Bank of Greene County Selects Open Solutions' Core Processing Suite.Business Editors GLASTONBURY, Conn.--(BUSINESS WIRE)--March 8, 2004 Open Solutions Inc.(R)'s (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) -- Solution enables bank to increase customer service while maintaining data control The Bank of Greene County Greene County is the name of fourteen counties in the United States of America, each named in honor of American Revolutionary War general Nathanael Greene:
GCBC Ghana Catholic Bishops Conference GCBC Gulf Coast Business Council GCBC Gold Coast Bridge Club (Australia) ), a full-service community bank with headquarters in Catskill, N.Y., announced its fourth quarter 2003 selection of Open Solutions Inc.(R)'s (NASDAQ:OPEN), The Complete Banking Solution(R) (TCBS TCBS Tea Club and Barrovian Society (from Tolkien novel) TCBS The Bear Creek School TCBS Trunked Common Base Station ), a relational core 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 systems for banks. Open Solutions is a provider of integrated enabling technologies for community financial institutions. The Bank of Greene County will implement the TCBS system in an in-house environment, enabling the bank to support its core requirements, while maintaining control of its customer data. By giving institutions choices for flexible delivery of products and open architecture and hardware options, Open Solutions allows each bank to choose the best option for its individual needs and growth strategy. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the bank, Open Solutions' products and services will enable it to link information and have a detailed picture of performance, customer profitability Customer profitability (CP) is the difference between the revenues earned from and the costs associated with the customer relationship in a specified period. According to Philip Kotler,"a profitable customer is a person,household or a company that overtime,yields a revenue and relationships. One of the bank's main objectives was to adopt a solution that could continue to support the increasing needs of its growing customer base well into the future. Chief Executive Officer of The Bank of Greene County, Bruce Whittaker, cites the amount of growth the bank has experienced as the primary reason for converting to the TCBS system. "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. not only a high quality product, but one that would also accommodate the amount of growth we've had and provide for future expansion," said Whittaker. "After an extensive due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. process, we believe the Open Solutions' TCBS system is the perfect solution to meet all of our core processing needs." As an early adopter of technology, the bank is committed to implementing solutions that maximize productivity, improve workflow efficiencies and increase customer service. In addition to Open Solutions' relational core processing platform, The Bank of Greene County also selected Open Solutions' integrated e-delivery, financial accounting tools, CRM/business intelligence and loan origination solutions. Other applications selected include Open Solutions' collections, safe deposit box A safe deposit box (sometimes incorrectly called a safety deposit box) is a type of safe usually located in groups inside a bank vault or in the back of a bank or post office. , report wizard, dynamic messaging and premium overdraft services. Using a relational data base design allows Open Solutions to continuously update the capabilities of the core system so that the TCBS solution can readily accommodate the bank's needs. "Based on the bank's goals and desire for data control and reporting queries, The Bank of Greene County determined that implementing the TCBS system in-house was the most logical choice for their organization," said Jim Kern, Senior Vice President and General Manager of Open Solutions' Banking Group. "We believe that the open architecture of the system will help provide The Bank of Greene County with a competitive advantage and enable the bank to better meet the needs of its customers now and in the future." Louis Hernandez, Jr., Open Solutions 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. , said, "Our solutions offer choice and flexibility. For more than a decade we have been working with banks like The Bank of Greene County to make certain they can implement what we believe to be the best flexible solution along with the service to garner the best results. We understand that no two banks have the same core processing needs; therefore, we make certain that each solution is tailored to each specific banks needs." Further demonstrating its commitment to choice, Open Solutions recently completed its first Linux pilot program and has validated Linux running in a live processing environment. Designed and based on open architecture, Open Solutions' single-platform data processing solution has the ability to run in a Windows, UNIX UNIX Operating system for digital computers, developed by Ken Thompson of Bell Laboratories in 1969. It was initially designed for a single user (the name was a pun on the earlier operating system Multics). or Linux environment on a wide range of hardware platforms used in the industry. About The Bank of Greene County Based in Catskill, N.Y., The Bank of Greene County is a full-service community bank with assets of more than $270 million. With six branches, the bank offers a full range of products and services to its customer base. The Company is the majority-owned subsidiary majority-owned subsidiary A firm in which more than 50% of outstanding voting stock is owned by the parent company. of Greene County Bancorp, MHC MHC major histocompatibility complex. MHC abbr. major histocompatibility complex MHC major histocompatibility complex. , a federal mutual holding company, which owns 56.4 percent of the Company's outstanding shares. One of the oldest and most firmly established banks in Greene County, the bank has built a reputation of conservative soundness within the community. For more information about The Bank of Greene County, visit its Web site at www.thebankofgreenecounty.com. About Open Solutions Inc. Open Solutions Inc. offers a fully featured strategic product platform that integrates core data processing applications, built on a single centralized Oracle(R) relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, Check 21, interactive voice response and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts and credit unions 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. 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. Open Solutions Inc.(R) and The Complete Banking Solution(R) are registered trademarks of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright (C) 2004 Open Solutions Inc. All rights reserved. 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 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. Other 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 discussed in the Company's prospectus dated November 25, 2003, filed with the Securities and Exchange Commission pursuant to Rule 424(b) of the Securities Act of 1933. |
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