Jack Henry Supports TruStone Financial Credit Union Through Merger of Scale
Jack Henry & Associates
Credit union relies on strategic guidance and expertise of partner, becoming the second-largest credit union in Minnesota and one of the top 100 in the U.S.
Monett, Mo., August 10, 2021 – Jack Henry & Associates, Inc.® (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its Symitar® division today announced that TruStone Financial Credit Union is leveraging its open technologies to maintain a personal touch with members throughout its merger and beyond.
Previously operating as TruStone Financial Credit Union and Firefly Credit Union, the credit union merger integration was completed in March. The credit union uses Symitar’s core as well as the Banno Digital Platform™, inclusive of payments and other complementary features. Leveraging Jack Henry’s technology was a critical component in the transition. TruStone serves on Banno’s Customer Advisory Board and participates in pilot and beta testing.
Dale Turner, president and CEO of TruStone, said, “It’s clear that Jack Henry considers feedback and strategic direction when innovating on behalf of their clients, which was an influencing factor for our decision to partner withthem throughout the merger and into the future of our credit union. This merger was a huge milestone in the history of our credit union and we needed a partner who can support the needs of our business as well as our members with modern technology. We are confident in working witha partner who is proven to listen, value our business, and constantly innovate on our behalf.”
Firefly was previously on a competitor’s core before the merger, but the newly merged credit union decided to continue its relationship with Jack Henry because of the immediate efficiency gains and established infrastructure. TruStone was also already leveraging the Banno Digital Platform; now that the merger is complete over 100,000 members benefit from this digital experience. Not only will members enjoy better feature functionality such as live, secure human chats and faster speeds, including the app-launch-to-transaction view of 1-2 seconds, as well as human-centered digital banking experiences, but will have direct and open access to popular third-party applications.
Turner added, “We’ve learned many lessons during Covid-19 about rapid adoption and use of digital services. Dynamic systems are table stakes – we need to be quick and responsive to a rapidly evolving digital landscape.”
Shanon McLachlan, vice president of Jack Henry & Associates and president of Symitar, said, “Mergers can be challenging regardless of the circumstance, and this merger was the largest of its kind in credit union history. We’re honored that TruStone and Firefly trusted our decades of experience to make the transition as seamless as possible. This time is often when partnerships are re-evaluated, but for us, it’s a true testament to the strength of our relationships and the value our technology brings to both the institution and its members. We look forward to growing our relationship with TruStone and continuing to support their journey.”
Symitar, a division of Jack Henry & Associates, Inc.®, is the leading provider of integrated computer systems for credit unions of all sizes. Symitar has been selected as the primary technology partner by more than 700 credit unions, serving as a single source for integrated, enterprise-wide automation and as a single point of contact and support. Additional information is available at www.symitar.com.
About Jack Henry & Associates, Inc.
Jack Henry (NASDAQ:JKHY) is a leading provider of technology solutions primarily for the financial services industry. We are an S&P 500 company that serves approximately 8,500 clients nationwide through three divisions: Jack Henry Banking® supports banks ranging from community banks to multi-billion-dollar institutions; Symitar® provides industry-leading solutions to credit unions of all sizes; and ProfitStars® offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry. With a heritage that has been dedicated to openness, partnership, and user centricity for more than 40 years, we are well-positioned as a driving market force in future-ready digital solutions and payment processing services. We empower our clients and consumers with the human-centered, tech-forward, and insights-driven solutions that will get them where they want to go. Are you future ready? Additional information is available at www.jackhenry.com.
Statements made in this news release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company’s financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements. Finally, there may be other factors not mentioned above or included in the Company’s SEC filings that may cause actual results to differ materially from any forward-looking information.