People's Deploys AFS Commercial Real Estate to Manage $1.7 Billion Portfolio
CONTACTS:
| Andrew McCaskill
Media Contact for AFS 678.781.7210 |
People's Deploys AFS Commercial Real Estate to Manage $1.7 Billion Portfolio
EXTON, Pa., April 28, 2004 — Automated Financial Systems (AFS-Exton) announced today that People's Bank <NASDAQ:PBCT>, a regional bank with 154 branches in Connecticut and more than $11 billion in assets, has selected AFS' Commercial Real Estate solution to process the Bank's growing commercial real estate loan portfolio.
People's Bank, leveraging the existing technology infrastructure of the AFS Commercial Loan Accounting System, Level III, selected AFS to meet the demand for more complex commercial real estate product offerings, as well. The implementation will improve efficiency and reduce costs by consolidating portfolios on a single system. The change will also reduce operational and technical support requirements.
"People's commercial real estate portfolio, a core line of business for the bank, has evolved to become more sophisticated," said Lisa Hurwitz, VP of Commercial Operations at People's Bank. "We needed a system that improved functionality and automated time consuming processes, such as handling rate traunches efficiently."
The AFS Commercial Real Estate system streamlines the commercial real estate lending process and expands product capabilities. Among the specialized characteristics of the offering are advanced escrow management capabilities, interest accrual based on an amortization schedule, the ability to handle partial payments, additional methods for handling adjustable rate loans and the ability to automatically reamortize loans on a variety of bases.
"As People's Bank grew its portfolio, they needed a solution that offered fuller functionality," said John Shain, President of AFS. "AFS Commercial Real Estate provides more options for originating and structuring commercial real estate loans. In addition, the Bank will continue to benefit from the straight-through process capabilities inherent in the AFS system."
About People's
People's (peoples.com) is a diversified financial services company providing commercial, consumer, insurance and investment services. Founded in 1842, it is the largest state chartered bank in Connecticut with assets of $11 billion, 154 branches and more than 240 ATMs. People's is a leader in consumer and commercial banking, residential lending, insurance sales, and supermarket banking. People's subsidiaries offer brokerage services, asset management, equipment financing and leasing, and insurance services.
About AFS
Automated Financial Systems, Inc. provides asset and liability products and services as an Application Service Provider (ASP) delivery through its fully integrated e-business model AFSCommerceT. With more than 34 years of experience in delivering financial services software, AFS is the industry leader in the execution of lending and treasury management solutions for top-tier financial institutions. AFS is the only business partner willing to use its capital and technology to guarantee accretive earnings within each client's business model, both short and long-term creating a no-risk solution. The firm has headquarters in Exton, Pennsylvania and internationally in Cambridge, England. For more information visit www.afsvision.com.
