2 , 2002
FOR IMMEDIATE RELEASE
Open Solutions Completes Technology Merger for $1.5
Billion Washington Trust Bancorp
Open Solutions platform, analysts and project managers
GLASTONBURY, Conn., July 2, 2002 - Open Solutions Inc.
(OSI), a provider of enabling technologies that include
relational core account processing, financial accounting,
Internet-based financial solutions, imaging and other
delivery systems for community banks and credit unions,
announced its successful completion of a bank technology
merger between Washington Trust Bancorp, Inc. (WTB),
and First Financial Corporation of Providence (Rhode
Island). The systems integration was completed on May
10, 2002, just six months after Washington Trust announced
its acquisition of First Financial Corporation, a $150
million asset financial institution.
WTB, a $1.5 billion institution and current OSI client,
uses Open Solutions' relational core data processing
product, The Complete Banking Solution* (TCBS). TCBS
is an open architecture, real-time relational database
enterprise application that supports a financial institution's
entire core processing requirements.
"Open Solutions proved an invaluable partner
in the completion of this technology integration; they
supplied every resource available to get this job done
right," said Barbara Perino, SVP Operations and
Technology Washington Trust. According to WTB, having
a relational database at the core of their technology
operations was a critical component in their successful
platform merger. Perino added that Open Solutions had
dedicated project managers and data analysts assigned
to the bank's conversion team.
"Preparation and intelligent technology applications
are really the key aspects of a smooth acquisition and
conversion," said John Messier, Vice President
of Implementations at Open Solutions. "Three months
before the conversion date, we began setting up test
data and completing mock conversions to insure that
Washington Trust and its new First Financial customers
never experienced a ripple or snag in their banking
experience. Our goal has always been to facilitate the
growth of our client institutions; we were able to complete
the actual data transition in less than 24 hours because
90 percent of the work was completed in those first
75 to 80 days."
In order to support Washington Trust's technology
needs post-merger, Open Solutions converted and merged
First Financial's system with WTB's existing relational
database, thereby creating a single open, relational
system. Perino said, "With Open Solutions' help
we were able to include all of First Financial's account
information in our database without adding additional
staff to our information technology (IT) infrastructure.
The fact that our IT staffing levels remain the same
after undergoing a 15 percent increase in accounts is
a testament to the efficiency and ease-of-use of Open
Solutions' real-time processing technology."
"Helping client institutions like Washington
Trust become bigger and better financial services providers
is our mission at Open Solutions," said Louis Hernandez,
Jr., Chairman and CEO of Open Solutions. "We dedicated
our staff to assist and fully support Washington Trust's
technology team to insure the success of this technology
merger. The fact that an open, flexible and scaleable
platform like The Complete Banking Solution facilitates
our clients' growth and service goals is evidence of
our commitment to not only our client institutions but
to the industry as a whole."
Perino concluded, "Washington Trust has been
impressed with the ease in which the First Financial
retail staff adapted to and trained on the Open Solutions'
platform. Because the staff learned the system so quickly,
service levels never wavered."
With a post-acquisition customer base exceeding 100,000
accounts, Washington Trust has expanded its branch network
into Providence and Cranston, Rhode Island, and now
operates 15 branches.
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
Marvin (Mickey) Goldwasser
Open Solutions Inc.