Many community banks will need to spend more than they have budgeted to correct year-2000 problems, according to a soon-to-be-released study by Grant Thornton LLP.

Nearly 75% of the 600 community bank executives surveyed said they would spend less than $10,000 this year upgrading information systems. According to a widely held view, banks need to spend $100,000 per $100 million of assets to make sure their computer systems do not crash and disrupt business on New Year's Day 2000.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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