Farm Credit Bank of Texas Selects Jack Henry Banking to Provide Enterprise-wide Automation

22 August 2008

Jack Henry Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced that Farm Credit Bank of Texas has selected Jack Henry Banking’s SilverLake core processing system to provide enterprise-wide automation. This Austin-based bank, which has more than $14.2 billion in assets, will implement SilverLake in-house.

According to Allen Buckner, vice president of lending services for Farm Credit Bank of Texas, “Today’s business environment and the evolving customer, market, and competitive demands we are experiencing convinced us that we needed a technology platform with more sophisticated functionality, that has respectable and growing market share among mid-tier banks like ours, and that can seamlessly support our near- and long-term growth. And because our bank is largely focused on agricultural lending and is not a conventional commercial bank, we also knew we needed a core system with exceptional lending functionality. With the assistance of Cornerstone Advisors we conducted an 18-month evaluation of core solutions which ultimately identified SilverLake as the system most compatible with our core lending needs. Throughout the evaluation process we were also very impressed that the company’s representatives were willing to invest the time and effort needed to learn our specialized lending business so they could effectively demonstrate SilverLake’s ability to meet our processing requirements. Its service culture, the satisfaction level among other SilverLake users, its complementary product offering, and its conversion and implementation process also competitively differentiated Jack Henry Banking.”

SilverLake provides highly customizable, enterprise-wide automation designed for commercial-focused banks ranging from de novo to multi-billion dollar, mid-tier institutions. Approximately 500 banks, including approximately 20 percent of the domestic mid-tier banks with assets ranging from $1 billion to $30 billion, have installed SilverLake in-house or implemented the system through Jack Henry Banking’s outsourced offering. Banks also have the option to fully customize the system to support their unique operational requirements or the system can be implemented for outsourced banks as an off-the-shelf solution using an expedited and streamlined implementation process.

Tony Wormington, president of Jack Henry Associates, said, “We provide the business tools diverse banks need to execute and maximize their strategies and to capitalize on their unique market opportunities. We are confident that SilverLake provides the functionality that Farm Credit Bank of Texas needs to serve its lending cooperative customers, to aggressively and successfully compete, and to grow its business. We respect the effort and resources this bank invested in its evaluation, and welcome the opportunity to serve as its technology partner. We believe that Farm Credit Bank of Texas selected Jack Henry Banking based on the key tenets of our success – competitively distinct core functionality, a company-wide commitment to service that generates rewarding levels of client satisfaction and retention, and an extensive suite of complementary solutions that enables banks to respond to customer and market demands.”

In addition to SilverLake, Farm Credit Bank of Texas will initially implement an array of Jack Henry Banking’s complementary solutions including Vertex Teller Automation System, Know business intelligence and analysis platform, Cognos 8 BI report generation solution, and the modular Synergy£ Enterprise Content Management (ECM) solution.

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