A Common Vision

liberty bank selects cocc for technology partnership
 

AVON, Conn., April 23, 2009 — COCC, a leading provider of next generation technology services for financial institutions, is pleased to announce that Liberty Bank of Middletown, Connecticut has selected COCC for a long term technology partnership. The bank’s decision will replace its long standing in-house core banking operation with COCC’s outsourcing service, a move that is becoming the more cost-effective approach throughout the banking industry. With $2.8 billion in assets, Liberty Bank is the fourth largest bank headquartered in Connecticut.

“We are pleased to partner with COCC, a company whose commitment to service, innovation and partnership is second to none,” said Chandler J. Howard, President and Chief Executive Officer at Liberty Bank. “Our choice of our technology partner is critical to our plans for growth through service innovation. With today’s announcement, our bank has taken a major step in support of our constant efforts to deliver the highest quality customer experience.”

Liberty Bank engaged in an extensive search for a technology partner that shares the bank’s passion for providing best-in-class products, services and security. For more than a year, the bank compared the capabilities of technology vendors nationwide to deliver a true partnership with growth potential, operational efficiency, and state-of-the-art products that would power the bank into the future.

“COCC absolutely rose to the top,” said Mr. Howard. “Their advanced technology is only one piece of the equation. They also have the right people behind the technology to make  a real difference in our business. COCC understands the importance of client relationships and has a history of working closely with mid-sized banking institutions to deliver the desired results with maximum efficiency.”

Liberty Bank’s focus on customer  relationships will require extensive technology  integration combined with exceptional sales tools to deliver the products and services required for growth in this highly dynamic market.

Barry Abramowitz, Chief Information Officer at Liberty Bank, said, “This market is faster-paced and more dynamic than any I have seen in my career. Responding to this market in a cost-effective way requires technical expertise and partnership to enable us to continue our strategic growth plans. COCC, with its .NET core technology and best-of-breed strategic solutions, is well-positioned to meet the bank’s requirements for product strength and cost containment.”

Automation of key tasks throughout the bank is an important element of the COCC solution. The company has a track record of helping financial institutions increase market share without equivalent additions to staff and systems – a fundamental tenet of cost effective growth.

“With COCC, the bank can focus on maximizing system utilization and functionality rather than managing day-to-day core systems operations,” said Mr. Abramowitz. “This will allow us to focus on delivering enhancements to customer services and product offerings while increasing our efficiencies and providing increased growth capacity.”

COCC and Liberty Bank have begun the process of system conversion which has been scheduled for mid-2010. This will provide time for process improvement and the promotion of a ‘best practices’ environment to fully leverage the advanced features of COCC’s open technology platform.