This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Orrstown Bank Migrates To Outsourced Operating Environment And Invests In Strategic Jack Henry Banking Technology

Stocks in this article: JKHY

MONETT, Mo., Oct. 1, 2013 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its Jack Henry Banking ® division announced today that Pennsylvania-based Orrstown Bank has expanded its technology partnership and elected to migrate from in-house processing with the SilverLake System ® core platform to the company's outsourced offering.

Ben Wallace, executive vice president of Operations and Technology for the $1.19 billion mid-tier bank said, "The focus of the technology organization in smaller institutions should be on finding creative solutions to real business problems – not consumed with managing banks' commodity infrastructures. The Jack Henry partnership affords us more bandwidth to address these business opportunities ensuring we deliver for our customers."

Orrstown Bank is in the middle of a strategic plan to fortify all aspects of its business, positioning it for growth. "We have taken an already great team and added additional talent from the region that will help us reshape our delivery to customers," says Wallace. "We believe with Jack Henry's support and this new partnership, the bank is well positioned for the future."

Along with investing in new IT employees and the expanded Jack Henry relationship, Orrstown's executive team has been revamped during the last 12 months. David Keim joined as an executive vice president and chief risk officer; David Boyle was hired as executive vice president and chief financial officer in August; and Jeffrey Siebert was brought on as an executive vice president and chief operating officer, also in August.

"While the outsourcing agreement was important, even more important is how integrated Jack Henry has become in our operations and future roadmap – across technology, operations, and risk management. With the pace of change at Orrstown, it was important to find a partner that was up for the challenge," concluded Wallace.

Stan Viner, general manager of sales for Jack Henry Banking, said, "The bankers responsible for reengineering Orrstown Bank clearly understand the role that technology plays in their ability to execute and optimize the new business strategy. We are confident SilverLake and our integrated complementary solutions will support this bank's ability to capitalize on evolving business opportunities and emerging industry trends, respond to dynamic customer and market demands, resolve operational inefficiencies, and improve speed-to-market with competitive products and services. We look forward to a productive, active, and beneficial technology partnership with this bank."

About Orrstown Bank

With nearly $1.2 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiary, Orrstown Bank, provide a full range of consumer and business financial services through 21 banking offices and two remote service facilities located in Cumberland, Franklin, and Perry Counties, Pennsylvania, and Washington County, Maryland. Orrstown Financial Services, Inc.'s stock is traded on the NASDAQ Capital Market under the symbol ORRF. Additional information is available at

About Jack Henry Banking

Jack Henry Banking, a division of Jack Henry & Associates, Inc., is a leading provider of integrated computer systems for banks ranging from de novo to mid-tier institutions. Jack Henry Banking currently serves more than 1,300 banks as a single source for integrated, enterprise-wide automation and as a single point of contact and support. Additional information is available at

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs