Open Solutions, Glastonbury

Indiana State University Federal Credit Union has selected Glastonbury-based Open Solutions’ “The Complete Credit Union Solution” to address its core data processing needs. With $71 million in assets and more than 24,000 accounts, Indiana State University FCU will access the core platform in an outsourced environment via Open Solutions’ Technology Outsourcing Center.

“We believe that Open Solutions offers a core processing system that will allow us to better expand the services available to our members and help to increase our membership,” said Marie Shanks, executive vice president of Indiana State University FCU. “Availability of a complete relational core platform and system integration were key in our decision to choose Open Solutions. Today, more that ever, a credit union’s technology platform has to be flexible, open, relational and have the ability to easily interface with various vendors. The Open Solutions product suite gives us assurance we will be able to accommodate the needs of our members now and into the future.”

The Open Solutions’ Technology Outsourcing Center exists to support financial institutions like Indiana State University FCU that don’t want to maintain in-house operations and prefer an outsourced option. That option allows financial institutions to take full advantage of Open Solutions’ relational core processing and related technologies without taking on the responsibilities of running the system in-house. Moreover, the Technology Outsourcing Center provides advanced network and data security for its clients and offers services such as disaster recovery and access to strategic product offerings such as Internet banking.

“The Open Solutions software suite will further allow us to leverage our existing systems to increase overall functionality,” Shanks said. “Open Solutions offers a comprehensive solution in an outsourced environment that we believe will let us compete more aggressively in our current market.”

In addition to “The Complete Credit Union Solution,” Indiana State University FCU will implement Open Solutions’ CRM/business intelligence, cView, which consists of Report Wizard, My Vision, Dynamic Messaging and Market Vision. The credit union also will implement Loan Origination Systems, premium overdraft, asset collections and the Financial Accounting System, which includes general ledger, accounts payable and fixed assets.

“We are proud to have been selected by Indiana State University Federal Credit Union to handle their core data processing needs,” said Open Solutions Chairman and Chief Executive Officer Louis Hernandez Jr. “We believe that by working with them, we can help them achieve their business goals of expanding member services, providing additional member-focused products and further increasing their membership. We look forward to a long-term partnership and to assisting them in achieving their strategic objectives and helping them better service their growing membership.”

Bank Employees Promoted

Essex Savings Bank has promoted several employees.

Debra L. Brown of Killingworth was elected vice president by the bank’s board of directors. She has been employed with Essex Savings since 1995 as the manager of the Accounting Department. Brown has more than 17 years of banking experience, including various positions held with New England Bank and New England Savings Bank. Brown is a graduate of the University of New Haven and the Connecticut School of Finance and Management.

Bernadette A. Jones of Westbrook also has been elected vice president. Jones joined the bank in 1978 and has held the positions of assistant vice president, controller, assistant controller, supervisor of operations and teller. Jones currently manages the Loan Administration Department. She is a graduate of the Stone School of Business and the Connecticut School of Finance and Management and the America’s Community Bankers’ National School of Banking.

Laureen A. Sullivan of Old Saybrook has been elected corporate secretary at the bank. She has been employed at Essex Savings since 1990 and has more than 20 years of banking experience. Sullivan has held various positions at Essex Savings Bank and, prior to that, at Saybrook Bank & Trust Co. Sullivan has a degree from Bay Path College and is a graduate of the Connecticut School of Finance and Management.