Fiserv CBS Worldwide Continues to Build Momentum in the Multi-Billion-Dollar Bank Market; Successful Conversions Follow Superior Sales Performance
Fiserv CBS Worldwide Continues to Build Momentum in the Multi-Billion-Dollar Bank Market; Successful Conversions Follow Superior Sales Performance
March 19, 2005
Fiserv CBS Worldwide Continues to Build Momentum in the Multi-Billion-Dollar Bank Market; Successful Conversions Follow Superior Sales PerformanceLAKE MARY, Fla.--April 19, 2005--Fiserv, Inc. (Nasdaq:FISV) today announced that its Fiserv CBS Worldwide unit - on the heels of 24 months of high-volume sales activity - completed nine extensive conversions in 2004 and has scheduled 11 additional conversions for 2005.
The busy conversion schedule includes both new clients moving to the Comprehensive Banking System (CBS) as well as existing clients bringing newly acquired banks onto their CBS platforms. During one weekend in February, Fiserv CBS Worldwide completed very successful conversions for $13.7 billion Ohio Savings Bank and $4.7 billion Central Pacific Bank/City Bank, while also supporting $56.5 billion North Fork Bank as the institution converted newly acquired GreenPoint Financial.
Dave Santi, U.S. president of CBS Worldwide, said that with strong sales momentum over the past two years, the organization took steps to fully prepare itself to simultaneously manage multiple large and complex conversion projects.
"Fiserv CBS Worldwide led the industry in new core sales to institutions with more than $1 billion in assets in both 2003 and 2004," said Santi. "Our next challenge was to turn those new sales into smooth conversions and happy clients. We have been very pleased with our ability to do that."
Brief details about some of the recent and upcoming conversions include:
-- Ohio Savings Bank, a $13.7 billion institution with 55 branches based in Cleveland, Ohio. The bank converted to Fiserv CBS in February 2005.
-- Principal Bank, a $1.2 billion bank that converted in July 2004.
-- Texas Capital Bank, a $2.6 billion bank based in Dallas, Texas, that converted to Fiserv CBS in May 2004.
-- Keystone Nazareth Bank and Trust, two separate conversions from entirely different platforms - $1.2 billion Keystone Bank and $642 million Nazareth Bank and Trust. Nazareth Bank and Trust converted in February 2004 and Keystone Bank converted the following month.
-- Bank of Stockton, founded in 1867 and currently running on a proprietary system. Initial conversion of this $1.4 billion bank is planned for the second quarter of 2005. Following the conversion, the Bank of Stockton then will convert two divisions - Modesto Commerce Bank and Turlock Commerce Bank.
-- Treasury Bank, N.A., a $46 billion subsidiary of Countrywide Financial Corp. that is experiencing rapid growth. Conversion is planned for the third quarter of 2005.
-- Community Credit Union, a $1.8 billion credit union serving more than 220,000 members in the Dallas/Fort Worth Metroplex. CCU plans to convert in the third quarter of 2005.
-- Central Pacific Bank, a $2.5 billion existing CBS Worldwide customer that recently acquired $2.2 billion City Bank, also a Fiserv CBS Worldwide client. City Bank accounts were converted from CBS outsourcing to an in-house platform in February 2005.
CBS Worldwide is a unit of Fiserv, Inc., and is a financial information systems provider serving the global marketplace. More than 200 commercial banks, private banks, finance houses, building societies, credit unions, thrifts and diversified financial companies use Fiserv CBS technology. Fiserv CBS Worldwide is on the Internet at www.fiservcbs.com.
Fiserv, Inc. (Nasdaq:FISV) provides information management systems and services to the financial and health benefits industries, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004.
Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.
The busy conversion schedule includes both new clients moving to the Comprehensive Banking System (CBS) as well as existing clients bringing newly acquired banks onto their CBS platforms. During one weekend in February, Fiserv CBS Worldwide completed very successful conversions for $13.7 billion Ohio Savings Bank and $4.7 billion Central Pacific Bank/City Bank, while also supporting $56.5 billion North Fork Bank as the institution converted newly acquired GreenPoint Financial.
Dave Santi, U.S. president of CBS Worldwide, said that with strong sales momentum over the past two years, the organization took steps to fully prepare itself to simultaneously manage multiple large and complex conversion projects.
"Fiserv CBS Worldwide led the industry in new core sales to institutions with more than $1 billion in assets in both 2003 and 2004," said Santi. "Our next challenge was to turn those new sales into smooth conversions and happy clients. We have been very pleased with our ability to do that."
Brief details about some of the recent and upcoming conversions include:
-- Ohio Savings Bank, a $13.7 billion institution with 55 branches based in Cleveland, Ohio. The bank converted to Fiserv CBS in February 2005.
-- Principal Bank, a $1.2 billion bank that converted in July 2004.
-- Texas Capital Bank, a $2.6 billion bank based in Dallas, Texas, that converted to Fiserv CBS in May 2004.
-- Keystone Nazareth Bank and Trust, two separate conversions from entirely different platforms - $1.2 billion Keystone Bank and $642 million Nazareth Bank and Trust. Nazareth Bank and Trust converted in February 2004 and Keystone Bank converted the following month.
-- Bank of Stockton, founded in 1867 and currently running on a proprietary system. Initial conversion of this $1.4 billion bank is planned for the second quarter of 2005. Following the conversion, the Bank of Stockton then will convert two divisions - Modesto Commerce Bank and Turlock Commerce Bank.
-- Treasury Bank, N.A., a $46 billion subsidiary of Countrywide Financial Corp. that is experiencing rapid growth. Conversion is planned for the third quarter of 2005.
-- Community Credit Union, a $1.8 billion credit union serving more than 220,000 members in the Dallas/Fort Worth Metroplex. CCU plans to convert in the third quarter of 2005.
-- Central Pacific Bank, a $2.5 billion existing CBS Worldwide customer that recently acquired $2.2 billion City Bank, also a Fiserv CBS Worldwide client. City Bank accounts were converted from CBS outsourcing to an in-house platform in February 2005.
CBS Worldwide is a unit of Fiserv, Inc., and is a financial information systems provider serving the global marketplace. More than 200 commercial banks, private banks, finance houses, building societies, credit unions, thrifts and diversified financial companies use Fiserv CBS technology. Fiserv CBS Worldwide is on the Internet at www.fiservcbs.com.
Fiserv, Inc. (Nasdaq:FISV) provides information management systems and services to the financial and health benefits industries, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004.
Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.