city of boston credit union selects cocc for technology partnership

AVON, Conn., January 31, 2008 – COCC, the region’s leading provider of next generation technology services for financial institutions, today announced that City of Boston Credit Union has selected the company for a long term technology partnership.  The growing credit union will expand its product line and increase efficiency as a result of COCC’s comprehensive approach to financial technology.

“For years, I have heard about COCC’s commitment to service and the cooperative ownership structure that maintains service as the company’s top priority,” said Daniel G. Trombley, Chief Executive Officer at City of Boston Credit Union. “Now our members will see the benefits of COCC’s next generation service and technology in the form of new products and more efficient handling of their every day banking needs.”

Established in 1915, City of Boston Credit Union is one of the oldest credit unions in the United States. Recently, the credit union has obtained a community charter and will serve members living in Norfolk and Suffolk counties in addition to employees of Boston’s city government. A commitment to prompt, convenient, value-priced financial services  has driven the credit union’s considerable growth over the past 10 years. Since 1997, City of Boston Credit Union has increased its membership by 23% to 18,600 members and its assets by 125% to $213M.

The credit union currently offers online banking, debit cards and safe deposit services as well as the more traditional loan and deposit products, youth accounts and home heating assistance loans. Increasing complexity, the need for more loan products and greater integration between all the credit union’s service channels were major reasons behind the decision to replace the core processing system.

Mr. Trombley said that he was impressed by the smooth operation of other Massachusetts credit unions that use COCC technology, “particularly the online banking and e-statements, really everything about the relationship,” he said. “When it came time for us to review our technology options, I contacted one of COCC’s clients for an in depth conversation which eventually led to today’s announcement.”

City of Boston Credit Union now looks forward to having a single, responsible partner to handle all aspects of its technology operations. “Today’s technology involves a broad spectrum of specialties, from core processing to checks, networks, security and more,” said Trombley. “It’s far too easy for one vendor to point his finger at another. With COCC, we get a partner who takes responsibility for everything that happens.”

The credit union will be using electronic forms in place of pre-printed paper forms, e-statements, check images that members can print from their online banking pages, plus incentives to get his membership to take greater advantage of today’s more efficient technologies.

“The corporate structure at COCC is another big plus for us,” said Trombley. “Being an owner and seeing that the Board of Directors consists of users gives me confidence in the direction of the company. They’re going to make decisions that will benefit everyone in the cooperative.”