September. 23, 2002

First Penn Bank Selects Open Solutions for In-House Data Processing

Commercial Relationships, Functionality, and Growth Potential Solidify Decision

GLASTONBURY, Conn., Open Solutions Inc. (OSI), a provider of integrated enabling technologies for community financial institutions, announced that First Penn Bank headquartered in Philadelphia and serving the greater Delaware Valley, selected Open Solutions to handle all of the institution's transactions, integration processes and Internet banking. First Penn Bank, with more than $490 million in assets, currently has 12 branches and plans to open three additional branch offices in 2003.

The bank, which has a long history and has grown through acquisitions and mergers, focuses on understanding its customers' needs and providing the products and services to allow those customers to transact business the way they want to transact business. According to bank officials, commercial banking relationships are vital to its continued growth strategy, and the old system could not handle those accounts properly. The bank also wanted a system that offered real-time processing, provided CRM capabilities and allowed for future growth.

Cordy Taylor, Vice President of Information Technology, said that First Penn formed a data processing committee consisting of representatives from various departments to review new in-house processing systems. "We looked at four potential vendors, and OSI's The Complete Banking Solution® (TCBS) best fit our needs. Its database is Oracle, which is very flexible and easy to extract information from, and information is what it is all about in today's business world. With TCBS, we can retrieve all the information we need and get a clear, concise picture of each customer's account relationships."

First Penn Bank is located in an area that has a large number of national banks, so it needs to be a service-oriented bank as well as a trusted financial advisor to its customers. Anthony DiSandro, President and Chief Executive Officer of First Penn Bank, said, "Banking in the Delaware Valley is very competitive. Our bank has a strong reputation for providing quality and personal service to our customers, and we are responsive to their needs. With the installation of the Open Solutions system, we will be able to enhance and expand our current capabilities. It positions us for the future."

Relational core processing, Internet banking, CRM capabilities, flexibility and ease-of-use are some of the features of Open Solutions' TCBS. Gary Daniel, Senior Vice President of Sales and Marketing for Open Solutions, said, "When Open Solutions designed TCBS, we had the bank's customer in mind. Not every financial institution conducts its business in the same manner, and we recognize the need to have a sophisticated and robust system, yet have it flexible so it can work the way the financial institution wants it to. First Penn has specific goals it wants a new system to accomplish, and TCBS is the best solution."

According to Taylor, selecting Open Solutions was an easy decision because of their ability to take the bank to the next level in customer service. "TCBS is a sound product and using it will enable us to better control our customers' information. Selling and cross-selling products are important and being able to recognize a customer's need and bring it to his or her attention will further add to our personalized services."

Louis Hernandez, Jr., Open Solutions Chairman and CEO, said, "We offer our clients enabling solutions that can help them provide better products and superior service to their customers. The Complete Banking Solution was built from inception to be a flexible and open system that offers financial institutions everything they need to be responsive to their customers and meet their institution's goals. It is very rewarding to work with First Penn Bank, and we look forward to a long partnership."

Taylor added that the OSI team working with First Penn Bank has been very responsive. "The individuals go the extra mile to help us, and we appreciate that," he said. "Their associates are very similar to ours in that they provide highly personalized service."

Installation is targeted for completion by the end of November 2002. First Penn Bank joins Open Solutions' growing client base of more than 1,500 institutions.

About Open Solutions Open Solutions Inc. offers a fully featured strategic product platform thatintegrates core data processing applications, built on a single centralized Oracle relational database, with financial accounting, Internet banking, cash management, electronic commerce, lending origination and imaging solutions. OSI's full suite of products and services allows banks and credit unions to better compete in today's aggressive financial services marketplace, expand and tap their trusted financial relationships, client affinity, community presence and personalized service. For more information about Open Solutions, or its financial product line

Contact: Marvin (Mickey) Goldwasser Open Solutions Inc. 860.652.3153