[June 01, 2005] Mission Investment Fund of the ELCA Selects Open Solutions' Relational Core Data Processing Suite; Financial Institution Sought a Partner to Help Them Deliver Superior Products and Services to Members and Affiliates Tweet GLASTONBURY, Conn. --(Business Wire)-- June 1, 2005 -- Open Solutions Inc. (NASDAQ: OPEN), a provider of integrated enabling technologies for community financial institutions, announced that the Mission Investment Fund of the Evangelical Lutheran Church in America (ELCA), based in Chicago, has selected Open Solutions' relational core data processing suite, The Complete Credit Union Solution(R). The Mission Investment Fund is the first financial organization of its kind to select Open Solutions to address its core data processing needs. The Mission Investment Fund has assets of $500 million, a loan portfolio of $310 million and approximately 18,000 accounts. Along with The Complete Credit Union Solution, the Fund will also implement Open Solutions' cView (business intelligence), eCommerce Banker (Internet banking), voice response, financial accounting suite, and commercial loan applications. "Our needs are similar to other financial institutions," said Eva Roby, executive vice president for the Mission Investment Fund. "Open Solutions helped us to identify specific needs and demonstrated a commitment to helping us deliver superior products and services to our investors and borrowers. We wanted a technology partner that was responsive, capable of handling our volume and offered room for growth. We believe that Open Solutions can serve us the way we serve our members - with quality service and products - as well as provide us the technology to do more with our resources." Neither a bank nor a credit union, the Mission Investment Fund is a non-profit financial organization that offers investments to Lutheran congregations and their members, as well as Lutheran organizations such as colleges, universities and social service agencies related to the ELCA. The Fund uses these investments to provide low-interest loans to ELCA congregations and related institutions for capital projects such as purchasing land, funding construction of buildings, expanding existing facilities, renovating buildings, relocating or increasing accessibility to buildings. Mission Investment Fund also makes loans to ELCA-related organizations such as colleges and universities, schools, outdoor ministries and social ministry organizations. Open Solutions' relationship-based technology suite is built on a centralized Oracle(R) database and is architecturally designed to be an open environment application, creating the flexibility necessary for running a dynamic, service-oriented institution. Mission Investment Fund elected to run The Complete Credit Union Solution in-house because it desired increased control over its own data processing and procedures. "The team at Open Solutions is dedicated to helping us achieve our goals," said Robert Benson, vice president and treasurer of the Mission Investment Fund. "Our mission is to serve ELCA congregations, their members and other ELCA ministries by providing the most comprehensive products and services available, and our needs are continually changing. We believe that Open Solutions offers a complete solution that will meet our requirements today and in the future." "Mission Investment Fund is truly unique and unlike any other member of the Open Solutions family," said Chairman and CEO of Open Solutions, Louis Hernandez Jr. "They recognize that our open architecture will help them better serve their membership. One of the great benefits of our relational core platform is its ability to grow and change with an institution. Like Mission Investment, our goal is to provide our clients with the most comprehensive products and services. We are proud to have been selected by Mission Investment Fund and look forward to serving their needs for years to come." About Open Solutions Inc. Open Solutions Inc. offers a fully-featured strategic product platform that integrates core data processing applications, built on a single centralized Oracle(R) relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, electronic image/item processing, Check 21, interactive voice response, payment and loan origination solutions. Open Solutions' full suite of products and services is designed to allow banks, thrifts and credit unions in the United States and Canada to better compete in today's aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service. For more information about Open Solutions, or its financial product line, contact Mickey Goldwasser by email at [email protected], by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Internet site at www.opensolutions.com. Open Solutions Inc.(R) and The Complete Credit Union Solution(R) are registered trademarks of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright (C) 2005 Open Solutions Inc. All rights reserved. Editor's note: For more information on Mission Investment Fund of the Evangelical Lutheran Church in America visit www.elca.org/mif. Safe Harbor Statement Statements made in this press release that state Open Solutions Inc.'s or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. All forward looking-statements are only as of the date of this press release and Open Solutions Inc. undertakes no obligation to update or revise them. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Open Solutions Inc.'s actual results to differ materially from those projected in such forward-looking statements. Factors which could cause our actual results to differ materially from those projected in forward-looking statements include, without limitation, economic, competitive, governmental and technological factors affecting the banking and credit union industry and/or Open Solutions Inc.'s operations, markets, products, services, prices and other factors set forth under the heading "Factors Affecting Future Operating Results" in Open Solutions' Quarterly Report on Form 10-Q for the three months ended March 31, 2005, as filed with the Securities and Exchange Commission. [ Back To TMCnet.com's Homepage ]