$2.1 Billion Beneficial Savings Bank Migrates to IA Systems' StreamLend Velocity.

LAS VEGAS -- At the 2006 ICBA National Convention, IA Systems, a provider of lending software and services for credit unions, banks and other financial institutions, announced that Beneficial Savings Bank is migrating to StreamLend Velocity to process its loans for consumers, home equity, and indirect lending. StreamLend Velocity is the recently-released, next-generation version of Beneficial Savings Bank's current loan processing technology, IA Systems' StreamLend.

Philadelphia, Pa.-based Beneficial Savings Bank has $2.1 billion in assets and 38 branches throughout the metropolitan area. It is scheduled to "go live" with StreamLend Velocity in July 2006. The Web-based, customizable, paperless, end-to-end loan origination system automates lending operations and streamlines everything from processing and underwriting to funding and closing. The solution is built on a .NET and XML architecture, allowing StreamLend Velocity to seamlessly integrate with all major core data processors and offer dozens of interfaces to third-party applications.

"Beneficial Savings Bank initially installed StreamLend in February of 2003," said Thomas Dappollone, vice president of Beneficial Savings Bank. "Our goal at the time was to automate a completely manual, paper-intensive consumer loan department, but the solution has improved many other areas of the department as well. Specifically, loan volumes have increased dramatically over the past two years, and StreamLend has allowed us to deliver much quicker decisions. We now operate with two less lending employees but can handle four times the volume we generated pre-StreamLend. We are excited by the possibilities presented in the new StreamLend Velocity."

StreamLend Velocity offers several key differences from other loan processing software, including a Web-based interface for simple server-based installations; a configurable workflow engine that enables users to customize the system to their business practices and policies; and a sophisticated modular, open-architecture software design that allows new features and upgrades to be added quickly and easily without affecting other parts of the system.

"The overall functionality and usability of the new product were our first considerations to commit to the migration," Dappollone said. "We were very impressed with the features and functionality that StreamLend Velocity offers, such as the browser-based software that will allow our IT department to keep abreast of system enhancements by simply installing new versions on the server. We also liked the powerful decisioning capability and the enhanced flexibility in customizing screen design, workflow, risk-based pricing, and forms selection."

Dappollone also noted that key to the migration decision was the partnership that IA Systems has forged with Beneficial and the vendor's commitment to the bank's growth and success. "IA Systems has been invaluable in helping our business grow, from the initial install of StreamLend in 2003 to our current status as an early adopter of their new product. The support has been great as well."

Chris Cazer, who, as chief operating officer of IA Systems, is responsible for client satisfaction, stated, "As Beneficial Savings Bank continues to grow, StreamLend Velocity will grow with them and help them maintain a competitive advantage in the banking marketplace." Cazer added, "We truly believe in partnering with our clients--and the service doesn't end with the selection of our system. We make every effort to provide the highest level of customer service throughout our partnership. Our team-approach to serving our clients helps us build a strong foundation for their future growth and success."

StreamLend Velocity can also be hosted offsite via IA Systems new ASP (application service provider) facilities, offering lenders a hassle-free, low-cost entry point to the system and more competitive lending.

About IA Systems

Since 1991, IA Systems has developed technology to streamline business operations for credit unions, banks, and other financial institutions. In 2000, St. Paul, Minn.-based Securian Financial Group purchased IA Systems, providing the backing of a parent company with $26 billion in assets. Securian is one of the nation's largest independent distributors of insurance and protection services for financial institutions. IA Systems' flagship product, StreamLend Velocity, is a paperless, end-to-end loan origination system that simplifies, automates, and accelerates the lending process using next-generation tools such as a user-centric browser interface, configurable workflow, and modular software design. The powerful and flexible tools of StreamLend Velocity automate workflow, speed credit and loan decisioning, integrate sales channels, and manage risk for financial institutions, while decreasing operational costs and increasing loan processing efficiencies.

For more information about IA Systems and its products and services, visit the company's Web site at www.IASystems.com, write 500 New Karner Road, Albany, N.Y. 12205, or call 800.803.7554 ext. 279.

Editor's Note: The correct usage of the product name is: "StreamLend Velocity" with only the first, or most prominent, usage containing the Registration symbol following StreamLend; with "StreamLend" as one word; with the "L" capitalized; and with "Velocity" in italics.