Open, flexible technology empowers focus
on underserved communities and commercial banking, positions CDFI
to continue strong growth
MONETT,
Mo., Feb. 26, 2024 /PRNewswire/ -- Jack Henry™
(Nasdaq: JKHY) announced today that Legacy Bank &
Trust has doubled its asset size in two years by implementing
a differentiated business strategy and revamping its technology
stack to meet new growth areas and complex needs. The bank grew
from $800 million assets in the first
quarter 2022 to $1.7 billion
today.
The 117-year-old Springfield,
Missouri-based bank has a long history in rural markets.
Over the last decade, the leadership team saw market needs and
opportunities for growth in three new niche areas of business:
affordable housing, new markets tax credits and commercial banking.
New growth also led to competing in larger urban areas in
Oklahoma and Texas. The bank's timely response to strong
demand from financially underserved communities made it one of the
largest affordable housing lenders in the Midwest and a reputable
Community Development Financial Institution (CDFI).
Legacy Bank & Trust has been running on Jack Henry systems since 2003. To meet its new
strategic direction, the bank decided to revamp its technology
stack, selecting Jack Henry's more
scalable hosted core processing solution, SilverLake. It also added
new tools to boost operational efficiencies, improve communication
between branches, standardize compliance processes, and increase
security. Today, the bank has competitive technology to enter new
markets easily and create positive user experiences.
"As a long-term Jack Henry
customer, we value their expertise, availability, and dedication to
our service, even when we were a lot smaller than we are today,"
said Jeremy Loftin, EVP and Chief
Operations Officer at Legacy Bank & Trust. "When our growth
spurt started, we had to perform the due diligence of searching for
technology that best matched the size we aspired to be. Once again,
Jack Henry did not disappoint. Their
robust and competitive solutions stood out in the market, and once
implemented, the results came quickly. They've allowed us to
automate processes, be more efficient, and scale.
Legacy Bank & Trust continues to explore new niche markets
and potential acquisitions while growing organically. The bank is
continuing its geographic expansion into Texas' metropolitan areas to strengthen its
deposits. "Jack Henry technology has
powered our journey from a small, rural community bank to a
$1.7-billion asset bank now operating
in three states," Loftin continues. "We are confident that their
vision for the future and comprehensive technology suite will also
support our journey going forward."
Stacey Zengel, senior vice
president of Jack Henry and
president of Bank Solutions, said, "Legacy Bank & Trust is a
dynamic community bank with a unique business model. Their niche
focus in recent years has not only helped thousands of customers in
underserved communities but has also led to strong growth for the
institution. We are grateful to have been by their side through
this transformation and will continue to provide the right
technology solutions for their evolving needs."
About Jack Henry &
Associates, Inc.®
Jack Henry™ (Nasdaq: JKHY) is a well-rounded financial technology
company that strengthens connections between financial institutions
and the people and businesses they serve. We are an S&P 500
company that prioritizes openness, collaboration, and user
centricity – offering banks and credit unions a vibrant ecosystem
of internally developed modern capabilities as well as the ability
to integrate with leading fintechs. For more than 47 years,
Jack Henry has provided technology
solutions to enable clients to innovate faster, strategically
differentiate, and successfully compete while serving the evolving
needs of their accountholders. We empower approximately 7,500
clients with people-inspired innovation, personal service, and
insight-driven solutions that help reduce the barriers to financial
health. Additional information is available at
www.jackhenry.com.
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SOURCE Jack Henry &
Associates, Inc.