The bank will utilize ALLTEL's HORIZON Banking System for core account processing, the Integrated Platform Solutions for retail delivery services and ACquire, a report management and data warehouse system. Citizens Trust Bank will process these accounts through the HORIZON Technology Center West in Los Angeles.
Citizens Trust Bank was founded in 1921 and has 11 branches throughout metropolitan Atlanta and Columbus, Ga. Citizens Trust has long been recognized as one of the three largest African American-owned financial institutions nationwide. Citizens Bancshares Corp. recently announced an agreement to acquire CFS Bancshares Inc., the parent company of Citizens Federal Savings Bank of Birmingham, Ala. This acquisition will make Citizen Trust Bank the second-largest African-American owned bank in the United States.
"The HORIZON Banking System provides Citizens Trust Bank with a tremendous product set coupled with the flexible technology to grow our customer base," said James E. Young, president and chief executive officer of Citizens Trust. "ALLTEL's products have an extremely high level of integration, which will enable our banks to continue to provide customers with the highest level of service possible."
"As Citizens Trust Bank continues to grow our customer base and expand into new markets, service will remain key to our success," said Willard "Chuck" Lewis, Citizen Trust's senior executive vice president and chief operating officer.
"By operating in an IBM iSeries service bureau environment, Citizens Trust Bank will automatically have the latest version of ALLTEL's applications for each of its banks," said Gary Norcross, president of ALLTEL's integrated financial solutions division, based in Maitland, Fla. "ALLTEL's integrated front- and back-office banking systems will provide Citizens Trust Bank with flexible, feature-rich product and service offerings for their customers."
Forty-seven of the top 50 U.S. banks rely on ALLTEL's products and services. ALLTEL provides loan servicing automation for more than 20 million mortgage loans, with balances exceeding $2 trillion, including more than 2.5 million subprime loans. Additionally, more than 34 percent of the total dollar volume of outstanding U.S. consumer loans, including mortgages, is processed on ALLTEL Information Services' software applications.
ALLTEL, with more than 12 million communications customers and more than $7.5 billion in revenues, is a leader in the communications and information services industries. ALLTEL has communications customers in 26 states and provides information services to telecommunications, financial and mortgage clients in more than 50 countries.