This will be an outsourced arrangement as the bank looks to maximize cost efficiencies. Automation of key tasks throughout the bank is an important element of the COCC solution.
COCC and Liberty Bank have begun the process of system conversion which has been scheduled for mid-2010. According to the companies, this will provide time for process improvement and the promotion of a "best practices" environment to take full advantage of the features of COCC's open technology platform.
"This market is faster-paced and more dynamic than any I have seen in my career. Responding to this market in a cost-effective way requires technical expertise and partnership to enable us to continue our strategic growth plans," said Barry Abramowitz, CIO at Liberty Bank, in a statement. "COCC, with its .NET core technology and best-of-breed strategic solutions, is well-positioned to meet the bank's requirements for product strength and cost containment."