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Fiserv, MB Financial Bank wrap up conversions Signature bank platform
January 21, 2010
Fiserv Inc. has announced that Chicago-based MB Financial Bank ($11 billion in assets) has completed its conversions of FDIC-closed InBank and Corus Bank to Fiserv's Signature bank platform.
According to a news release from Fiserv, MB and Fiserv have a history of successful merger and acquisition technology partnering. The two most recent conversions were completed in less than 90 days. Fiserv provides conversion capabilities and scalable technology to support acquisitions with minimal disruption to operations.
MB acquired InBank on Sept. 4, 2009, and Corus Bank on Sept. 11, 2009, through FDIC-assisted transactions. The acquisitions marked the second and third buyouts by MB of FDIC-closed banks in 2009, following Heritage Community Bank earlier in the year. MB announced its fourth FDIC-assisted acquisition of loans and deposits from Benchmark Bank in early December 2009.
"With recent FDIC acquisitions, we have been able to provide our new customers safety and security of deposits and continuous availability to their accounts," said Larry Kallembach, executive vice president and chief information officer of MB Financial Bank. "Timing is critical when it comes to successfully bringing an acquired bank into the fold and rapid integration is key to serving our customers, acclimating new staff members and ensuring operational efficiency for cost savings."
Since first deploying Fiserv technology in 1995 (as Manufacturers Bank), MB has acquired and merged 11 financial institutions with assets ranging from $227 million to $2.6 billion, increasing MB's assets from $700 million in 1995 to more than $11 billion today — making it one of the country's most competitive banking markets.
Fiserv solutions provide real-time data across channels. MB uses a comprehensive set of deposit, loan, EFT and cash-management solutions from Fiserv. The bank's markets include middle market commercial banking, wealth management, retail and small business banking as well as a number of ethnic and niche communities.
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