First Community Bank, Sunrise Bank and Today's Bank Select Jack Henry to Accelerate Business and Retail Banking Strategies

Rhea-AI Summary

Jack Henry (Nasdaq: JKHY) has been chosen by three community banks—First Community Bank, Sunrise Bank, and Today's Bank—to enhance their banking services through its advanced technology solutions. These banks aim to provide improved user experiences for both retail and business customers, leveraging Jack Henry's scalable digital banking solution, Banno Business, set to launch in July 2023. First Community Bank, with assets of $450 million, plans to grow its business accounts by 10% annually, while Sunrise Bank aims for over 30% asset growth in the coming years. Today's Bank, a $300 million asset institution, seeks to strengthen its digital service strategy. Jack Henry's technologies will streamline operations, automate processes, and enhance customer engagement, supporting these banks in meeting their growth objectives.

Positive

• Three banks have selected Jack Henry's technology solutions, indicating strong market demand.
• First Community Bank plans to increase business accounts by 10% annually, showcasing growth potential.
• Sunrise Bank aims for over 30% growth in assets, indicating ambitious expansion plans.
• Jack Henry's scalable digital banking solution, Banno Business, will be launched in July 2023.

Negative

• None.

Community banks are utilizing Jack Henry solutions to power their local economies

MONETT, Mo., April 24, 2023 /PRNewswire/ -- Jack Henry™ (Nasdaq: JKHY) announced today that First Community Bank, Sunrise Bank and Today's Bank have selected Jack Henry's modern core infrastructure to provide better service to retail and business customers.

Michigan-based First Community Bank, Florida-based Sunrise Bank, and Arkansas-based Today's Bank were looking for an open and flexible technology provider capable of serving their accountholders with a single, sophisticated user experience. They selected Jack Henry for its forward-looking technology vision, which will help differentiate them from other players in their communities. The banks are particularly excited about the launch of Banno Business, Jack Henry's scalable digital banking solution for businesses of all sizes, which will help them grow their business accounts with the personal approach and trust that sets them apart and becomes generally available in July 2023. 

$450-million asset First Community Bank serves both metro and rural communities across Northern Michigan, where many larger financial institutions have left consumers and businesses in need of financial support. The bank plans to grow by 10% annually for the next three years, with much of the growth concentrated on business and commercial opportunities. "With many big banks leaving our area, we see a real opportunity to step up for our community and help people and businesses in their moment of need," said CEO Daniel J. Clarke. "Jack Henry's robust technology infrastructure will help us by bringing all our systems under the same umbrella, automating processes, keeping us better connected with our customers, and improving risk management."

Sunrise Bank has a strong business customer base, serving small- and medium-sized companies in both metropolitan and beach town areas of Central Florida. The new leadership team of the $450-million asset bank aims to boost assets by more than 30% in the next couple of years while maintaining its personal approach and reputable customer service. "The automation and efficiency we will gain with Jack Henry will completely transform our bank," said Nancy Dooley, executive vice president and chief operations officer at the bank. "It will help us save time, increase accuracy, and reduce risk, while supporting an outstanding customer experience. The scalable and customizable business banking solutions will help us expand our client portfolio and reach our strong growth goals."

Today's Bank is a $300-million asset community bank serving Northwest Arkansas and the Arkansas River Valley region. "We needed a modern and open technology provider that was able to support our digital service strategy," said Brittany L. Thompson Little, executive vice president and chief financial officer at Today's Bank. "Jack Henry ticked all the boxes and was also a great cultural fit for our bank. They are positioned to help us strengthen our product base both on the retail and commercial side while allowing us to maintain the fintech relationships we've already built."

"Community financial institutions like First Community Bank, Sunrise Bank, and Today's Bank are keeping the economy alive, and providing their communities with the financial support they need to thrive," said Stacey Zengel, senior vice president of Jack Henry and president of Bank Solutions. "We're proud to support Main Street America by providing unified user experiences for businesses and the people behind them."

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 46 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 8,000 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.   

Statements made in this news release that are not historical facts are "forward-looking statements." Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, those discussed in the Company's Securities and Exchange Commission filings, including the Company's most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Any forward-looking statement made in this news release speaks only as of the date of the news release, and the Company expressly disclaims any obligation to publicly update or revise any forward-looking statement, whether because of new information, future events or otherwise.   

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SOURCE Jack Henry & Associates, Inc.

FAQ

What are the community banks that selected Jack Henry's services?

First Community Bank, Sunrise Bank, and Today's Bank have selected Jack Henry for their banking solutions.

What is Jack Henry's stock symbol?

Jack Henry's stock symbol is JKHY.

When will Jack Henry's Banno Business solution be available?

The Banno Business solution is set to launch in July 2023.

What growth plans does First Community Bank have?

First Community Bank aims to grow its business accounts by 10% annually over the next three years.

What is Sunrise Bank's target for asset growth?

Sunrise Bank plans to boost its assets by more than 30% in the next couple of years.