Open Solutions, Glastonbury
Glastonbury-based Open Solutions Inc. and Ceto and Assoc., a national consulting firm specializing in developing solutions to provide financial institutions the ability to increase profitability, have formed a strategic partnership that will enable Open Solutions to offer Ceto’s programs to its more than 4,500 clients throughout North America. Open Solutions is a provider of integrated enabling technologies for financial services providers across the United States, Canada and international markets.
Douglas Ceto, executive vice president of Ceto and Assoc., said, “More than 1,000 financial institutions nationwide have currently implemented Ceto’s Deposit Reclassification program. In today’s environment, it is important to provide financial institutions with products that will help them remain competitive. The opportunity to further our reach through a strategic partnership with a leading industry provider such as Open Solutions is exciting.”
Deposit Reclassification enables financial institutions to restructure transaction accounts, thereby, converting non-interest earning reserve requirements into interest earning assets. The process increases pre-tax profits by an average of $1 million. Ceto Cash Calculator, a Web-based branch tool that enables financial institutions to better manage vault cash, especially in a low-reserve environment, is another valuable program in today’s high-interest marketplace. When combined with Deposit Reclassification, C3 helps branch managers keep vault cash at an optimal level and increase revenues.
“Open Solutions’ is pleased to offer our clients a recognized and established revenue enhancement program,” said Open Solutions’ Senior Vice President and Chief Marketing Officer Michael D. Nicastro. “At Open Solutions, we continually seek value-added partnerships that will further enable our clients to manage their business more efficiently and effectively. We believe our clients can benefit from Ceto’s programs by identifying multiple ways to increase revenue and cash flow without cutting costs; they are easy, self funding programs that can increase an institution’s competitive posture in the marketplace.”
Ceto’s Referral program has accounted for more than 40 percent of its client base since it was founded in 1994. Check Mate, an overdraft protection program, and Ceto’s Revenue Enhancement Program, a service that identifies opportunities to increase revenue across all areas of a financial institution, will also be offered to Open Solutions’ clients.
“We thrive on our dependable reputation and the referrals we receive from trusted industry partners,” Ceto continued. “Providing financial services in today’s business environment is very competitive and we look forward to working with Open Solutions, its clients and future clients to provide financially focused programs to help them operate more productively.”
Founded in 1994 as a national consulting firm in the financial industry and headquartered in Atlanta, Ceto and Assoc. specializes in developing solutions to provide financial institutions the ability to increase profitability through the implementation of revenue enhancement programs. Ceto and Assoc. places their clients’ needs in the forefront and designs solutions tailored to their culture, goals and objectives. Ceto and Assoc. has earned the trust and improved annual revenues of more than 1,000 financial institutions across 50 states.
Bancshares Announces Income
New Haven-based NewAlliance Bancshares Inc., the parent company of NewAlliance Bank, had net income of $11.8 million, or 12 cents a share for the second quarter ended June 30, 2006, an increase of 7 percent over net income of $11.0 million, or 11 cents per share, over the first quarter.
Net income for the second quarter was $674,000 ($1 million pre-tax) lower than anticipated as a result of a change in the Federal Home Loan Bank dividend schedule. The Boston FHLB has indicated it expects to pay a half year dividend in the third quarter rather than a quarterly dividend in each of the second and third quarters.
