Smithtown Bancorp of Hauppauge, N.Y., has agreed to use core processing software and other applications from Jack Henry & Associates Inc. to help its expansion plans.
The Monett, Mo., banking technology provider announced the deal Monday. The banking company's Bank of Smithtown community banking unit plans to use Jack Henry's SilverLake core software in-house, as well as its Vertex teller automation, StreamLine platform automation, Synergy document management, Passport.ATM automated teller machine, and YellowHammer anti-money-laundering applications.
The $1 billion-asset Smithtown has 15 branches on Long Island, and hopes to expand there and enter additional regions. After evaluating its current core banking software, it concluded that the Jack Henry software would "support our future business and growth strategy and enhance our operational efficiencies," John A. Romano, a Smithtown executive vice president and its chief retail officer, said in a Jack Henry press release.
Jack Henry said that it provides core banking software to about 15% of the U.S. banking companies with assets of $1 billion to $30 billion.
