METAVANTE RENEWS LONG-TERM AGREEMENT WITH CHEMICAL BANK
Client continues its nearly three-decade relationship with Metavante’s Bankway software
MILWAUKEE, August 22, 2007 – Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced that Chemical Bank (Nasdaq: CHFC) has renewed its core banking agreement with Metavante. Headquartered in Midland, Mich., with total assets of nearly $4 billion, Chemical Bank is the third-largest bank holding company in the state of Michigan.
Metavante’s recent contract renewal with Chemical Bank continues a 28-year relationship, which includes it using the Bankway software at 129 locations throughout Michigan’s lower peninsula. Chemical Bank’s expanding relationship with Metavante also includes TrustDesk to perform wealth management processing, and leveraging various consulting and professional services. Additionally, Chemical Bank participates in Metavante’s NYCE Network for retail PIN-debit and ATM-card access.
“Over the years, our organization has grown with Metavante and the Bankway product offerings. It made good business sense for us to extend our relationship as we continue to expand our market presence,” said Kenneth W. Johnson, executive vice president and director of bank operations of Chemical Bank. “Our goal is continued growth and financial strength. Metavante’s flexible product infrastructure is helping us achieve these goals through leveraging our technology and resources to increase operating earnings and dividends each year.”
Bankway software is an in-depth core banking package that employs a single-system, customer-centric architecture. It offers financial institutions an expanded core processing solution with the advantage of strategically organized customer service tools. Bankway software is available as an in-house solution running on multiple hardware platforms, or in a hosted environment.
“Chemical Bank’s contract renewal and expanding relationship exhibits their confidence in the strategic direction of our banking services,” said Rachel Landrum, president, Metavante Banking Solutions-Bankway. “Between Metavante’s first-class suite of products and our commitment to providing our clients with quality service, we are well-equipped to build and maintain enduring relationships with customer-driven institutions like Chemical Bank. It is a privilege to be their technology provider.”
Metavante Banking Solutions offer one of the most comprehensive sets of integrated products and services for financial service providers that are centered on core customer and account management, specializing in deposit, loan and trust accounts. Metavante also provides its clients flexibility in choosing either a licensed, in-house or an outsourced solution. The Metavante Banking Solutions include core account processing, integrated delivery channels, business and marketing analytics, electronic banking, integrated payments, image, risk and compliance solutions, along with business and technology consulting. Metavante Banking Solutions serve over 1,500 financial services providers, ranging from community banks to the top 50 U.S. banks.
About Chemical Bank
Chemical Financial Corporation is the third largest bank holding company headquartered in Michigan. The Company operates through a single subsidiary bank, Chemical Bank, with 129 banking offices spread over 31 counties in the lower peninsula of Michigan. At June 30, 2007, the Company had total assets of $3.87 billion. Chemical Financial Corporation common stock trades on The Nasdaq Stock Market under the symbol CHFC.
Metavante Corporation delivers banking and payments technologies to over 8,600 financial services firms and businesses worldwide. Metavante products and services drive account processing for deposit, loan and trust systems, image-based and conventional check processing, electronic funds transfer, consumer healthcare payments, electronic presentment and payment, and business transformation services. Headquartered in Milwaukee, Metavante (www.metavante.com) is wholly owned by Marshall & Ilsley Corporation (NYSE: MI). On April 3, 2007, Marshall & Ilsley Corporation announced its plans to split Metavante Corporation and Marshall & Ilsley Corporation into independent publicly traded companies.
Metavante and NYCE are registered trademarks and Bankway is a trademark of Metavante Corporation