IMAGE TECHNOLOGY DELIVERS "TRIPLE WIN" AT LIBERTY BANK

AVON, CT October 21, 2003 - Last February, COCC announced a multi-year agreement to provide next generation check and statement image processing services to Liberty Bank, a $2 billion savings bank headquartered in Middletown, Connecticut. Today, the bank says its decision is a "triple win."

"We won on technology, we won on price, and we won for the customer," said Liberty's Robert Hoppenstedt, Executive Vice President, Personal Banking. "We immediately increased our operating efficiency through the use of COCC's bank-wide image research, statement printing, and postage saving capabilities. Since the conversion, we are saving $30,000 to $40,000 per month. We expect to save even more when we go to image statements in January."

Liberty Bank is utilizing COCC's all image platform which provides on-line access to check images at every stage of item processing. These services include comprehensive proof and transit, check clearing and return services, as well as statement printing and rendering. The bank currently processes its accounts using an in-house Aurum system and outsources its check processing operation to COCC.

"We had all heard the disasters of converting item processing," said Hoppenstedt. "This was business as usual - very, very smooth. Operationally, we changed very little, but we freed an hour or two in daily teller balancing, and cut our reconciliation time in half. The staff is very pleased."

The bank also reports strong efficiency gains in check research. "Having check images available throughout the bank has been a major service enhancement," said Robin Fujio, Vice President, Manager, Consumer and Small Business Services and Operations. "When a customer requests a check copy, we're able to touch the customer once, call up the image and get a print. It's much easier and faster than before. On-line image research is also great for high dollar items and signature verification."

COCC now prints and renders statements on two Nipson, single engine duplex printers for Liberty Bank, freeing up the bank's mainframe computer system for other tasks and reducing postage costs. In November, Liberty will introduce image statements to its customer base. The bank expects to save an additional 10 percent in postage costs as a result of the change.

"Liberty Bank's path of using check imaging throughout its operation prepares them nicely for the efficiencies we anticipate from the recent Check 21 legislation," said Anthony Doucette, COCC's Vice President - Document Processing. "We are pleased to work with Liberty to realize the efficiencies and savings as well as a long term relationship through good customer service."