Charter Bank, Santa Fe, N.M., has contracted with Jack Henry and Associates to begin using its SilverLake core banking system this summer. Operating on IBM's iSeries platform, SilverLake is designed for banks between $500 million and $10 billion in assets.
Charter Bank has also licensed Jack Henry applications for loan servicing, teller, report retrieval, document and item imaging, deposits, and online banking.
Charter Bank was in need of flexible software to support the expansion of commercial lending. "Our bank is in a growth mode; our lending division has grown a lot recently and our current processor had limited abilities in that area," said Jerri Seaborn, vice president of information services at $650 million Charter Bank.
By offering a more integrated package, Jack Henry will promote efficiencies. "Our goal is to consolidate the number of applications and have cleaner integration," Seaborn said.
The Jack Henry platform will allow Charter Bank to introduce new services, such as Internet banking and cash management.
"These products will directly benefit consumers while improving our competitive posture with small businesses," said Shirley Scott, chief operating officer at Charter Bank.
SilverLake's integration capabilities are impressive, according to Scott. "The features we saw in the SilverLake product will enable us to offer more products and enhance our current ones. We particularly liked how the software will let us sweep between lines of credit, investments and checking accounts."