Preparing for 2000 is costing community banks more than expected, a survey shows.
The typical community bank spent $62,160 last year to ugrade systems for 2000, Grant Thornton LLP found. That's about 2.5 times what such banks projected in the consulting firm's survey two years earlier. Diane M. Casey, managing partner of financial services at Grant Thornton, said the poll shows community banks are doing what is necessary to prepare for the century date change-even if that means going over budget. "We suggested last year that they were underestimating their costs," she said. "They did spend the money to get ready."