September. 23, 2002
First Penn Bank Selects Open Solutions for In-House
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
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