A Vital Step in Growing the Bank

UNITED-AMERICAN SAVINGS BANK SELECTS COCC FOR DATA PROCESSING PARTNERSHIP

“Converting to COCC is a vital step in growing the bank, increasing its profitability and keeping our customers happy,” said Wayne H. Freed, President and Chief Executive Officer of United-American Savings Bank. “We wanted a technology provider that could reduce cost, improve workflow, and enhance our services. COCC not only met these objectives, it exceeded them. There is no doubt in my mind that we made the right decision.”

United-American has distinguished itself in Pittsburgh’s thriving South Side with 23% asset growth since last year and innovative products that have inspired the market. Mr. Freed explained that the bank had few checking products and plenty of passbooks prior to his arrival in 2004. Since then, United-American has revamped its product line to grow its non-interest bearing deposits and increase lending volume while pursuing the local business community with statement savings and a unique merchant services program.

“Growth is very important to United–American,” said Freed. “We have increased our print and broadcast advertising to build awareness of the bank’s brand. By next year, we fully expect to have expanded to new locations in the greater Pittsburgh area. That’s why state-of-the-art technology is so important.”

Freed explained that technology will help the bank adapt its workflow to evolving needs. “COCC will enable us to scan customer information into the system from driver’s licenses, view signature card information on-line, capture and process checks electronically, and provide e-statements to our home banking customers,” he said. “We will also improve staff access to information so we can pull finished reports from the system instead of transposing and recalculating figures. All of these technologies are examples of what COCC is doing today that everybody else is still working on.”

Beyond COCC’s technology, Freed cited the company’s mutual ownership structure as a strong motivation for the bank’s decision. “Being able to own shares in COCC and have a voice in our technology future is a big plus,” said Freed. “We are deeply involved in the Greater Pittsburgh community; we wanted our technology vendor to be equally involved with us.”

COCC has received high marks from independent consultants on the completeness of its platform and strong culture of support. In his Automation in Banking 2006 report, Arthur Gillis wrote: “COCC represents about as much of the “perfect model” as any Yale professor might create if he were writing the text book on bank outsourcing. But these guys do the job every day and their customers give them very high grades. I spoke to one of them about overdraft banking privilege, and what impressed me was the fact that this solution is a partnered product, but it was COCC that delivered it to the satisfaction of the bank. And the proof is in the company’s performance.”

United-American will begin preparations for conversion immediately. First tasks involve selecting electronic forms to replace the paper receipts, signature cards and new account forms that fill bank closets. COCC will assist United-American with a thorough review of its products, customer data, communications, check processing services, general ledger and more. Training takes place on site using the bank’s data in test mode. The result is thorough preparation for everyone from the tellers to the president.

“We are particularly pleased whenever a fast growing bank with fresh ideas selects COCC for technology services,” said COCC’s President and CEO, Richard A. Leone.  “It tells the industry that our company has the products and support structure to keep them ahead of the pack. We welcome the challenge and the long term relationship.”

“Our growth so far has been the result of hard work, flexibility, good products, developing good relationships,” Mr. Freed added. “As exciting as our growth has been to this point, COCC’s new technology will keep it exciting going forward.”