Machias Savings Bank, a Maine-based mutual savings bank with a 154-year history, is taking a significant step to future-proof its operations and enhance customer service. The $2.4 billion-asset institution has announced a partnership with Jack Henry™, a leading financial technology company, to modernize its core technology infrastructure. This move underscores Machias Savings Bank’s commitment to growth and meeting the evolving needs of its commercial banking clients, alongside its small business and retail customers.
Founded in 1869, Machias Savings Bank stands as one of Maine’s oldest community banks. With a strong focus on its commercial portfolio, the bank recognized the need for a technology strategy that would enable it to maintain its competitive edge against larger banks and continue to provide exceptional financial services to its diverse customer base. After careful consideration, Machias Savings Bank selected Jack Henry for its open, modern, and customizable core processing solution. This technology upgrade is expected to streamline operations, boost efficiency, and ultimately enhance the customer experience.
“Jack Henry’s innovative mindset positions us well for a technology transformation that will help us stay competitive throughout shifting market and economic conditions,” stated Peter Greene, Executive Vice President and Chief Operating Officer of Machias Savings Bank. He emphasized the anticipated improvements in operational efficiency and cost reduction, crucial for meeting the demands of commercial customers who require fast, streamlined, and convenient banking services. Furthermore, Greene highlighted the cultural alignment between the two organizations, noting, “Jack Henry’s commitment to community banks also makes the collaboration a great cultural fit; they think, talk, and act like us.”
The collaboration will provide Machias Savings Bank with access to Jack Henry’s extensive ecosystem, including over 950 API-integrated, third-party fintechs. This access allows the bank to seamlessly integrate with a wide range of innovative financial technologies, ensuring they can offer cutting-edge services and adapt to future trends in the banking industry. Specifically, business process solutions like Enterprise Workflow are expected to be instrumental in keeping Machias Savings Bank competitive, particularly in serving larger businesses within their community.
Jack Henry’s technology modernization strategy, which includes making service components available in the public cloud, aligns perfectly with Machias Savings Bank’s long-term vision. “We’ve been serving our community for more than 150 years and want to continue doing so for generations to come,” Greene added. “Jack Henry’s new open technology strategy positions the company ahead of its peers, and in turn, will help us stay innovative and ahead of the curve.” This forward-looking approach is vital for Machias Savings Bank to remain a pillar of the community for decades to come.
Stacey Zengel, Senior Vice President of Jack Henry and President of Bank Solutions, echoed this sentiment, stating, “Historic community banks like Machias Savings Bank are driven by long-term relationships they have created with their employees, customers, and communities.” She emphasized that these modernization efforts are crucial for Machias Savings Bank to strengthen its connection with a new generation of customers, effectively compete with larger banks, and maintain its strong community presence. The partnership between Machias Savings Bank and Jack Henry represents a strategic move to blend tradition with innovation, ensuring the bank’s continued success and service to its community.
About Jack Henry & Associates, Inc.®
Jack Henry™ (Nasdaq: JKHY) is a well-respected and comprehensive financial technology company dedicated to strengthening the connections between financial institutions and their customers. As an S&P 500 company, Jack Henry prioritizes openness, collaboration, and user-centric design. They offer banks and credit unions a dynamic ecosystem of both internally developed modern capabilities and seamless integration with leading fintech companies. For over 47 years, Jack Henry has been a trusted provider of technology solutions, empowering clients to innovate, differentiate strategically, and compete effectively in the evolving financial landscape. Serving approximately 8,000 clients, Jack Henry is committed to people-inspired innovation, personalized service, and insight-driven solutions that contribute to improved financial health for communities nationwide. More information can be found at www.jackhenry.com.
Forward-Looking Statements Disclaimer: This news release contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially due to various factors outlined in the company’s SEC filings, including reports on Form 10-K and Form 10-Q.
