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Central Bancshares, Inc. Converts to Jack Henry Banking

MONETT, MO – Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Today, its Jack Henry Banking® division announced that Central Bancshares Inc. (CBI) implemented the SilverLake System® in both of its financial institution subsidiaries in order to empower the banks with a competitive and scalable technology infrastructure.

Muscatine, Iowa-based CBI is the parent company of two community banks operating under separate charters, one in Iowa and one in Illinois with consolidated assets of nearly $900 million. CBI Bank & Trust has locations in eastern Iowa and northwest Illinois, and F&M Bank has locations throughout western Illinois. CBI recently conducted a formal business analysis to chart a course for continued growth and expansion. Based on their findings, the company decided to replace its previous core provider of 20 years with a new partner that could better support their plans for aggressive growth and M&A activity.

CBI selected Jack Henry Banking’s SilverLake System because of the platform’s seamless integration and ability to easily aggregate third-party data. The ecosystem created by the SilverLake System enables CBI to efficiently engage in multi-bank activity. Additionally, CBI values the depth of partnership provided by Jack Henry & Associates, and appreciates the company’s ongoing investment in their technology.

Jim Watts, senior vice president and chief operations officer at Central Bancshares, Inc., explained, “Today’s M&A market is moving rapidly, and we needed a partner that could help us capitalize on our powerful momentum with ease and economies of scale. Jack Henry & Associates has a solid reputation in the M&A space, and its SilverLake System provides the flexibility and open infrastructure that our company needs to remain competitive. By converting to SilverLake, we are now positioned to focus on the business and growth opportunities ahead of us without worrying about the backend deliverables. We can have the confidence to approach new markets with highly competitive services and user experiences.”

Jack Henry & Associates, Inc.® (NASDAQ: JKHY) is a leading provider of computer systems and electronic payment solutions primarily for financial services organizations. Its solutions serve approximately 10,000 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking® supports banks ranging from community banks to multi-billion dollar institutions with information processing solutions. Symitar® is a leading provider of information processing solutions for credit unions of all sizes. ProfitStars® provides highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs. Additional information is available at www.jackhenry.com.

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