Peerless Systems announced that it had signed outsourcing agreements with three community banks.

The five-year contracts are with First National Bank of St. Ignace, Mich., an institution with $100 million of assets; Peoples National Bank, a $66 million-asset bank in Clay Center, Kan.; and Middleburg (Va.) Bank, with $120 million of assets.

Based in Richardson, Tex., Peerless Systems specializes in providing integrated data-processing solutions to community banks nationwide.

Each bank will convert to Peerless Systems' Peerless21 software system that runs in an IBM AS/400 environment.

Peerless21 is designed to give community banks greater control over their operations and offers a full range of banking applications including deposit, loan, general ledger, and asset/liability.

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