State Employees Credit Union to Convert to Open Solutions Enterprise-Wide Data Processing Platform; Recent Merger Creates Need f
GLASTONBURY, Conn.--(BUSINESS WIRE)--Feb. 27, 2006--Lansing, Mich.-based State Employees Credit Union (SECU) announced it has selected Open Solutions Inc.'s (R) (NASDAQ: OPEN) The Complete Credit Union Solution (R), a relational core data processing platform for credit unions, to address its enterprise-wide data processing needs. Open Solutions is a provider of integrated relational technologies for banks and credit unions across the United States and Canada. SECU will convert to The Complete Credit Union Solution later this year.
The credit union, with more than $774 million in assets and approximately 88,000 members, was formed in 1952 to serve state employees in a three-county area in Michigan. Following tremendous growth since 1952, SECU was granted a community charter in June 2005. This charter change let SECU expand its reach to include 28 counties in mid-Michigan with more than four million potential new members. On April 3, 2006, SECU will be changing its name to NuUnion Credit Union to better reflect its membership.
After merging with Grand Haven, Mich.-based Ottowa County Schools Employee Credit Union in 2004, SECU realized a need for one data processing solution that would support the newly-united credit union. "Both credit unions were using different core data processing systems," said Jim Costello, EVP of SECU. "We elected not to convert them at the time of the merger, but instead chose to begin looking for the most efficient solution that would accommodate our changing needs."
"We evaluated five systems and ultimately selected Open Solutions for a variety of reasons," Costello explained. "Open Solutions enables us to partner with vendors of our choice - some we've done business with for many years and wanted to remain with them. Having an open, flexible architecture allows our current vendors to easily interface with the system. We truly have a partnership with Open Solutions and they are behind our decisions 100 percent. They offer us the support we need to uphold our strategy of being member intimate."
SECU offers its members a considerable selection of product and delivery options, including mortgages, investments, retirement planning, insurances, business services and Web-based solutions. SECU will implement The Complete Credit Union Solution as well as integrated solutions including the Financial Accounting Suite (general ledger, fixed assets and accounts payable) and ProfitVision; e-Commerce Banker (Internet banking and cash management solutions); iMagic (imaging); cView (relationship management tools); Interactive Management Center (IMC); and telephony solutions.
"From a marketing perspective, we are very impressed with the cView solution," said Chris Day, SVP, Marketing. "It's a dynamic, robust and member-focused tool that allows us to see not only the individual member relationship, but all the relationships within the entire household. We can send consistent messages across all channels. This product has so much to offer credit unions to help further enhance member service."
"Open Solutions is a growing, dynamic company that serves all facets of the financial service industry," Costello said. "The company is very future-oriented, much like SECU. We are very excited about this new partnership, and everybody on the team is looking forward to the new capabilities we will have with Open Solutions."
"Open Solutions designed its products to help financial institutions maintain a competitive edge in an ever-changing industry," said Louis Hernandez, Jr., Open Solutions chairman and CEO. "One true advantage to our open architecture is our ability to interface with various third party vendors. Banks and credit unions should not have to buy multiple pieces of middleware to ensure technology applications work. We will provide State Employees Credit Union with increased efficiencies and the ability to better serve its members through all that The Complete Credit Union Solution and our complementary products offer. Open Solutions truly considers SECU a partner, and we are looking forward to a long relationship."
About Open Solutions Inc.
Open Solutions Inc. offers a fully featured strategic product platform that integrates core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, member business services, CRM/business intelligence, financial accounting tools,processing, electronic image/item processing, Check 21, interactive voice response, Web hosting and design services, and payment and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts and credit unions in the US and Canada to better compete in today's aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions or its financial product line, contact Mickey Goldwasser by email at email@example.com by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Internet site at www.opensolutions.com.
Open Solutions Inc. and The Complete Credit Union Solution are registered trademarks of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright 2006 Open Solutions Inc. All rights reserved.
Safe Harbor Statement
Statements made in this press release that state Open Solutions Inc.'s or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. All forward looking-statements are only as of the date of this press release and Open Solutions Inc. undertakes no obligation to update or revise them. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Open Solutions Inc.'s actual results to differ materially from those projected in such forward-looking statements. For example, we encounter a long sales and implementation cycle requiring significant capital commitments by our clients which they may be unwilling or unable to make. Factors which could cause our actual results to differ materially from those projected in forward-looking statements include, without limitation, economic, competitive, governmental and technological factors affecting the banking and credit union industry and/or Open Solutions Inc.'s operations, markets, products, services, prices and other factors set forth under the heading "Factors Affecting Future Operating Results" in Open Solutions' Quarterly Report on Form 10-Q for the three months ended Sept. 30, 2005, as filed with the Securities and Exchange Commission.
Open Solutions Inc.
Marvin (Mickey) Goldwasser, 860-652-3153
Media Contact for Open Solutions
Andrew McCaskill, 678-781-7210