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$1 Billion Bank Chooses IA Systems to Increase Its Auto
Loan and Other Indirect Lending Business
Berkshire Bank Employees Attend IA Training Center to Get
the Most from Their StreamLend® Indirect Loan Processing System
(Albany, NY) August 25, 2004 Berkshire Bank, based in
Pittsfield, MA, will be on-site at IA Systems in Albany, NY from Tuesday, August
24th through Thursday, August 26th. Key personnel from
Berkshire Bank are attending the IA Training Center to learn how to use
StreamLend™, IA Systems’ award-winning paperless loan processing technology,
which Berkshire recently purchased.
StreamLend, IA Systems’ flagship product, streamlines the entire loan
application and underwriting process, integrating lending procedures into one,
paperless environment. The practical, custom applications enable lenders to use
the latest technology—including instant credit reports, automated
underwriting, and risk based pricing—to increase productivity and reduce
operational costs.
Berkshire Bank is one of the oldest and largest independent banks in
Massachusetts. This $1 Billion organization, headquartered in Pittsfield, is
upgrading to the latest version of StreamLend™ in order to increase its
indirect lending portfolio. Indirect loans are loans for cars, pianos,
furniture, etc. that come to banks from outside sources such as dealers and
retailers. StreamLend™ has unique functions that allow banks and credit unions
to process indirect loans more quickly and more efficiently than ever before.
Charles Bercury,
Senior Vice President of Lending at Berkshire Bank, noted, “After conducting
extensive research on several loan products, Berkshire Bank chose IA Systems for
its loan origination system. Berkshire Bank has been aggressive in expanding our
high quality automobile lending program, and we sought a system that would
provide the best service possible for our extensive dealer network. IA Systems
was clearly the best suited to provide the fast service our customers have come to expect from
Berkshire Bank over the past 15 years. With the implementation of StreamLend, we
plan to expand our dealer network throughout New York, Massachusetts, and
Vermont without additional labor costs.”
Berkshire Bank personnel will undergo
three intensive days of training to learn how to use the latest version of
StreamLend to process indirect loans.
“We are proud that Berkshire Bank
selected IA Systems to automate its indirect lending program,” stated Deborah
C. Ryan, CEO of IA Systems. “We are pleased to be the technology partner of
such a growing financial institution.”
For more information about the training, Berkshire Bank, or
StreamLend™, please contact, Penny Perkins at 518-862-9200 ext. 279, or pperkins@iasystems.com.
About
Berkshire Bank
Founded in 1846, Berkshire Bank is one of Massachusetts’ oldest and
largest independent banks and the largest banking institution based in Western
Massachusetts. Berkshire Bank is headquartered in Pittsfield, MA and maintains a
network of full service offices serving communities throughout Berkshire County.
Berkshire Bank is committed to operating as an independent bank, delivering
exceptional customer service and offering a broad array of competitively priced
business and consumer banking products and services.
For more information, visit Berkshire Bank online at: www.berkshirebank.com.
About IA Systems, Inc.
IA Systems
is a leading provider of loan origination software for banks, credit unions, and
other financial institutions.
In 2000, Securian Financial Group, based in St. Paul, Minnesota, purchased IA
Systems, giving us the backing of a company with $23 billion in assets. As an
affiliate of SFN, IA Systems is represented by a national sales force that
promotes the company's flagship product: StreamLendTM, a paperless
loan origination system that automates the lending process. Headquartered in Albany, NY, the heart
of New York’s Tech Valley, IA Systems has seen annual sales growth of 40% for
the last three years and now provides our StreamLendTM, suite of fast decisioning, automated workflow, and
risk management tools to more than 125 financial institutions worldwide.
For more information, visit IA Systems online at www.iasystems.com.
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