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05/25/2010

Andover Bank Selects COCC to Implement New Technology Infrastructure

AVON, Conn., May 25, 2010 — Andover Bank has selected COCC for a long term technology partnership to help the bank achieve its strategic goals. COCC’s next generation technology and support services will enable Andover Bank to expand its product line and streamline business processes to take maximum advantage of emerging market opportunities.

 “We see our technology partnership with COCC as the engine for our growth in the years ahead,” said Diana Engelhardt, Senior Vice President and Chief Financial Officer at Andover Bank. “COCC’s next generation technology and support give our bank the unique opportunity to establish a new infrastructure that will enable us to deliver better, faster service to our customers, greater flexibility in our market, and increased efficiency to grow our bank without adding staff. We are very excited about the road ahead.”

 Located in northeastern Ohio, Andover Bank is celebrating its 125th anniversary with record earnings. Conservative lending standards have kept the bank’s financials solid throughout 2009, and a recovering economy has begun to offer fresh opportunities for increased market share.

 “Our market is turning away from large, impersonal financial institutions in favor of community banks,” said Ms. Engelhardt. “This is our time to expand market share by becoming the responsive, feature-rich alternative to big banks.”

 COCC’s business process management products combined with the company’s workflows and best practices developed from years of experience working with the most advanced bank computing systems, will be the key ingredients in Andover Bank’s new infrastructure.

 “COCC is way out in front of other financial IT companies in using technology to deliver maximum efficiency,” said Ms. Engelhardt. “COCC has developed a wealth of practical knowledge of image, automation, open systems and .Net architecture that can only be cultivated through years of helping banks streamline their business processes. We know that COCC will give us the techniques as well as the technology to bring our strategies to life.”

 With the conversion, Andover Bank will guide its staff through complex processes using COCC’s customized software workflows. Behind the scenes, COCC’s system will automate much of the bank’s accounting and compliance functions, eliminating the use of paper and ensuring that every required step has been completed and documented. These changes will generate efficiencies throughout the bank, including a 10-fold reduction in the amount of time needed to open a new account. 

 “We are very pleased to deliver the full promise of next generation technology to Andover Bank,” said COCC’s President and CEO, Richard A. Leone. “It’s one thing to install hardware and software. It’s quite another to work closely with our clients to ensure that their strategies succeed. COCC’s focus has always been on client success, which makes us far more than a technology vendor. We are our clients’ technology partner. Success in today’s crowded market for financial services requires nothing less.”