Fiserv, Inc., the provider of financial services technology solutions, announced Chicago-based MB Financial Bank, the local operating unit of MB Financial, Inc., has completed its conversions of FDIC-closed InBank and Corus Bank to the SignatureTM bank platform. MB and Fiserv have a history of successful merger and acquisition technology partnering, with these most recent conversions completed in less than 90 days. Fiserv provides rapid conversion capabilities and scalable technology to support acquisitions with minimal disruption to operations and impact on customers.
MB acquired InBank on September 4, 2009 and Corus Bank on September 11, 2009, through FDIC-assisted transactions. This marks the second and third acquisitions by MB of FDIC-closed banks in 2009 following Heritage Community Bank earlier in the year. MB announced its fourth FDIC-assisted acquisition of loans and deposits from Benchmark Bank in early December 2009.
With recent FDIC acquisitions, we have been able to provide our new customers safety and security of deposits and continuous availability to their accounts, says Larry Kallembach, executive vice president and chief information officer, MB Financial Bank. Timing is critical when it comes to successfully bringing an acquired bank into the fold and rapid integration is key to serving our customers, acclimating new staff members and ensuring operational efficiency for cost savings. Our technology partner, Fiserv, has been most responsive to our delivery needs as we continue to grow and acquire. Their professionalism and experience has helped make the rapid integration process as seamless as possible to our customers. By converting the systems of the recent acquisitions in about 90 days, we are also better prepared to take advantage of the next opportunity.
Since first deploying Fiserv technology in 1995 (as Manufacturers Bank), MB has acquired and merged 11 financial institutions with assets ranging from $227 million to $2.6 billion, increasing their assets from $700 million in 1995 to more than $11 billion today, in one of the countrys most competitive banking markets.
Fiserv solutions provide real-time data across channels that enable its clients to provide an exceptional experience for their new customers both from acquisition and organic growth. MB uses a comprehensive set of deposit, loan, EFT and cash management solutions from Fiserv to help it compete in the diverse Chicago-area market. The banks markets include middle market commercial banking, wealth management, retail and small business banking as well as a number of ethnic and niche communities. MB relies on Fiserv processing services and solutions to provide employees with consolidated customer information.
Additionally, MB chose Fiserv to provide the most comprehensive financial management tools available, including enterprise-wide fraud protection, efficient transaction and payments processing, imaging, treasury management systems, risk solutions, itemprocessing and multi-lingual capabilities.
MB depends on solutions from across all of the five Fiserv core competencies, processing services, payment services, insights and optimization, customer and channel management and risk and compliance.
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