(Source: Business Wire)
New York Community Bancorp, Inc. (NYSE:NYB), the holding company for New York Community Bank and New York Commercial Bank, today announced that the Community Bank successfully installed a new in-house core data processing system over the Labor Day weekend, and has deployed a significantly enhanced version of Fidelity National Information Services, Inc.'s (FIS) MISER software on that system.
Commenting on the system installation, Chairman, President, and Chief Executive Officer Joseph R. Ficalora stated, "This weekend's success was the culmination of months of planning and effort on the part of numerous employees, and is a tribute to their dedication to our customers and the Company. Robert Wann, our Chief Operating Officer, and his project management team worked in close alliance with FIS to develop specialized functionality on the MISER software, including multibank processing and a Proof of Deposit ("POD") environment that supports the unique character and profile of our Company."
"The benefits of the new system are truly universal," Mr. Wann noted. "There's something for each of our key constituencies. For our customers, it means substantially faster service, with far less time spent waiting in line for assistance. For our lending officers and branch personnel, it means the ability to more easily access and analyze our customer information”the foundation for building multi-faceted banking relationships."
"For our shareholders, the new system means we have a more efficient operation, with an expected 40% to 50% reduction in our systems-related expense," Mr. Ficalora said. "In addition, the MISER system will facilitate any future systems integrations necessitated by our acquisition of other banks and thrifts.
"The next and final step in the process will be installing the new system in our 35 Commercial Bank branches, currently slated for the end of the first quarter of 2010. Upon completion of that process, our entire family of banks, which includes six divisional banks and 212 branches throughout Metro New York and New Jersey, will be on a fully integrated system, enhancing convenience and service for all our customers, while providing our depositors with twice the FDIC insurance provided by a single bank. These enhancements are yet another cause for celebration in this, our 150th anniversary year," Mr. Ficalora commented.
Anthony Jabbour, Executive Vice President for FIS' Financial Solutions Group stated, "New York Community Bank's conversion to MISER is the largest new core conversion in recent U.S.
