, and Jack Henry's open workflows will automate processes and enhance efficiency.
Haney commented, "Our vision centers around growing in a way that allows us to maintain excellent customer service – it's our main differentiator. We are committed to being available to customers in their moment of need, and Jack Henry has enabled us to provide our local, familiar representatives with the capabilities to assist customers in any location. Jack Henry shares our vision for a digitally sophisticated bank with a personal touch. We are excited about where this partnership will take us."
Stacey Zengel, senior vice president of Jack Henry & Associates and president of Jack Henry Banking, added, "Lakeside Bank is a strong example of how a 45-year-old bank can reinvent itself for today's modern customers. The family-owned institution is dedicated to establishing long-term customer relationships by providing the best services, which means balancing technology and automation with personal experiences. I look forward to watching this bank make great strides with the solid and highly competitive foundation it has laid."
About Jack Henry Banking
Jack Henry Banking®, a division of Jack Henry & Associates, Inc.®, is a leading provider of integrated computer systems for banks ranging from de novo to multi-billion-dollar institutions. Jack Henry Banking currently serves more than 1,000 banks as a single source for integrated, enterprise-wide automation and as a single point of contact and support. Additional information is available at www.jackhenrybanking.com.
About Jack Henry & Associates, Inc.®
Jack Henry (NASDAQ:JKHY) is a leading provider of technology solutions primarily for the financial services industry. We are an S&P 500 company that serves approximately 9,000 clients nationwide through three divisions: Jack Henry Banking® supports banks ranging from community banks to multi-billion-dollar institutions; Symitar® provides industry-leading solutions to credit unions of all sizes; and ProfitStars® offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry. With a heritage that has been dedicated to openness, partnership, and user centricity for more than 40 years, we are well-positioned as a driving market force in future-ready digital solutions and payment processing services. We empower our clients and consumers with the human-centered, tech-forward, and insights-driven solutions that will get them where they want to go. Are you future ready? Additional information is available at www.jackhenry.com.
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SOURCE Jack Henry & Associates, Inc.