We Wanted Innovation

PEOPLE'S BANK SELECTS COCC FOR CHECK PROCESSING PARTNERSHIP

AVON, Conn. October 12, 2006 — People’s Bank of Bridgeport, Conn. has selected COCC for a technology partnership that will provide leading edge check image technology and processing services to the $11 billion bank. This partnership makes  COCC the largest check processor in Connecticut, handling more than 14 million items per month, and will raise the company’s overall revenue by approximately 8%.

“Transferring our check processing operations to COCC will enable our bank to deliver leading edge check imaging technology to our customers,” said Patricia A. Manion, Senior Vice President – Direct Banking and Operations at People’s Bank. “At the same time, we gain the many benefits of COCC — a company that is recognized as an industry leader in check and image processing, and which values teamwork. We are looking forward to a long and rewarding partnership.”

COCC will take over People’s Bank’s check processing operations. Most of the bank’s check processing-related staff will become employees of COCC and transfer to COCC’s new Bridgeport location to service People’s Bank, People’s correspondent banks and other COCC bank customers.

“This is a great move for any depository institution looking to take advantage of the new check image exchange technologies,” said Joseph D. Lockwood, Chief Technology Officer at COCC. “From paperless processing to electronic fraud protection, check image processing is the way to go. People’s Bank, Connecticut’s best-known innovator in financial services, has once again put itself on a path to the future.”

It’s also a great move for COCC. The company has grown considerably under the leadership of Richard A. Leone who became president in 2001. Since that time, COCC has migrated its entire client base to an open core platform and expanded that client base by 50%. The company was awarded a Business Champion Award by the Metro Harford Alliance and received a Connecticut Fast 50 award for its 11% revenue growth in 2005.

COCC is pleased to be working with one of Connecticut’s leading financial institutions,” said Lockwood. “Our partnership with People’s Bank will give them detailed workflow and financial models, state-of-the-art technology, and the most responsive, knowledgeable staff available anywhere.

COCC has presented its workflow and financial models at numerous industry conferences. More importantly, these models and are in place and working at 30 client sites today.

“We like the quality of COCC’s service and their creativity in developing solutions that work for People’s Bank,” said Ms. Manion. “We are especially pleased to choose a Connecticut company with deep roots in the state. This partnership highlights the quality and innovation of Connecticut’s business community.”