People's Bank Deploys AFS Commercial Real Estate to Service Growing Loan Portfolio
CONTACTS:
| Patricia McFeely
Director, Corporate Communications Automated Financial Systems, Inc. 484.875.1376 pmcfeely@afsvision.com |
People's Bank Deploys AFS Commercial Real Estate to Service Growing Loan Portfolio
People's Leverages Technology to Expand Services to Commercial Customers
EXTON, Pa, August 1, 2005 — Automated Financial Systems, Inc. (AFS) announced today that People's Bank <Nasdaq:PBCT>, one of Connecticut's largest independent banks with assets of more than $11 billion and over 150 branches, has deployed the AFS Commercial Real Estate solution to service the bank's growing Commercial Real Estate loan portfolio.
People's selected AFS to support demand for more complex Commercial Real Estate product offerings and to leverage its existing technology infrastructure, building upon its use of the AFS Commercial Loan Accounting System, Level III . The implementation will improve efficiency and reduce costs by consolidating portfolios on a single system, while enhancing the bank's ability to support the specialized requirements of construction lending, structured finance, and commercial mortgages.
"People's successful conversion of its commercial real estate portfolio to the AFS platform reinforces the bank's commitment to its commercial clients," said Lisa Hurwitz, vice president of Commercial Operations at People's Bank. "We now have an enhanced ability to support a more specialized and diversified set of financial services with greater efficiency, leveraging some of the most advanced lending technology in the industry."
The AFS Commercial Real Estate system addresses the growing complexity of this type of credit facility-characterized by multifaceted deal structures, conditional financing arrangements, highly flexible mortgage accrual and payment terms, and burgeoning escrow requirements. Regulators have placed further demands on financial institutions for increased process control, disclosure, and reporting in commercial real estate lending.
"The real estate boom of the past several years has increased demands on commercial real estate lending systems to cope with new business and regulatory requirements and to replace manual processes and tracking procedures, forcing the issue of systems automation," said John Shain, president of AFS. "As a modular component of the fully integrated AFSVision lending platform, the AFS Commercial Real Estate functionality combines the advantages of specialized lending capability with single-platform delivery."
About People's Bank
Founded in 1842, People's Bank (peoples.com) is one of Connecticut's largest banks with assets of $11 billion, more than 240 ATMs and 154 branches, 67 of which offer convenient seven-day banking in Super Stop & Shop locations across the state. A diversified financial services company, People's Bank provides consumer, commercial, insurance, retail investment and trust services to personal and business banking customers. For more information about People's, its products, and services, please call 800-772-1090, visit peoples.com or any of People's branches.
About AFS
AFS is the industry leader in the provision of commercial lending solutions to financial institutions, combining the systems, execution expertise, and management information to mitigate risk, reduce costs, and increase revenue. AFS offers the only fully integrated lending system designed to process any type of loan on a single system, encompassing the entire lending process from origination through payoff or asset distribution. AFS is headquartered in Exton, PA, a suburb of Philadelphia; its European subsidiary, Automated Financial Systems GmbH, is located in Vienna, Austria. For further information, visit the AFS website at www.afsvision.com.
