People's Heritage Financial Group, Inc., has been on an acquisition tear. Since 1994, the $5.4 billion holding company, based in Portland, ME, bought five banks plus two branch networks, totalling $2.217 billion plus $217 million in deposits. The holding company operates under four subsidiary names.
Just keeping a finger on cash flows in that environment is tough enough, so trying to understand your portfolio and client relationships does nothing to simplify matters. But People's Heritage had hopes of doing so and began looking for the right software solution in early 1995.