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Beal Savings Bank Outsources Core Data Processing Operations to Open Solutions

  • March 29 2006, 1:00am EST

Open Solutions Inc., a provider of integrated enabling technologies for institutions across the United States and Canada, announced that Las Vegas-based Beal Savings Bank ("Beal" or "the Bank"), has selected Open Solutions' The Complete Banking Solution (TCBS) to address its enterprise-wide data processing needs in an outsourcing environment.

Beal Savings Bank, with approximately $2.4 billion in assets and a retail location in Las Vegas, provides deposit customers competitive interest rates on FDIC-insured term deposit accounts through certificates of deposit (CDs) and other products. Commercial real estate and other business lending and financing form the core of Beal Savings Bank's business. The bank also purchases loans, loan syndications and other debt securities in national capital markets.

According to Craig Singer, Beal Savings Bank's spokesperson, "We originate and purchase large commercial loans with an average size of $12.5 million, with the capability of lending in excess of $375 million to any one borrower. Our loans tend to be unusual, large commercial transactions with innovative payment and interest structures; obviously, not your average mortgage loan. In order to accommodate these transactions, we need a robust, flexible platform with embedded commercial services and a full commercial product line. The Complete Banking Solution is the most capable solution we have seen."

Singer continued, "We wanted a total solution. Open Solutions' full suite of applications provides a solid foundation for deposits and loans, a data warehouse and more, in one integrated solution and in an outsourced environment, which is consistent with our business strategy. Additionally, we like what we have heard from Open Solutions' existing clients about service. We treat our corporate and commercial customers with special care and attention to detail, and we want to receive the same from our outsourcing providers." We believe migrating to this contemporary, open and flexible platform will help us maintain our reputation for innovation and solid growth in assets."

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