Printer Friendly

THE BANK OF BALTIMORE ENTERS OUTSOURCING AGREEMENT WITH MELLON INFORMATION SERVICES

 THE BANK OF BALTIMORE ENTERS OUTSOURCING AGREEMENT
 WITH MELLON INFORMATION SERVICES
 BALTIMORE, Oct. 29 /PRNewswire/ -- The Bank of Baltimore, principal subsidiary of Baltimore Bancorp (NYSE: BBB), today signed a five-year outsourcing agreement with Mellon Bank Corporation (NYSE: MEL), Pittsburgh, for the majority of the bank's data processing activities to be supported by Mellon Information Services.
 Alan M. Leberknight, chief executive officer and president of The Bank of Baltimore, said, "With an early understanding of the potential cost savings and service benefits that outsourcing can produce, we launched a study of the bank's hardware and software technology and began to explore the alternatives. After months of evaluations and negotiations, we have secured data processing capabilities which are completely state-of-the-art, while cutting our DP costs nearly in half and ensuring the ability to support highly competitive products and enhanced customer service."
 Under the terms of this outsourcing agreement, certain internal functions, chiefly data processing and supporting software systems, will be transferred to Mellon. Cost savings will be realized through the elimination of investments in excess capacity, obsolete equipment and outmoded computer software. In addition to achieving savings which are expected to increase to nearly $3 million a year by 1994, The Bank of Baltimore will be positioned to compete effectively with financial institutions of any size through the new data processing support provided by Mellon Information Services.
 "This agreement demonstrates the advantages we offer financial institutions of all sizes," said William F.X. O'Neil, head of Financial Institution Outsourcing for Mellon Information Services. "The range and flexibility of our services, combined with Mellon's technical superiority and continuous research and development, enable us to provide a 'single-source solution' for organizations like The Bank of Baltimore that want cost-effective delivery of a comprehensive array of banking products and services," he explained.
 As part of the agreement, Mellon Information Services will take over The Bank of Baltimore's existing data processing operation until the conversion process is completed in mid-1993. Of the bank's 59 employees who currently work in data processing, 45 will be offered employment by Mellon with comparable salary and benefits, and 14 have been retained by The Bank of Baltimore.
 Mellon Information Services offers information-based services ranging from customized outsourcing solutions to trust accounting, EFT networking, and securities transfer and brokerage services. With assets of approximately $30 billion, Mellon Bank Corporation is a major superregional bank holding company. Through its subsidiaries, it provides wholesale, retail and middle market banking as well as numerous service products including trust and investment, cash management and private client services.
 Baltimore Bancorp is a $2.7 billion Baltimore-based bank holding company. Its principal subsidiary, The Bank of Baltimore, founded in 1818, operates 47 branches within the Baltimore-Washington Common Market.
 /delval/
 -0- 10/29/92
 /CONTACT: David L. Spilman, treasurer and director of investor relations of Baltimore Bancorp, 800-722-8823, or Debra DeCourcy of the corporate affairs group of Mellon Bank, 412-234-5873/
 (BBB MEL) CO: Baltimore Bancorp; Mellon Bank Corporation ST: Maryland, Pennsylvania IN: FIN PUB SU:


MK-LJ -- PH036 -- 6690 10/29/92 14:59 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 29, 1992
Words:506
Previous Article:SYNTEX'S FISCAL 1992 ANNUAL REPORT NOW AVAILABLE; MANAGEMENT DISCUSSES CERTAIN EFFECTS OF OCTOBER 21 COST-REDUCTION ANNOUNCEMENT
Next Article:SCRIPT SYSTEMS INC. SIGNS MAJOR OPHTHALMOLOGY CONTRACT
Topics:


Related Articles
THE BANK OF BALTIMORE ENTERS OUTSOURCING AGREEMENT WITH MELLON INFORMATION SERVICES
Reynolds and Reynolds Expands Relationship with Mellon Bank.
Mellon Global Cash Management(SM) Offers New Data Exchange Workstation.
Mellon Wins Comprehensive Outsourcing Mandate for TCW; Mellon's Global Securities Services Group to Serve as Support Services Provider.
Mellon Global Cash Management Offers Whitepaper Series For Financial Institutions Interested In Private-Label Outsourcing.
Mellon to Acquire SourceNet Solutions, Inc.
Mellon Enterprise Cash Management Schedules Free Cyberconference on Remote Check Capture.
Mellon Enterprise Cash Management Schedules Free Cyberconference on Innovations In Consumer Receivables.
Mellon Enterprise Cash Management Schedules Free Cyberconference on Combating Payment Fraud.
Mellon Enterprise Cash Management Schedules Free Cyberconference on Private- Label Outsourcing.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters