Dime Bancorp and Anchor Bancorp jointly announced their intent to use software from Systematics Financial Services Inc. for their core retail deposit system after the completion of their merger.
Systematics, based in Little Rock, Ark., will begin replacing the banks' existing retail systems when the merger, which has received regulatory and shareholder approval, is completed next month. The merged bank, to be called Dime Bancorp, will have assets of about $20 billion. Financial terms of the software deal were not disclosed.
"We think this decision is a major milestone in our merger integration process," said James M. Large, who will be chairman and chief executive officer of the merged institution.
Mr. Large indicated that Systematics was a logical choice because the company already manages Anchor's data facility and its proprietary software package.
Dime currently manages its own data operations, using software from Newtrend Group in Orlando.
The merged bank's data operations will be conducted from Anchor's Wayne, N.J., data center for at least the next 18 months.