Printer Friendly

SOCIETY FOR SAVINGS BANCORP AND FISERV ANNOUNCE MAJOR RESOURCE MANAGEMENT DEAL TO CUT COSTS, PRESERVE HARTFORD JOBS

 SOCIETY FOR SAVINGS BANCORP AND FISERV ANNOUNCE MAJOR RESOURCE
 MANAGEMENT DEAL TO CUT COSTS, PRESERVE HARTFORD JOBS
 HARTFORD, Conn., July 29 /PRNewswire/ -- Society for Savings Bancorp, Inc. (NASDAQ: SOCS) of Hartford and FIserv, Inc. (NASDAQ: FISV), a Wisconsin-based data processing and information management service, jointly announced today an agreement for FIserv to take over all data processing operations for the bank. The agreement will provide significant savings to Society, while preserving jobs for Hartford area employees.
 Society for Savings will turn over its internal data processing operations effective Aug. 1, 1992. The bank serves over 220,000 customer accounts through 19 retail branches.
 "With FIserv we are aligned with a company and a capability that is unique within our industry," commented Lawrence Connell, president of Society for Savings. "They will provide us with the capacity to meet our immediate requirements and the flexibility to increase our service to our communities. We are especially pleased with the opportunity to have our people stay in the Hartford area and continue to work with our bank as employees of FIserv. We look forward to their contributions to our success as we continue to grow in the future."
 "The long-term service agreement is expected to generate revenues for FIserv, while providing a significant savings for the bank," said Leslie M. Muma, president and chief operating officer of FIserv, Inc. "As of Aug. 1, the data processing division of the bank will become employees of the FIserv Hartford Center, adding to our depth in professional experience at this center."
 Established in 1819, Society for Savings has 19 offices in the Greater Hartford region with over $2.0 billion in assets. Fidelity Acceptance Corporation, a subsidiary of the bank, operates out of 102 offices and is engaged in consumer lending in many parts of the United States.
 -0- 7/29/92
 /CONTACT: Robert Beggs Jr., senior vice president and corporate secretary of Society for Savings, 203-727-5480/
 (SOCS FISV) CO: Society for Savings Bancorp, Inc.; FIserv, Inc. ST: Connecticut, Wisconsin IN: FIN SU:


GK-KW -- NY042 -- 4553 07/29/92 11:10 EDT
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:Jul 29, 1992
Words:345
Previous Article:CONVEX, THE LEADER IN VISUAL SUPERCOMPUTING, SUPPLIES SUPERCOMPUTER POWER TO SIGGRAPH SHOWCASE
Next Article:WESTERN DIGITAL REPORTS FOURTH QUARTER EARNINGS
Topics:


Related Articles
SOCIETY FOR SAVINGS NAMES CONNELL PRESIDENT, CHIEF EXECUTIVE OFFICER
SOCIETY FOR SAVINGS TERMINATES EXPLORATION OF SALE OF COMPANY
BANK OF BOSTON REACHES DEFINITIVE AGREEMENT TO ACQUIRE SOCIETY FOR SAVINGS
BANK OF BOSTON REACHES DEFINITIVE AGREEMENT TO ACQUIRE SOCIETY FOR SAVINGS
SOCIETY ANNOUNCES SPECIAL SHAREHOLDERS MEETING
DATATRONIX FINANCIAL SERVICES REACHES AGREEMENT IN PRINCIPLE TO BE ACQUIRED BY FISERV INC.
SOCIETY SHAREHOLDERS APPROVE MERGER AGREEMENT
SOCIETY FOR SAVINGS ANNOUNCES FEDERAL RESERVE APPROVAL FOR MERGER WITH BANK OF BOSTON
SOCIETY FOR SAVINGS ANNOUNCES FEDERAL RESERVE APPROVAL FOR MERGER WITH BANK OF BOSTON
Mellon and Fiserv, Inc. Announce Health Savings Account Alliance.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters