MILWAUKEE, Mar. 14, 2006 - Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced that National Penn Bank, the banking subsidiary of National Penn Bancshares, Inc. (Nasdaq: NPBC), has renewed its core banking agreement with the company. Based in Boyertown, Pa. and with nearly $5 billion in assets, National Penn is the seventh largest bank holding company headquartered in Pennsylvania.
National Penn deploys the Bankway solution, a licensed, in-house core banking software, from Kirchman Corporation, a Metavante company ( www.kirchman.com). A longstanding client of the Bankway suite of products and services, National Penn's relationship with Kirchman extends over 27 years.
"Our long-term partnership demonstrates National Penn's continued confidence in the Bankway technology. With Metavante's extensive offerings, Kirchman is well positioned to assist us and participate strategically in our anticipated accelerated growth and overall success," said P. Robert Keeley, executive vice president and chief information officer, National Penn Bank. "Kirchman remains focused on helping us maximize the use of the Bankway software, and continues to enhance our mutually beneficial relationship."
Bankway is a comprehensive package of banking software that employs a single-system, customer-centric architecture. It offers financial institutions an expanded core processing solution with the advantage of strategically organized customer information, educational resources, and intuitive customer service tools. Bankway is available as an in-house solution running on multiple hardware platforms, or in a hosted environment.
"With respect to the large bank segment, National Penn's extended commitment for our banking services prior to the conclusion of their existing agreement is evidence of their confidence in our continued focus and strategic direction," said Rachel Landrum, president, Kirchman Corporation. "The depth of Metavante's resources, coupled with our unmatched financial expertise, makes us uniquely positioned to help National Penn achieve its long-term growth objectives while reducing their dependence on third-party software. We're pleased to be the technology provider for National Penn, which has been nationally ranked among the top 100 small business administration lenders, and as one of the best places to work in Pennsylvania."
Metavante Banking Solutions offer the most comprehensive set of integrated products and services for financial services providers that are centered on customer and account management, specializing in deposit, loan and trust accounts. Two core processing products offer clients flexibility in choosing either a licensed or an outsourced solution: Bankway, which is run either in-house or in a hosted environment; or the Integrated Banking Solution, an outsourced platform. Bankway's core banking software uses a single customer-centric database to produce a broad range of customer and account information. Its flexible, open-system design allows for seamless connections to third-party delivery channels. The Integrated Banking Solution includes core account processing, fully integrated delivery channels, business and marketing analytics, integrated payments, image, risk and compliance solutions, along with business and technology consulting. Metavante Banking Solutions serve over 1,500 financial services providers, ranging from community banks to the top 100 U.S. banks.