Formation Technologies Inc., the nation's third-largest bank compliance software company, named Joe Rose as its president and chief executive.

Denver-based Formation was bought last April by John H. Harland Co., a check printing concern in Atlanta. Mr. Rose, a Harland executive, has been running Formation since October, when founder Gaylord Layton stepped down.

Industry sources said Harland is expected to expand the compliance company through acquisitions. Formation has about 2,500 bank customers.

"This appointment demonstrates our company's strong commitment to Formation's growth and success," said Robert R. Woodson, Harland's chief executive.

Plans for the coming year include a new Community Reinvestment Act/fair- lending compliance product, Mr. Rose said. The company will watch regulatory changes and develop products to meet industry needs, he said.

"We're very market driven," Mr. Rose said.

Mr. Rose joined Harland in March 1994 to form its Information Services Group. He will continue to run the unit, which provides marketing and compliance systems for financial institutions. Formation was the group's second acquisition.

Harland's revenues were $521 million last year. The Information group pulled in $37 million of that total.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.