New Peoples Bank Selects Jack Henry for Growth and Innovation

Rhea-AI Summary

Jack Henry (Nasdaq: JKHY) announced that New Peoples Bank is utilizing their technology to enhance customer experiences and drive growth. The bank, with $800 million in assets and 17 branches across multiple states, has invested in Jack Henry's core processing solution and Banno Digital Platform to streamline operations, optimize services, and deliver a seamless experience. This strategic move aims to position the bank for scalability and continued community support.

Positive

• New Peoples Bank's adoption of Jack Henry's technology showcases a commitment to innovation and modernization, enhancing operational efficiency and customer service.

• The bank's investment in Jack Henry's solutions is expected to drive long-term growth and profitability, fostering continued support for local communities and economies.

• The strategic partnership with Jack Henry positions New Peoples Bank to scale effectively while meeting the evolving needs of their customers and communities.

Negative

• None.

Bank plans to boost efficiencies and elevate customer experience, positioning it to meet more needs of local communities

MONETT, Mo., May 6, 2024 /PRNewswire/ -- Jack Henry™ (Nasdaq: JKHY) announced today that New Peoples Bank is leveraging Jack Henry's open technology to improve customer experiences and continue to grow.

The Honaker, Virginia-based bank is an established pillar to the communities that make up Central Appalachia, offering a full range of banking and financial services for both retail and commercial clients, including a strong focus on commercial real estate. Over the last 25 years, the bank has adapted and expanded to meet the needs of the local communities. Now, with $800 million in assets, it operates 17 branches across Virginia, Tennessee, West Virginia, and North Carolina.

To sustain this growth while delivering an improved customer experience, New Peoples Bank invested in Jack Henry's modern core processing solution. Jack Henry's open infrastructure will help the bank automate and streamline operations and optimize its existing offerings. The bank will also leverage the Banno Digital Platform™ to drive a seamless, consistent, and cohesive experience that meets the needs of both its retail and business customers. Additionally, the transition to a fully outsourced environment will enable employees to continue to focus on building and nurturing client relationships.

"We chose Jack Henry for their understanding of community banking, their commitment to innovation and their proven ability to deliver modern, efficient, and future-ready technology solutions," said J. W. Kiser, President and CEO at New Peoples Bank. "This major step in our technology strategy will position us to scale and continue to meet the needs of the communities that rely on us."

Jack Henry's single platform approach was a driving force behind the bank's decision to leverage the company's technology. "The ability to operate from a single platform creates major efficiencies that will dramatically change how we operate our bank and serve our customers," Kiser said. "This technology infrastructure will ultimately lead to long-term growth and high profitability that we can reinvest in the community."

"Community banks like New Peoples Bank play a vital role in supporting local economies," said Stacey Zengel, senior vice president of Jack Henry and president of Bank Solutions. "To effectively compete and enjoy future growth, they must prioritize operational efficiencies, offer seamless customer service, and invest in modern technology. Our goal is to empower these institutions with the necessary open technology that enables them to achieve those priorities and serve the needs of their customers and communities."

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 47 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 technology solutions is New Peoples Bank leveraging from Jack Henry?

New Peoples Bank is utilizing Jack Henry's core processing solution and Banno Digital Platform to enhance customer experiences and drive growth.

How many branches does New Peoples Bank operate, and in which states?

New Peoples Bank operates 17 branches across Virginia, Tennessee, West Virginia, and North Carolina.

What is the asset value of New Peoples Bank?

New Peoples Bank has $800 million in assets.

Who is the President and CEO of New Peoples Bank?

J. W. Kiser serves as the President and CEO of New Peoples Bank.

What is Jack Henry's stock symbol?

Jack Henry's stock symbol is 'JKHY' (Nasdaq: JKHY).