Shore Bancshares Licenses i-Based Core System from Jack Henry
January 6, 2009 Alex Woodie
Shore Bancshares has selected the i OS-based SilverLake core banking system from Jack Henry & Associates to provide the underlying computer platform that keeps track of more than $1 billion in assets, the vendor announced recently.
Shore Bancshares is small-cap banking company based on Maryland’s Eastern Shore that owns and operates a range of banks, insurance companies, mortgage brokers, and other financial services firms. The company, which reported revenues of $65 million for 2007, owns three banks that operate 17 full-service branches and 21 ATMs and provide a range of commercial and consumer banking products to areas of Maryland and Delaware.
Since the late 1970s, Shore Bancshares relied on a proprietary core banking system. About two years ago, the decision was made to upgrade to a more modern system that could boost operating efficiency and deliver more services to customers, according to Scott Beatty, Shore Bancshares chief operating officer.
SilverLake System, Jack Henry’s flagship core banking system, which runs only on IBM Power Systems servers (formerly AS/400), immediately caught Shore Bancshares’ officials’ eyes.
“During our evaluation, we were immediately impressed with the functionality and integration that SilverLake provides and the number of fully integrated complementary products and services Jack Henry Banking offers,” Beatty says. “As our due diligence continued, we became convinced that SilverLake is the platform most compatible with our near- and long-term business strategy and technology requirements.”
Tracking deposits, withdrawals, and other transactions is just the beginning of functionality for SilverLake. The system can be expanded through a collection of about 100 complementary solutions available from Jack Henry.
Among the SilverLake add-ons Shore Bancshares selected are StreamLine Platform Automation; Vertex Teller solutions; InTouch voice response system; Remote Deposit Capture; Synergy content management system; Yellow Hammer fraud detection; and a business intelligence and reporting system based on Cognos.