First Bank of Alabama Selects Jack Henry to Innovate and Propel Growth

Rhea-AI Summary

Jack Henry (Nasdaq: JKHY) announced that First Bank of Alabama has selected their technology solutions to modernize its operations and enhance customer experience. The Talladega-based community bank, established in 1848, focuses on serving rural markets with both commercial and retail banking services. Through two significant acquisitions in the past seven years, the bank has grown from $400 million in assets and three branches to over $1.1 billion in assets and 13 branches.

Positive

• Secured new client contract with First Bank of Alabama
• Client demonstrates strong growth trajectory (175% asset growth to $1.1B)
• Expansion of Jack Henry's market presence in Alabama's banking sector

Negative

• None.

Bank to streamline operations and enhance customer experience for commercial and retail customers

MONETT, Mo., Nov. 12, 2024 /PRNewswire/ -- Jack Henry^™ (Nasdaq: JKHY) announced today that First Bank of Alabama selected Jack Henry to modernize its technology stack in a way that will support continued growth and enhance customer experiences.

Established in 1848, First Bank of Alabama is the oldest continuously chartered bank in the state. The Talladega, Alabama-based community bank focuses on meeting modern banking needs for rural markets, serving both commercial and retail customers. The bank made two significant acquisitions over the past seven years, growing from $400 assets and three branches to over $1.1 billion assets and 13 branches today.

First Bank of Alabama needed an open, forward-looking technology provider to support its growth, improve customer experience, and ensure long-term success. Jack Henry's modern and highly customizable core processing solution will eliminate fragmentation and manual processes, enabling the bank to streamline operations and enhance overall efficiency. Moreover, consumer-facing products like the Banno Digital Platform^™ will drive a more seamless and intuitive banking experience, while commercial tools like jhaEnterprise Workflow help small and medium-sized businesses (SMBs) better manage their processes.

"We chose Jack Henry for their effective and innovative products that will allow us to retool our operations and elevate customer service. For example, with their support, we can implement a comprehensive data strategy that will help us better anticipate our customers' financial needs and be true trusted advisors," said Mitch Key, Executive Vice President and Chief Operating Officer at First Bank of Alabama. "Moving to Jack Henry will equip us with the sophistication needed to operate as a growing bank."

The cultural alignment between the two organizations played a crucial role in First Bank of Alabama's decision-making process. Key adds, "Jack Henry's track record of responsiveness and a proven ability to build and maintain long-term relationships with their employees and client base impressed us. It mirrors our objectives and reflects a strong company culture that is increasingly rare in today's market."

Jonathan Baltzell, President of Bank Solutions at Jack Henry, said, "Historic banks like First Bank of Alabama have been cornerstones in their communities for hundreds of years. Together, we can support their customers' needs with modern technology solutions that meet a broad range of financial demands. At Jack Henry, our mission is to provide community banks with the innovative and flexible tools they need to continue making a lasting impact for generations to come."

About Jack Henry & Associates, Inc.^® 
Jack Henry^™ (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 48 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 7,500 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.

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SOURCE Jack Henry & Associates, Inc.

FAQ

What is First Bank of Alabama's current asset size after selecting Jack Henry (JKHY)?

First Bank of Alabama has over $1.1 billion in assets, growing from $400 million through two acquisitions over the past seven years.

How many branches does First Bank of Alabama have after partnering with Jack Henry (JKHY)?

First Bank of Alabama currently operates 13 branches, expanding from three branches through acquisitions over the past seven years.

When was First Bank of Alabama established before choosing Jack Henry (JKHY)?

First Bank of Alabama was established in 1848 and is the oldest continuously chartered bank in the state.