Bank Tech Stocks Mimic Market In Mixed Week

Bank technology stocks ended mixed for the week, in tune with the market.

The Dow Jones industrial average lost 110.35 points, closing Friday at 8796.08. The technology-heavy Nasdaq composite rose 34.3 points, to 1823.5. Goldman, Sachs & Co.'s index of U.S.-traded technology companies, which lists many bank technology companies, rose 6.2, to 168.8.

Shares of Sanchez Computer Associates Inc. rose $1.3125 to $21.4375 for the week after it announced a licensing agreement with Bankers Trust Co.

The New York-based bank will use Sanchez's client-server core processing software for its cash management operations in Europe.

Terms of the deal were not disclosed. Sanchez has licensed its system to 350 financial institutions in 11 countries.

Fiserv Inc., Brookfield, Wis., and UMB Financial Corp., Kansas City, have entered a technology alliance in which the outsourcer will handle data and check-processing operations of the bank's correspondent customers.

UMB, with $7.1 billion of assets, says it is the 28th-largest correspondent bank in the country. It sells the services to 1,100 banks in six midwestern states.

Fiserv also announced a 3-for-2 stock split, effective in May. It is the company's fourth split since it formed in 1986. Its stock price rose $4.125 , to $61.50.

Donaldson, Lufkin & Jenrette Securities Corp. downgraded the stock of Electronic Data Systems Corp. to "market perform," from "buy." Shares of EDS dropped $3.875, to $46.375.

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