Long-standing client, NYCB, to migrate newest acquisition to accommodate growth

Open Solutions Inc. announced that New York Community Bancorp, Inc., the $28 billion holding company for New York Community Bank and New York Commercial Bank, has selected Open Solutions to handle its outsourced core account processing needs for its Penn Federal Savings Bank division. Open Solutions is a leading provider of integrated, enterprise-wide data processing technologies for banks and credit unions throughout the United States, Canada and other international markets.

With assets of approximately $2.3 billion and 24 branches in Essex, Hudson, Union, Monmouth, Middlesex, and Ocean Counties in New Jersey, Penn Federal Savings Bank is the newest addition to the New York Community Banking family, which has 160 branches serving customers throughout the Metro New York area.

New York Community Bank has been a client of Open Solutions (formerly BISYS) since 1989 and has grown its assets 30-fold during this time. The bank has selected Open Solutions’ core account processing platform to accommodate the growth of its franchise, which now has eight local divisions serving customers in 14 counties in New Jersey and New York, combined. In addition to Penn Federal Savings Bank, the New York Community Bank franchise includes Queens County Savings Bank, Richmond County Savings Bank, Roslyn Savings Bank, Roosevelt Savings Bank, CFS Bank, First Savings Bank of New Jersey, and Ironbound Bank.

Commenting on the selection of Open Solutions, New York Community Bancorp’s Senior Executive Vice President and Chief Operating Officer Robert Wann stated, “We have a unique business model with three key components: the origination of multi-family loans, the maintenance of strong credit standards, and the efficient operation of our banking family. To achieve our long- and short-term growth objectives in a highly competitive market, we needed a solution with a high degree of automation to drive efficiencies within our operational processes.”

Open Solutions’ core processing platform is designed to help banks, savings banks and thrifts of all sizes to streamline both front- and back-office applications. Combining the control and access of an in-house system, the solution offers a reliable, fully integrated core processing platform in an outsourced environment.

“Open Solutions remains fully committed to offering industry-focused and innovative solutions designed to enable our clients to better compete and provide superior products and services to their marketplaces,” said Louis Hernandez, Jr., chairman and CEO of Open Solutions. “We understand that one size does not necessarily fit all and we are pleased to offer our clients a choice when it comes to their core processing needs. Our sophisticated technology, coupled with our superior client service, continues to gain momentum in the marketplace as a viable business solution—for all size financial institutions. We look forward to extending our relationship with New York Community to include its newest division, Penn Federal Savings Bank.”

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, digital documents, Check 21, interactive voice response, network services, Web hosting and design, payments and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States, Canada and internationally 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.