| Press Releases
FOR IMMEDIATE RELEASE
COCC and Bankers’ Bank Northeast form alliance
for Image Settlement Options
Avon and Glastonbury, CT
February 11, 2008
COCC, the region’s leading provider of next generation technology services for financial institutions and Bankers’ Bank Northeast (BBN), a leading provider of correspondent services, today announced an alliance to deliver image cash letters from COCC’s client institutions for settlement to BBN. The strategic alliance introduces additional image presentment options for COCC clients plus access to Bankers’ Bank Northeast’s OnWe® Network for local, regional and national presentations.
“Today’s agreement broadens COCC’s commitment to continuous service improvement even in areas where we already lead the industry,” said Richard A. Leone, President & CEO at COCC. “Our clients who maintain correspondent relationships with Bankers’ Bank Northeast will value this new image settlement option as well as the ability to clear locally to keep costs down. We are very pleased to offer this new image clearing option so that our clients can have the maximum flexibility in their technology services.”
Bankers' Bank Northeast shares COCC’s commitment to service and innovation. As one of 20 Bankers' Banks nationwide, they have built a solid franchise based on doing business with over 200 client banks throughout New England and New York. Established in 1998, Bankers' Bank Northeast offers a variety of correspondent banking services to investor and non-investor client banks.
COCC finished 2008 with all checks – outgoing, inclearing, returns and adjustments – processed as images. The company has continued its check imaging success by installing new automation features that save an hour or more of check processing work for every client every day.
“Our two companies share a common philosophy of corporate ownership,” said Peter J. Sposito, President & CEO at Bankers’ Bank Northeast. “We are owned and directed by community banks; they want to settle their cash letters with the bankers’ bank that they own.”
Mr. Sposito explained that COCC clients who utilized the service would automatically become part of its OnWe Network® in New England and New York. This image network enables BBN client banks to present and receive items to and from banks locally and nationally. “While national image clearing networks, such as SVPCO, concentrate on large bank presentations, Bankers’ Bank’s OnWe® focuses on large volumes from local banks across the street.” he said.
Mr. Leone added, “We are pleased to be working with a partner that is committed to quality service and innovation in this growing field. We know today’s announcement will open significant service opportunities to institutions throughout the Northeastern United States and continue our growth in the region.”
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About Bankers’ Bank Northeast
Established in 1998, Bankers' Bank Northeast is a wholesale bank that is insured by the FDIC; a member of the Federal Reserve and the Federal Home Loan Bank of Boston. The Bank offers a variety of correspondent banking services client banks throughout the six New England states and New York at competitive prices with a high degree of quality, responsiveness and availability. For more information, please call Richard B. Lockwood III, Executive Vice President, at (508) 881-4954 or visit www.bankersbanknortheast.com.
ABOUT COCC
COCC is one of the fastest growing data processing companies in the nation. Established in 1967, this client-owned company provides complete enterprise processing solutions to financial institutions using the latest open systems. For the past five years, COCC has earned client service ratings well into the excellent range. The company has been recognized for its technology innovations, particularly for migrating all of its clients to an open, relational system built on an Oracle data base. Next generation systems and client-driven support make COCC the better data processor. For more information, please call Robert Bessel at 860.678.0444 or visit www.cocc.com.
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