Three New Banks Select Jack Henry's Technology to Serve Local Communities

Rhea-AI Summary

Jack Henry & Associates (NASDAQ: JKHY) announces that three de novo banks—Bank of Burlington, RockPoint Bank, and Moultrie Bank & Trust—have chosen its technology to enhance local financial services accessibility. The banks aim to compete against larger institutions with Jack Henry's flexible and digital-focused solutions. RockPoint Bank surpassed $100 million in assets within nine months of its launch, leveraging Jack Henry's tech to connect with fintechs. These partnerships signify Jack Henry's commitment to equipping new banks with vital technology strategies to thrive.

Positive

• Three new banks selected Jack Henry's technology solutions to enhance local financial services.
• RockPoint Bank exceeded $100 million in assets within nine months of its launch.
• Jack Henry's technology allows for partnerships with over 850 fintechs, enhancing service offerings.

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• None.

Bank of Burlington, RockPoint Bank, Moultrie Bank & Trust invest in future-ready technology that empowers de novo banks

MONETT, Mo., March 17, 2022 /PRNewswire/ -- Jack Henry & Associates, Inc.^® (NASDAQ: JKHY) announced today that Bank of Burlington, RockPoint Bank and Moultrie Bank & Trust each have selected Jack Henry's technology platform to help them expand access to financial services in their local communities.

Tenn.-based RockPoint Bank, Ga.-based Moultrie Bank & Trust, and Vt.-based Bank of Burlington were recently formed to serve local communities that had limited access to local financial services due to industry consolidation. The banks needed a digitally focused, open, and flexible technology provider to support rapid growth and help them compete with large banks as well as non-traditional financial institutions. With Jack Henry, the banks gain a strategic and comprehensive technology plan with competitive core solutions and future-ready services such as Banno Digital Platform^TM and LoanVantage^®. It is an opportunity to build a technology strategy with easy access to a broad ecosystem of Jack Henry solutions and third-party fintechs of choice.

Bank of Burlington is a commercial bank that was formed to meet the local market needs in Burlington, Vt., where the last locally owned financial institution sold in 2017. The company needed a digital technology provider with an established ecosystem of leading fintechs and third parties. Geoffrey Hesslink, president of Bank of Burlington explained, "We had a clear strategy for the fintechs that would fit best into our technology plan and began by asking them which core provider they could best integrate with. Jack Henry was the resounding leader. Jack Henry's open approach is also our strategy, and it will help us stand out in the market. Personally, I had a great experience working with Jack Henry in my previous role at a larger bank; I was pleased to see that the experience is the same for a de novo institution."

RockPoint Bank is excited about its growth since launching in March 2021. It surpassed $100 million in assets in approximately nine months. Hamp Johnston, president and CEO at the bank, commented, "We chose Jack Henry because we needed digital capabilities that would make us stand out and compete directly with regional banks in our market. Their technology allows RockPoint to connect with innovative fintechs that add value to our end users, including Autobooks and faster payment networks. We are confident that Jack Henry will continue enabling our growth with efficiency and ease, preparing us for future trends as we gain market share. Jack Henry is helping RockPoint serve local businesses and professionals in our market and fill the void in the banking landscape caused by bank consolidation."

Donna Lott, president and CEO at Moultrie Bank & Trust, said, "Jack Henry offers a full suite of services that meet our technology needs. For instance, their loan lifecycle management solution, LoanVantage, is helping us diversify our loan portfolio, while the Banno Digital Platform offers a supportive and highly competitive digital experience. Jack Henry lifts the burden of technology capabilities, regulations and compliance demands, giving us the flexibility to grow with a focus on our business and community."

Stacey Zengel, senior vice president of Jack Henry & Associates and president of Jack Henry Banking, said, "De novos are vital to keeping local banking options alive, which fuels Main Street America. Consolidation in the industry and competition from non-traditional banks are evolving the landscape and blurring the lines between traditional and digital services. We're here to make sure that these new financial institutions are equipped with the best technology options to meet their business needs – whether that be from Jack Henry or another fintech of their choice. We are providing an ecosystem in which each of these banks can launch and scale with the best technology strategy for their local needs."

Jack Henry has already integrated more than 850 fintechs into its ecosystem and is the only platform provider with relationships with all four major financial-data aggregators, which helps reduce financial fragmentation for consumers.

About Jack Henry & Associates, Inc.
Jack Henry (NASDAQ:JKHY) is a leading SaaS provider of technology solutions primarily for the financial services industry. We are an S&P 500 company that serves more than 8,000 clients nationwide through three divisions: Jack Henry Banking^® provides innovative solutions to community and regional banks; Symitar^® provides industry-leading solutions to credit unions of all sizes; and ProfitStars^® offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry. With a heritage that has been dedicated to openness, partnership, and user centricity for more than 40 years, we are well-positioned as a driving market force in future-ready digital solutions and payment processing services. We empower our clients and consumers with the human-centered, tech-forward, and insights-driven solutions that will get them where they want to go. Are you future ready? Additional information is available at www.jackhenry.com. 

Statements made in this news release that are not historical facts are forward-looking information.  Actual results may differ materially from those projected in any forward-looking information.  Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information.  Additional information on these and other factors, which could affect the Company's financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements.  Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking information. 

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SOURCE Jack Henry & Associates, Inc.

FAQ

What technology did the three new banks select from Jack Henry (JKHY)?

The three new banks selected Jack Henry's flexible and digital-focused technology solutions to enhance local financial services.

How quickly did RockPoint Bank achieve significant asset growth?

RockPoint Bank surpassed $100 million in assets approximately nine months after its launch.

What is the significance of Jack Henry's partnerships with new banks?

These partnerships indicate Jack Henry's commitment to providing essential technology strategies that enable new banks to compete effectively in the financial services market.

How many fintechs has Jack Henry integrated into its ecosystem?

Jack Henry has integrated over 850 fintechs into its ecosystem.