Open Solutions Inc. (NASDAQ:OPEN), a provider of integrated enabling technologies for institutions across the United States and Canada, announced that Las Vegas-based Beal Savings Bank ("Beal" or "the Bank"), has selected Open Solutions' The Complete Banking Solutionâ (TCBS) to address its enterprise-wide data processing needs in an outsourcing environment.
Beal Savings Bank, with approximately $2.4 billion in assets and a retail location in Las Vegas, provides deposit customers competitive interest rates on FDIC-insured term deposit accounts through certificates of deposit (CDs) and other products. Commercial real estate and other business lending and financing form the core of Beal Savings Bank's business. The bank also purchases loans, loan syndications and other debt securities in national capital markets.
According to Craig Singer, Beal Savings Bank's spokesperson, "We originate and purchase large commercial loans with an average size of $12.5 million, with the capability of lending in excess of $375 million to any one borrower. Our loans tend to be unusual, large commercial transactions with innovative payment and interest structures; obviously, not your average mortgage loan. In order to accommodate these transactions, we need a robust, flexible platform with embedded commercial services and a full commercial product line. The Complete Banking Solution is the most capable solution we have seen."
"The Complete Banking Solutions' powerful relationship-based technology and flexible architecture, which can accommodate special needs like those of Beal without manual intervention, were key in the bank's decision to migrate from their previous provider to our outsourced platform," said Jim Kern, SVP and general manager, Open Solutions Banking Group. "Another factor that played in Beal's decision was our data warehouse, which is a single, central repository where detailed business information including commercial customer data, transaction details and channel activity can be easily retrieved and analyzed. This data can be sliced and diced from different perspectives, enabling Beal to discover trends, relationships and patterns in its commercial portfolio."
Singer continued, "We wanted a total solution. Open Solutions' full suite of applications provides a solid foundation for deposits and loans, a data warehouse and more, in one integrated solution and in an outsourced environment, which is consistent with our business strategy. Additionally, we like what we have heard from Open Solutions' existing clients about service. We treat our corporate and commercial customers with special care and attention to detail, and we want to receive the same from our outsourcing providers." We believe migrating to this contemporary, open and flexible platform will help us maintain our reputation for innovation and solid growth in assets."
Louis Hernandez, Jr., chairman and CEO of Open Solutions, said, "Open Solutions is committed to providing financial institutions like Beal Savings Bank with solutions that enable them to deliver customized products to meet their customers' ever-changing needs while continuing to build the relationship. Bank executives make decisions every day about the strategy, direction and future of their banks. The Complete Banking Solution was specifically designed to give our clients the accurate, relevant, real-time information they need to effectively run their businesses.
"We understand that our clients want to concentrate their resources on and provide the best service to their customers. In the same way, we concentrate on providing a flexible and scalable relational core platform and integrated product suite that we believe gives Beal, and all of our clients, a powerful competitive advantage. We look forward to a long and mutually productive relationship with Beal."
About Beal Savings Bank
Beal Savings Bank (together with its affiliate bank) has aggregate assets of more than $4.6 billion. Offering a full range of financing solutions, Beal takes an entrepreneurial approach to financing, which enables it to tailor solutions specific to its customers' needs. In conjunction with its affiliate bank, Beal is able to fund transactions from $10 million to in excess of $500 million to a single borrower.
Beal generally focuses on loans secured by tangible assets in such industries as real estate; gaming and lodging; energy, power and gas; manufacturing; timber; and transportation and distribution. Products and services include senior and subordinate debt facilities; first mortgage loans on all types of commercial real estate; purchases of corporate bonds and syndicated bank debt; and debtor-in-possession loans, exit financing, term loans, and acquisition loans.
Beal fills a unique role in the marketplace as a direct, one-stop source of debt with a buy-and-hold approach to lending that eliminates syndication risk. Beal is further receptive to non-traditional transactions; pay-versus-accrual interest rate options; high advance rates; and no rating agency requirement for funding. Through its experienced and professional loan officers, Beal offers a unique combination of financial strength, independence, and innovation that creates distinct marketplace advantages for customers.
About Open Solutions Inc.
Open Solutions Inc. offers a fully featured strategic product platform that integrates core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, Check 21, interactive voice response, network services, Web hosting and design services, and payment and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts and credit unions in the United States and Canada to better compete in today's aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions or its financial product line, contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Internet site at www.opensolutions.com.