$2.8 Billion ESL Federal Credit Union Selects Open Solutions.GLASTONBURY, Conn. -- One of the Nation's Largest Credit Unions Selects Customizable, Open Architecture Solution to Support Increasing Membership E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]Rochester, N.Y.-based ESL (1) An earlier family of client/server development tools for Windows and OS/2 from Ardent Software (formerly VMARK). It was originally developed by Easel Corporation, which was acquired by VMARK. Federal Credit Union, with $2.8 billion in assets, has selected Open Solutions Inc.'s(R) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : OPEN) relational core platform, The Complete Credit Union Solution,(R) and other complementary applications to handle its enterprise-wide data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a needs. Open Solutions is a provider of integrated enabling technologies for financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. providers across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada and international markets. The credit union, which has 17 branches and more than 280,000 members, serves employees of Eastman Kodak Company, Wegmans Food Markets Wegmans Food Markets, Inc. is a 71-store U.S. regional supermarket chain with stores in New York, Pennsylvania, New Jersey, Virginia, and Maryland. History Wegmans is a family-owned company, founded in 1916 by John and Walter Wegman. and other companies in the Rochester, N.Y. area. E[acute accent]The credit union was looking to upgrade its current technology platform in order to more efficiently develop and deploy new products and services and to better accommodate the needs of its growing membership. "We've been on the same data processing platform for more than 10 years and saw gaps in the products and services we could offer our members," said Mike Armbruster, senior vice president and CIO CIO: see American Federation of Labor and Congress of Industrial Organizations. (Chief Information Officer) The executive officer in charge of information processing in an organization. of ESL Federal Credit Union. "We were looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a more modern, open architecture platform that we could easily customize and grow into. We did not want just another legacy-based system that would not be able to grow with us. We wanted a system that would allow us to meet our long-term strategic and competitive objectives." E[acute accent]"Ultimately, we selected Open Solutions because it has significant market share in the credit union industry and was the only vendor we found with a completely open and relational architecture," Armbruster said. "We are very focused on providing high quality products and services to our members. We have confidence that partnering with Open Solutions will help us meet our goals as our membership grows and we continue to add new products and services." E[acute accent]Open Solutions' technology suite was architecturally designed to be an open environment application, creating the flexibility necessary for running an agile, service-oriented institution. The product suite delivers real-time core data processing, account creation flexibility, business functionality and embedded business intelligence capabilities to offer efficiencies for both the front and back offices. E[acute accent]In addition to The Complete Credit Union Solution, ESL Federal Credit Union will also be implementing Open Solutions' cView(TM) (relationship management/business intelligence tool); document management; Financial Accounting Suite (general ledger General Ledger A company's accounting records. This formal ledger contains all the financial accounts and statements of a business. Notes: The ledger uses two columns: one records debits, the other has offsetting credits. , accounts payable and fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → ); and integration management applications. E[acute accent]"We are pleased that another industry-leading credit union such as ESL Federal Credit Union has chosen Open Solutions to handle their ongoing technology and data processing operations," said Louis Hernandez, Jr., chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Open Solutions. "We believe in offering financial services-centered solutions and an open technology platform that can adapt quickly to new market strategies and the data processing needs of credit unions of all sizes. In the case of ESL, they are yet another billion dollar institution that has made the decision that Open Solutions' open-based relational technology will help them stay ahead of the competition and enable them to raise the level of service that they can provide to their marketplace. We look forward to a long, mutually beneficial partnership and to helping support ESL Federal in their efforts to innovate and continually satisfy the needs of their membership." E[acute accent]About Open Solutions Inc. E[acute accent]Open Solutions Inc. offers a fully featured strategic product platform that integrates core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, digital documents, Check 21, interactive voice response, network services, Web hosting and design, and payment and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States and Canada to better compete in today's aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service. E[acute accent]For more information about Open Solutions or its financial product line, contact Mickey Goldwasser
Danziger Goldwasser (German: Gold water of Danzig by email at mgoldwasser@opensolutions.com by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Internet site at www.opensolutions.com. E[acute accent]Open Solutions Inc. and The Complete Credit Union Solution are registered trademarks of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright 2006 Open Solutions Inc. All rights reserved. E[acute accent]Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement E[acute accent]Statements made in this press release that state Open Solutions Inc.'s or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements within the meaning of The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. All forward looking-statements are only as of the date of this press release and Open Solutions Inc. undertakes no obligation to update or revise them. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Open Solutions Inc.'s actual results to differ materially from those projected in such forward-looking statements. For example, if we fail to adapt our products and services to changes in technology or in the marketplace, we could lose existing clients and be unable to attract new business. Factors which could cause our actual results to differ materially from those projected in forward-looking statements include, without limitation, economic, competitive, governmental and technological factors affecting the banking and credit union industry and/or Open Solutions Inc.'s operations, markets, products, services, prices and other factors set forth under the heading "Factors Affecting Future Operating Results" in Open Solutions' Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the three months ended June 30, 2006, as filed with the Securities and Exchange Commission. E[acute accent]Editors Note: The correct usage of the company name, Open Solutions Inc., is either referring to it as Open Solutions Inc. or Open Solutions. Open Solutions no longer uses the acronym of OSI (1) (Open System Interconnection) An ISO standard for worldwide communications that defines a framework for implementing protocols in seven layers. Control is passed from one layer to the next, starting at the application layer in one station, proceeding to the to refer to the company. |
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