Exhibit 99.1
September 8, 2000
FOR IMMEDIATE RELEASE
MONTEREY BAY BANCORP, INC. ANNOUNCES SIGNING OF
CORE PROCESSING AGREEMENT WITH OPEN SOLUTIONS INC.
Common Stock Symbol: MBBC
NASDAQ National Market
Watsonville, CA. September 8, 2000. Monterey Bay Bancorp, Inc.
("Company") today reported that its subsidiary, Monterey Bay Bank ("Bank"), has
signed an Information Processing System Agreement ("Agreement") with Open
Solutions Inc. ("OSI"). Under the terms of the Agreement, the Bank obtained a
five year license to utilize OSI's "The Complete Banking Solution" software as
its core processing system. OSI has licensed this software to over 135 financial
institutions throughout the United States and is headquartered in Glastonbury,
Connecticut.
The OSI software will service a wide range of the Bank's operations,
including all loan and deposit accounts. The Bank anticipates converting from
its current service bureau environment to the OSI software sometime during the
first half of 2001. The OSI software operates in a client / server environment
over a wide area network and is built upon a leading relational database. In
conjunction with the implementation of the OSI software, the Bank plans to bring
its core processing in-house along with the installation of new, mirrored,
multi-processor servers. While the Bank is currently developing the
implementation plan for the new system, the Company anticipates that certain
operating expenses will increase over the next several quarters as a result of
the data conversion process.
Commenting on the signing of the Agreement, C. Edward Holden, the
Company's Chief Executive Officer, stated "We look forward to converting to `The
Complete Banking Solution', as this software presents the Bank with the
opportunity to offer a wider array of products to a broader range of customers
more effectively than our current core processing platform. The OSI software is
therefore consistent with and fundamental to the Bank's continuing conversion
from a traditional savings & loan to a community based commercial bank." Denis
Poole, the Bank's Director of Information Technology, added "The OSI software
and related hardware incorporates a much newer generation of technology than the
Bank has previously had available for core processing. Combined with the
Internet Banking suite of products planned to be introduced in the near future,
this new core processing technology highlights the Bank's commitment to better
serving its customers."
The Company's common stock is listed on the NASDAQ National Market
under the symbol "MBBC". The Company and the Bank are headquartered in
Watsonville, California. The Bank operates through its administrative offices in
Watsonville and eight full service branches located in the Greater Monterey Bay
Area of Central California.
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This news release contains certain forward-looking statements that are
subject to various factors that could cause actual results to differ materially
from such statements. Such factors include, but are not limited to, changes in
technology and technology obsolescence, the risks associated with converting to
and implementing new technology, the possibility that the Company will not be
successful in achieving its strategic objectives, and other factors discussed in
documents filed by the Company with the Securities and Exchange Commission from
time to time.
For further information contact:
C. Edward Holden Mark R. Andino
Chief Executive Officer or Chief Financial Officer
(831) 768 - 4840 (831) 768 - 4806
[email protected]
Fax: (831) 722 - 6794
