lake national bank selects cocc for technology partnership
 

AVON, Conn., May 19, 2009 – COCC, a leading provider of next generation technology services for financial institutions, is pleased to announce that Lake National Bank of Mentor, Ohio has selected COCC for a long term technology partnership. The bank, which opened as a denovo in January, 2005, has grown by 800% since then. In selecting COCC, Lake National expects to stimulate further growth with next generation products and cost-effective automation capabilities.

“Lake National Bank is looking to further solidify its position in the market,” said Richard T. Flenner, Jr., President and CEO, Lake National Bank. “With growing demand in Ohio’s Lake County for targeted products that simplify business and consumer banking, we knew that COCC’s next generation technology and mutual ownership structure would enable us to continue our strong growth in the most cost-effective manner.”

Founded by several of Mentor’s most prominent businessmen, Lake National Bank answers the need for local community banking in Lake County with its population of 50,000, abundance of small businesses, and one of the highest savings rates in Ohio. A combination of attractive product pricing and easy access to the bank’s senior officers has expanded the bank from a fledgling denovo only four years ago to a robust competitor in the local market for financial services.

“Our growth has increased the need for efficiency as well as sophistication,” explained Andrew Meinhold, Chief Operating Officer for Lake National Bank. “Today’s business customers want many of the Internet banking features they now enjoy through their consumer accounts. At the same time, our bank has to comply with more regulations, track its performance, and find business opportunities within our customer and demographic data. Our future success all boils down to productivity.”

Converting to COCC will enable Lake National to automate many of its compliance, accounting, and customer management activities. Currently separate systems, such as safe deposit, consumer and commercial loans, will become part of the entire customer’s profile which the staff can easily view and manage using COCC’s .Net technology.

“COCC’s comprehensive views of each customer’s relationship will improve our understanding of customer needs,” said Mr. Meinhold. “The same holds true with electronic reporting. Our staff will gain access to more of the information they need, making them more productive and better able to develop and manage our service strategies.”

Beyond COCC’s product and service advantages, Meinhold said the company speaks the bank’s language. “The other vendors we reviewed seemed to emphasize the technology,” he said. “But COCC’s people do a good job translating what bankers need into action. As a banker who wants to do banking more than IT, this works for me. Their .Net core system, their success with Oracle Financials and remote deposit will help us improve our efficiency by capitalizing on our respective expertise.”

Mr. Flenner also expressed confidence that COCC’s mutual ownership and service imperative will make a big difference for the bank. “COCC has a different impetus than the stock companies,” he said. “With customers as owners, we will be getting more responsive, conscientious customer service.”