Growing credit union benefits from open,
scalable platform to support expansion throughout the
state of Wyoming
MONETT,
Mo., April 25, 2024 /PRNewswire/ -- UniWyo
Credit Union's strong relationship with Jack Henry™ (Nasdaq:
JKHY) enabled it to successfully complete its merger with Reliant
Federal Credit Union.
UniWyo Credit Union and Reliant Federal Credit Union merged
in the third quarter of 2023, collaborating on the shared mission
of bettering people's lives and putting people first. The newly
merged credit union, operating in UniWyo's name, has just over
$700 million in assets and 57,000
members, making it the second-largest credit union in the
state.
Both credit unions have long-term relationships with Jack Henry,
which played a critical role in the merger process by providing a
smooth data conversion, seamless integration, and consistent member
experience. Given the shared history on Jack Henry's core and
digital banking platforms, the merged credit union saw immediate
efficiency gains and other benefits from their common
infrastructure.
"One challenge during any merger is the data conversion," said
Dave Krause, CEO of UniWyo. "Credit
unions can experience missing data, security issues, and lapses in
efficiency; however, this was not a problem for us. Jack Henry's
team was invaluable during this process and ensured a secure and
accessible data conversion without any losses or disruptions to
service."
Jack Henry's single platform and enterprise approach to
technology will help position the credit union for the future.
Krause commented, "This merger was a huge milestone in our credit
union's history and will pay dividends. Jack Henry's open and
scalable platform and ongoing innovation allows us to serve and
grow with our membership. We're confident Jack Henry will be able
to support our institution as we explore additional growth
opportunities through acquisitions and mergers."
"Mergers can be challenging and disruptive to the business and
the member experience," said Shanon
McLachlan, president of Credit Union Solutions at Jack
Henry. "This is the time when relationships are re-evaluated.
With UniWyo, it proved to be a testament to the strength of our
collaboration and the value our technology brings to both the
institution and its members. We're honored that UniWyo trusted us
with this transition and the future of its organization."
About Jack Henry & Associates, Inc.®
Jack Henry™ (Nasdaq: JKHY) is a well-rounded financial technology
company that strengthens connections between financial institutions
and the people and businesses they serve. We are an S&P 500
company that prioritizes openness, collaboration, and user
centricity – offering banks and credit unions a vibrant ecosystem
of internally developed modern capabilities as well as the ability
to integrate with leading fintechs. For more than 47 years, Jack
Henry has provided technology solutions to enable clients to
innovate faster, strategically differentiate, and successfully
compete while serving the evolving needs of their accountholders.
We empower approximately 7,500 clients with people-inspired
innovation, personal service, and insight-driven solutions that
help reduce the barriers to financial health. Additional
information is available at www.jackhenry.com.
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SOURCE Jack Henry & Associates, Inc.