Cocc AND BANKERS' BANK NORTHEAST FORM ALLIANCE FOR IMAGE SETTLEMENT OPTIONS

AVON and Glastonbury CT, February 11, 2009 – COCC, the region’s leading provider of next generation technology services for financial institutions and Bankers’ Bank Northeast (BBN), a leading provider of correspondent services, today announced an alliance to deliver image cash letters from COCC’s client institutions for settlement to BBN. The strategic alliance introduces additional image presentment options for COCC clients plus access to Bankers’ Bank Northeast’s OnWe® Network for local, regional and national presentations.  

“Today’s agreement broadens COCC’s commitment to continuous service improvement even in areas where we already lead the industry,” said Richard A. Leone, President & CEO at COCC. “Our clients who maintain correspondent relationships with Bankers’ Bank Northeast will value this new image settlement option as well as the ability to clear locally to keep costs down. We are very pleased to offer this new image clearing option so that our clients can have the maximum flexibility in their technology services.” 

Bankers' Bank Northeast shares COCC’s commitment to service and innovation. As one of 20 Bankers' Banks nationwide, they have built a solid franchise based on doing business with over 200 client banks throughout New England and New York. Established in 1998, Bankers' Bank Northeast offers a variety of correspondent banking services to investor and non-investor client banks. 

COCC finished 2008 with all checks – outgoing, inclearing, returns and adjustments – processed as images. The company has continued its check imaging success by installing new automation features that save an hour or more of check processing work for every client every day.  

“Our two companies share a common philosophy of corporate ownership,” said Peter J. Sposito, President & CEO at Bankers’ Bank Northeast. “We are owned and directed by community banks; they want to settle their cash letters with the bankers’ bank that they own.”  

Mr. Sposito explained that COCC clients who utilized the service would automatically become part of its OnWe Network^® in New England and New York. This image network enables BBN client banks to present and receive items to and from banks locally and nationally. “While national image clearing networks, such as SVPCO, concentrate on large bank presentations, Bankers’ Bank’s OnWe^® focuses on large volumes from local banks across the street.” he said.