Printer Friendly
The Free Library
14,651,585 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

Evergreen Credit Union Seeks Greater Advantages and Selects Open Solutions' Relational Technology.


GLASTONBURY, Conn. -- One of the First re:Member Data Services Inc. Data Clients to Adopt New Technology

Open Solutions Inc. (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), a provider of integrated enabling technologies for financial institutions, announced that Evergreen Credit Evergreen credit

Revolving credit without maturity.
 Union, located in Cumberland County, Maine

For other places with the same name, see Cumberland County.


Cumberland County is a county located in the U.S. state of Maine. As of 2000, the population was 265,612.
 with more than $102 million in assets, has selected The Complete Credit Union Solution(R), 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  platform for credit unions, to address its enterprise-wide data processing needs. With three branches and more than 13,000 members, the credit union becomes one of the first re:Member Data Services, Inc. (RDS (1) (Remote Data Services) A set of programming interfaces from Microsoft that enables users to update data on the Internet or intranets from their ActiveX-enabled browser. ) clients to upgrade to the Open Solutions' advanced relational technology platform. Open Solutions acquired RDS in July of 2004 with the promise of offering more choices in terms of products and services to RDS's clients.

"Our overall goal with each core data processing company we acquire is to offer its clients a migration path to state-of-the art technology, expanded features, enhanced performance and service. As a company, we strive to constantly listen to our clients needs as well as inform them of all the choices they have at their disposal," said Gary Daniel, SVP SVP S'il Vous Plaît (French: Please)
SVP Senior Vice President
SVP Schweizerische Volkspartei (Swiss People~s Party)
SVP Society of Vertebrate Paleontology
SVP Social Venture Partners
SVP St Vincent de Paul
 & general manager, Credit Union Group. Many of our clients from recent acquisitions, like Evergreen Credit Union, are evaluating their options, the advanced products and services that Open Solutions offers, and are choosing to upgrade their technology infrastructure to better address their strategic needs and service their memberships."

"We saw Open Solutions' product demonstration, and were immediately impressed," said Tucker Cole, president 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 Evergreen Credit Union. "We are excited to be one of the first RDS clients to migrate to Open Solutions' The Complete Credit Union Solution. We saw this as an opportunity to grow as an institution. This is a pivotal year for us, and we believe that Open Solutions' will be key to helping us achieve our goals. We reviewed other data processing providers and determined that Open Solutions was the right choice for Evergreen. The company's open database design and structure was most attractive as we seek to better compete and simplify our systems and created greater efficiencies."

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.
 Evergreen, part of management's decision to migrate to Open Solutions stemmed from its goals to grow its business lending portfolio. With the adoption of Open Solutions' technology, the credit union can leverage more business lending opportunities. Along with The Complete Credit Union Solution, Evergreen has chosen to implement several of Open Solutions additional integrated product offerings to help them grow such as CRM/business intelligence, voice response, lock box, and the company's accounting suite.

Cole added, "Open Solutions' system design is incredibly powerful and when combined with the high caliber of complementary delivery systems available, Open Solutions provided even more compelling reasons to migrate. For example, small business lending is a great growth market for the credit union. Open Solutions' technology, unlike many current credit union legacy systems, includes all of the necessary functionality for member business services for both lending and deposit products. We want to make our small business members feel like big businesses, and we can now boost our ability to become even more entrenched en·trench   also in·trench
v. en·trenched, en·trench·ing, en·trench·es

v.tr.
1. To provide with a trench, especially for the purpose of fortifying or defending.

2.
 in those business relationships. I have worked in all areas of the financial industry -- large and small -- and it's important to have a good lending and deposit outlet for smaller businesses where decisions can be made in the branches of the communities we serve."

Open Solutions uses relational database relational database

Database in which all data are represented in tabular form. The description of a particular entity is provided by the set of its attribute values, stored as one row or record of the table, called a tuple.
 technology and has designed a solution that helps credit unions improve member relations. The company's suite of products and services was designed to enable financial institutions to retrieve detailed member information and gain a more complete picture of each member and the relationships they have with the institution. Evergreen wanted a technology solution that would help them streamline employees' workloads, enhance member services and grow with them.

"Like many institutions, we want to provide cost-effective electronic alternatives to our members while maintaining a high level of service, accuracy and member confidence," Cole said. "To operate better, smarter and faster, we are investing in technology that will help us achieve those initiatives, which in turn helps us prosper and grow as a credit union. Additionally, Open Solutions helps our staff to provide premier member service."

Louis Hernandez Jr., Open Solutions chairman and CEO, said, "Having Evergreen Credit Union remain a part of the Open Solutions' client family and selecting The Complete Credit Union Solution is a credit to our system architecture. We believe Open Solutions can help meet Evergreen's growth goals and its initiative to become a more aggressive small business lender. The credit union was 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 customizable, open platform that would allow more member interaction, increase accountability and improve efficiency. Our solution suite is designed to help credit unions better market to members while providing room for them to grow. We hope Evergreen will be one of many RDS clients who choose the option to migrate to newer technology because they see the advantages that our industry-focused solutions can give them in today's competitive marketplace."

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 cen·tral·ize  
v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es

v.tr.
1. To draw into or toward a center; consolidate.

2.
 Oracle(R) relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, item processing, Check 21, interactive voice response, and payment and loan origination 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.
 solutions. Open Solutions' full suite of products and services allows banks, thrifts and credit unions to better compete in today's aggressive 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.
 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
:This article is about the alcoholic beverage. For the computer scientist, see Shafi Goldwasser. For the Israeli soldier, see Ehud 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 Credit Union Solution(R) are registered trademarks of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright (C) 2005 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. 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 September 30, 2004, as filed with the Securities and Exchange Commission.

Editor's Note Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat.

Trained by D.
: For more information on Evergreen Credit Union, contact Tucker Cole, president, at (207) 854-5822 or tcole@evergreencreditunion.org.
COPYRIGHT 2005 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Feb 14, 2005
Words:1226
Previous Article:UBS Hosts 15th Annual Global Healthcare Services Conference.
Next Article:Cypress Bioscience Inc. to Present at Smith Barney Citigroup Small & Mid-Cap Conference.



Related Articles
Verity Credit Union Selects Open Solutions For In-House Data Processing; Account Flexibility, Reporting Capabilities and Open Architecture Influence...
Billion Dollar OmniAmerican Credit Union Selects Open Solutions For In-house Information Processing.
Open Solutions' Architecture Supports Linux; Open Relational Core Platform Adds Additional Choices for Financial Institutions.
Open Solutions Signs Five Credit Unions to Relational Core Data Processing Software Suite; Open Architecture and Heightened Product and Service...
Open Solutions Signs Vermont State Employees Credit Union to Relational Core Data Processing Software Suite.
Open Solutions Signs Five Minnesota Credit Unions to Relational Core Data Processing Software Suite; Open Technology Platform Produce Enhanced Member...
Oklahoma Employees Credit Union Selects Open Solutions' Advanced Technology to Address Their Growing Needs.
NRL FCU Selects Open Solutions to Better Serve Members; Progressive Credit Union Increases Functionality with New Open Architecture Capabilities.
Smart Financial Credit Union Selects Open Solutions' Relational Core Processing Suite; Fully Integrated Solution Fits Credit Union's Business Needs.
Beacon Credit Union Selects Open Solutions Relational Core Processing Suite; Flexible Technology Will Allow Credit Union to Better Serve Seasonal...

Terms of use | Copyright © 2009 Farlex, Inc. | Feedback | For webmasters | Submit articles