Cocc TOPS RECORD 2008 WITH technology ADVANCES

AVON, Conn., February 4, 2009 — COCC, the region’s leading provider of next generation technology services for financial institutions, today announced record revenue and client satisfaction for 2008 with further success already unfolding in early 2009. Overall revenue increased by 9% to a record $59.5 million while average client ratings were firmly in the excellent range for the 23^rd consecutive quarter. Late last year, COCC successfully upgraded its largest client to its new .Net account processing platform, extending the company’s lead in technology achievement.  

“By any measure, 2008 was an exceptional year,” said Richard A. Leone, President and CEO. “We increased market share, raised our already strong client ratings, and capitalized on our open architecture to deliver the most advanced .Net account processing solution in the business. I am very proud of the excitement and energy at our company which continues to raise the bar on client support. This commitment to service is making COCC the premier provider of technology services in the Northeastern U.S.” 

Since Mr. Leone became COCC’s President and CEO in 2002, the company has nearly doubled its revenue and client base while consistently earning excellent client satisfaction ratings. The company has tripled the number of products offered to financial institutions, expanded its service footprint to Illinois, New Jersey, Ohio, Pennsylvania and Tennessee, and become the largest independent check image processor in New England. COCC also won its first award from the Connecticut Quality Council, appeared on the Inc. 5000 list, and was named to the American Banker’s FinTech 100 for the fourth consecutive year. 

“COCC has really come into its own,” said Mr. Leone. “We have always had a great franchise based on client ownership and continuous investment in technology improvements. Many companies celebrate their earnings increases, but COCC is unique in celebrating excellent client ratings as well, for they truly measure our success. With our open platform and strategic products, we have extended the reach of our service model, enabling us to truly realize our potential.” 

In 2008, COCC increased its account processing clients by 12, ending the year with a 170 financial institution clients. The company also sold 274 strategic products in 2008, which included business intelligence, communications, electronic banking, financial management, payments and risk management solutions.  

Mr. Leone drew attention to the successful upgrade of COCC’s largest client, HarborOne Credit Union, to the .Net version of COCC’s core account processing system. Leone characterized the upgrade as the crowning achievement in the company’s three year development effort to rewrite the core account processing system that has set the standard for open core architecture in the financial industry. 

“Here we are, co-developing the rewrite of a system that is only 15 years old when much larger vendors have yet to rewrite their 35 year old systems,” said Mr. Leone. “Which company is going to have the most advanced features? Obviously, it’s COCC.” 

Clients also responded to COCC’s call for 100% check image processing by year end 2008. “We took an early lead in the financial industry’s conversion from paper to image exchange, and we never let up,” said Joseph D. Lockwood, COCC’s Senior Vice President and Chief Technology Officer. 

COCC finished the year with all checks – outgoing, inclearing, returns and adjustments – processed as images. The company is continuing its check processing innovations with new automation features that save an hour or more for each client every day. For her work implementing these check image solutions, Betsy Didan, Assistant Vice President – Document Processing, was named a finalist in the Connecticut Technology Council’s Women of Innovation competition.   

The company also increased its sales of risk management, business intelligence, and secure connectivity solutions. Steve Kayser, Senior Vice President and Chief Marketing Officer, said that efficiency has become more important than ever in the current economy, “where technology delivers a financial institution’s greatest gains in productivity. COCC’s best-of-the-best technology solutions simplified the decision-making process for our clients and gave us an excellent year.”