SAVINGS INSTITUTE GOES LIVE WITH COCC'S IMAGE EXCHANGE SOLUTION TO THE FEDERAL RESERVE

AVON, CONNECTICUT – APRIL 28, 2005 — COCC, a leading provider of next generation technology services for financial institutions, began exchanging check images with the Federal Reserve Banks on behalf of $603M Savings Institute Bank and Trust of Willimantic, CT on April 26. Savings Institute is taking full advantage of the Reserve Banks’ FedForward^SM Image Cash Letter Deposit service by depositing all eligible items as images with the Fed.

“This is a huge win for our customers and for our bank,” said Savings Institute’s Donna Irish, Savings Institute’s Vice President – Operations. “COCC has moved us to the forefront of customer service with proven technology and rock solid savings. They thought through the process and presented a winning solution.”

Ms. Irish explained that the new image exchange process provides a number of benefits day one and further benefits as the image exchange volume ramps up later this year. “Day one, we eliminate all holdover, increase next day availability to virtually 100%, and meet the Fed’s earliest cutoff - 8 p.m., regardless of weather or traffic,” said Irish. “In the near future, we will reduce our per item costs as electronic receivers of images come on-line.”

At this early stage in image exchange implementation, the Federal Reserve Banks are presenting all of Savings Institute’s outgoing items as substitute checks. As financial institutions sign up for image receipt, the substitute check volume will decrease, reducing costs for early adopters such as Savings Institute. The bank will continue to consider additional image exchange vendors, particularly Endpoint Exchange, as image volume increases.

In the meantime, Ms. Irish said that Savings Institute is deploying image capture devices in all 15 of its branches with the goal of being all image by May month-end. “We will dramatically reduce our courier runs and our balancing tasks by making this change,” said Irish.

COCC developed a detailed analysis of Savings Institute’s item processing operation to show the bank what changes needed to be made and where the operational savings would be found. In preparing the analysis, COCC reviewed all intelligent clearing options with the bank to ensure best clearing, availability and pricing options. With that information, COCC compared current and image check processing costs so that the bank could calculate the economic advantages of image exchange. Installation, licensing and per item operating expenses are included in this robust analysis.

“The COCC team has done a phenomenal job of identifying procedures, listening to our ideas, and implementing a cost effective plan,” said Irish. “We both learned a great deal, and as a result, COCC has a strong product to offer the image processing marketplace.”

Betsy Didan added, “We have gone far beyond branch image capture to processes such as image reject repair, adjustments, image quality assurance, reconciliation and settlement.  Many more components are required for true end-to-end image processing than most vendors or financial institutions realize. Our clients need to understand exactly how this process affects their workflow and how it will impact their bottom line.”

The Federal Reserve Banks’ implementation team was also pleased with the quality of COCC’s detailed preparations for image exchange. James McNealy, Account Executive at the Federal Reserve Bank of Boston, said, “We are very happy to add COCC to our family of third-party processors using the FedForward service. We look forward to implementing additional COCC customers throughout New England and the rest of the country.”