CoreStates Selects Small Business Lending System; Super Regional Chooses 20/20 Small Business Credit Evaluation System.BATON ROUGE Baton Rouge (băt`ən r  zh) [Fr.,=red stick], city (1990 pop. 219,531), state capital and seat of East Baton Rouge parish, SE La. , La.--(BUSINESS WIRE)--Dec. 19, 1994--CoreStates
Financial Corp, a $27 billion regional bank, has selected the 20/20
Small Business Lending System by APPRO Systems to automate credit
evaluation for its small business lending operations.
The selection of 20/20 represents the bank's overall strategy to streamline its operations for providing improved customer service, and will immediately automate the manual underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. process. The 20/20 Small Business Lending System is a complete turn-key software package that automates the risk evaluation for small business loans. The system merges the personal credit and financial profiles of a business and its owners, providing a complete and accurate profile. "What attracted us to the system was its flexibility and the fact that it's client server-based," explained Linda Weber, Vice President, Manager Retail Risk Technology for CoreStates. "We can adapt the system to re-engineer our workflow instead of changing our operations to fit the needs of the system. We can enhance the system to the way we need to serve our customers." Headquartered in Philadelphia, CoreStates' retail operations serve the mid-Atlantic region with the bulk of its branch network in Pennsylvania and New Jersey. 20/20 will be implemented at CoreStates' three main financial locations in Philadelphia, Pennington, New Jersey Pennington is a Borough in Mercer County, New Jersey, United States. As of the United States 2000 Census, the borough population was 2,696. Pennington was established as a borough by an Act of the New Jersey Legislature on January 31, 1890, from portions of Hopewell and at its corporate and commercial credit card center in Wilmington, Delaware Wilmington is the largest city in the state of Delaware and is located at the confluence of the Christina River and Brandywine Creek, near where the Christina flows into the Delaware River. . The system is scheduled to be up and running by the first quarter of 1995. "It was important for us to choose a system that takes advantage of the latest technology and is still easily configured to our customer and credit culture," Weber continued. "It's also important that the system is supported by a company able to customize the software to meet our needs." "We are very proud to provide CoreStates the tools to help them meet their goal of providing quality customer service," explained Craig Uffman, Vice President of APPRO Systems. "Small business lending is a challenging and profitable niche within the industry. 20/20 helps banks realize that profit while reducing risk." APPRO Systems Inc. was founded in 1979 and is privately held and managed. The company's family of credit assessment products is used by more than 55 financial institutions nationwide. Along with the 20/20 Small Business Lending System, APPRO's products include its flagship MP-100 Risk Processor, a complete assessment package for consumer lending Consumer lending or consumer loans refers to any type of loan product that is not a mortgage; such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or Certificate of Deposit loans. that evaluates multiple products and applicants, and the APPRO Auditor, an automated indirect loan closing package. Among APPRO's clients are Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , Crestar Bank, Premier Bank, Seafirst Bank Seafirst Corporation was a bank holding company based in Seattle, Washington. Formed on November 11, 1929, from the merger of Seattle's three largest banks, the First National Bank Group, the Dexter Horton National Bank (founded 1870 by Dexter Horton), and Seattle National and Snap-On Tools. APPRO Systems Inc. is headquartered at 9489 Interline in·ter·line 1 tr.v. in·ter·lined, in·ter·lin·ing, in·ter·lines To insert between printed or written lines. in Avenue, Baton Rouge, La. 70809. For more information, contact Amanda Wesley, Communications Director, at 504/922-4792 or by fax at 504/922-4777. CONTACT: William Mills William Mills may refer to:
Mark Wheeler, 404/261-4900
or
CoreStates Financial Corp., Philadelphia
Linda Weber, 215/786-4810
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