Lake Mary, FL, 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 - has successfully completed nine complex conversions in 2004 and has eleven scheduled 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 platform. During one weekend in February, the company 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 they converted newly acquired GreenPoint Financial.
Dave Santi, US President of CBS Worldwide said that with strong sales momentum over the past two years, the company took steps to fully prepare itself to manage multiple large and complex conversion projects simultaneously.
"Fiserv CBS Worldwide lead 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, $13.7 billion institution with 55 branches based in Cleveland, Ohio. The bank converted to CBS in February 2005.
Principal Bank, a new $1.2 billion client. Converted in July 2004.
Texas Capital Bank, a $2.6 billion client based in Dallas, TX. Converted to 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 followed, converting in March 2004.
Bank of Stockton, founded in 1867, currently runs on a proprietary system. Initial conversion of this $1.4 billion bank is planned for 2nd Quarter, 2005. Following the conversion of Bank of Stockton, they will then convert Modesto Commerce Bank and Turlock Commerce Bank, Divisions of Bank of Stockton ($400 million).
Treasury Bank, N.A., a $46 billion subsidiary of Countrywide Financial Corp. This new CBS Worldwide client is experiencing tremendous organic growth. Conversion is planned for 3rd Quarter, 2005.
Community Credit Union, a $1.8 billion credit union serving more than 220,000 members in the Dallas/Ft. Worth Metroplex. CCU plans to convert in 3rd Quarter, 2005.
Central Pacific Bank, a $2.5 billion existing CBS Worldwide customer, recently acquired $2.2 billion City Bank, also a Fiserv CBS Worldwide client. Converted City Bank accounts from CBS outsourcing to an inhouse operation in February 2005.
CBS Worldwide is a unit of Fiserv, Inc., and is a leading 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 industry leading information management systems and services to the financial industry, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 15,000 clients worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wisconsin, Fiserv reported $3.4 billion in processing and services revenues for 2004. Fiserv can be found on the Internet at www.fiserv.com.
