FREEDOM CREDIT UNION SELECTS COCC FOR DATA PROCESSING PARTNERSHIP

AVON, CONNECTICUT – MARCH 15, 2005 – COCC, a mutually-owned provider of next generation data processing services for financial institutions, today announced that Freedom Credit Union has agreed to a data processing services partnership. With more than 22,500 members and $285 million in assets, Freedom Credit Union selected COCC from a field of six core technology providers as the best partner to support its growth strategies.

“We are excited about our partnership with COCC,” said Freedom Credit Union’s President and CEO, Barry F. Crosby. “We were impressed by the breadth and quality of COCC’s solutions as well as its ability to integrate them into a cost-effective service platform. COCC’s comprehensive suite of advanced technology solutions and outstanding support are the right combination to take our credit union forward.”

Under the terms of today’s agreement, Freedom Credit Union will use COCC’s account processing, electronic banking, network management, statement image processing, Oracle^® Financials and disaster recovery services. All of these solutions utilize next generation, open architecture for maximum integration and efficiency.

Open architecture at the heart of an institution’s technology infrastructure is key to its continued success. Once in place, systems such as anti-money laundering and fraud prevention can be added easily into the open platform.  Open architecture eliminates the need for institutions to ‘bolt on’ additional middleware solutions to accommodate the new functions, which is why cost-effective, rapid service deployment strategies begin with an open core platform. 

“COCC really gives us the ideal platform for every aspect of information technology,” said Crosby. “They are one of the fastest growing data processors in our area because of their integrated service delivery and their cooperative ownership structure. We like the fact that COCC is member-owned. In these days of mergers, it’s comforting to know that the company’s future direction is decided by the people who use its services.”

Freedom Credit Union has also grown rapidly in the past nine months when it expanded from one branch to three and increased its staff from 40 to 55 employees. Freedom’s Senior Vice President of Operations, Dean Stroshine, emphasized the credit union’s need for a single, high quality source of technology services with the mindset to support that growth.

“A single technology source lets us focus on member services and growth,” said Stroshine. “COCC’s advanced technology encourages product integration, ensuring that Freedom will respond faster to member needs and execute more efficiently to keep overall costs down. That will drive further growth in our service area.”

Freedom’s growth strategy involves a large number of Select Employee Groups or SEGs. The credit union visits its SEGs regularly to counsel members and offer additional services. With more than 150 SEGs, service efficiency and short time-to-market are critical to winning and keeping members.

“The automation made possible by COCC’s implementation of the Open Solutions’ core processing platform is outstanding,” said Stroshine. “From teller processing to loan servicing, COCC has the winning formula. And while Open Solutions is the most advanced core platform available, COCC’s top-notch systems surrounding the Open Solutions core give us a clear-cut advantage.”

Stroshine also cited COCC’s excitement as a factor in Freedom’s decision. “Our staff was truly impressed by the quality of COCC’s presentation, the depth of expertise, and the willingness to understand our needs. We are looking forward to experiencing COCC’s support first hand.”

“Our company is absolutely thrilled to welcome Freedom Credit Union to our client community,” said COCC’s President and CEO, Richard A. Leone. “Today’s agreement brings next generation technology and service to an outstanding financial institution. We know that our partnership translates to growth for both organizations as well as outstanding financial services throughout Freedom’s service area.”

About Freedom Credit Union

Freedom Credit Union was originally chartered in 1922 as Western MA Telephone Workers Credit Union. Starting in an office in the telephone company's building, the credit union has grown to three locations and $285M in assets. With the reorganization and downsizing of the telephone company, the credit union expanded its Select Employee Groups to include companies in Massachusetts’ Hampden, Hampshire, Franklin and Berkshire Counties. Additionally, the credit union converted to a community charter in January 2001. The bell in Freedom’s logo and the slogan “communication is our foundation” represent the credit union’s roots with the telephone company. For more information, please contact Barry Crosby at bcrosby@freedom.coop or at 413.750.5744.