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| [June 23, 2009] |
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Citizens Bank of Florida to Automate Consumer Lending with Cypress Software's Hosted AppMark Solution
NORTH RICHLAND HILLS, Texas --(Business Wire)--
Citizens Bank of Florida in Oviedo, Fla. has chosen Cypress Software Systems LP's AppMark software to automate the bank's consumer lending process.
The hosted loan software is scheduled to go live at Citizens Bank early in the third quarter, and is expected to bring increased underwriting consistency and productivity to the institution's consumer lending operations.
Francine Stucky, vice president and loan servicing manager at Citizens Bank of Florida, says the software also will help the bank enhance risk management and regulatory compliance efforts.
"Our previous system was not up to par, and required us to re-enter loan application data multiple times during the underwriting and decisioning process," said Stucky. "We needed a solution that would make our consumer lending process more efficient, and AppMark was the answer. Now, we can pull credit scores, NADA details and flood information using a single, user-friendly interface, saving us lots of time and headaches."
Citizens Bank of Florida (www.mycbfl.com) is a five-branch institution with more than $213 million in assets. Founded in 1946 by local agricultural business owners, the bank has been recognized numerous times for its customer service, including the Orlando Business Journal's award for best community bank.
AppMark is hosted and delivered through Cypress' software-as-a-service (SaaS (News - Alert)) network, so the need for additional hardware, software and IT staff to run and maintain the application was eliminated, further reducing Citizens Bank of Florida's rollout costs.
"AppMark satisfies an unmet need among community banks for affordable consumer loan software, and provides the most robust solution available for banks with less than $250 million in assets," said Stephen G. Sargent, president and chief executive officer at Cypress Software Systems. "We're excited to have Citizens Bank of Florida on board, and AppMark will ensure increased risk management, enhanced regulatory compliance and quick, automated loan decisions."
AppMark automates all aspects of the loan origination process from data entry to underwriting to decisioning. The software delivers the same look and feel of Cypress' flagship consumer lending solution, Mark IV, but is modified to include the features and functions that are most required by smaller community banks.
Clients like Citizens Bank access AppMark through remote login, which provides a more enhanced interface compared to HTML-coded, browser-based applications. Cypress manages both AppMark and its clients' customer database information through an SAS70-certified AT&T Internet data center (IDC (News - Alert)) in Dallas.
About Cypress Software Systems
Headquartered in North Richland Hills, Texas, USA, Cypress Software Systems LP is a leading developer of automated credit application decision support technology. Cypress provides community and regional banks, finance companies and credit unions with loan application decision and tracking tools equivalent to those used by the largest national lending institutions. Clients, nationwide and in 16 countries, use the company's flagship products, Mark IV and BizMark, to quickly and consistently process consumer and small commercial loan applications. Cypress Mark IV offers a flexible, risk-based processing approach that includes tracking consumer loan applications from point of entry to point of decision. Cypress' BizMark loan automation software processes commercial loan requests within a customer relationship management environment. Both products may be licensed in the bundled Cypress Suite and are offered in either an application service provider (ASP) or traditional business model. The company's product line also includes AppMark, an ASP-only consumer lending solution for community banks with assets of $250 million or less. Web site: www.go-cypress.com.
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