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$4.4 Billion Bank Chooses IA Systems to Automate Its Auto Loan and Other Indirect Lending Operations

(Albany, NY) October 12, 2004  Community Bank, N.A., operating in New York and Pennsylvania, has chosen IA Systems, Inc.—a leading developer of software products and services for the financial industry—to provide an automated solution for its indirect lending needs.

 Community Bank recently “went live” with StreamLend^TM, IA Systems’ flagship product, which streamlines the entire loan application and underwriting process, integrating lending procedures into one, paperless environment. The custom, modular software package also allows lenders to use the latest technology to automate only specific segments of their lending process, including direct, indirect, consumer, Internet, and home equity loans.

 Community Bank will use StreamLend for all of its indirect lending channels and to increase its indirect lending portfolio. Indirect loans are loans for cars, RVs, pianos, furniture, etc. that come to lending institutions from outside sources such as dealers and retailers. StreamLend’s automated system eliminates the paper involved with traditional lending, while easily allowing the financial institution to manage its increasing loan volumes.

 Community Bank will be utilizing StreamLend to process up to 4,500 vehicle loan applications per month from more than 425 auto dealerships. Located in Olean, New York, Community Bank’s indirect lending group will process all indirect loans in a centralized location among a team of 16 staff members.

       Community Bank, N.A., has $4.4 billion in assets and 130 customer facilities across Upstate New York and Northeastern Pennsylvania, where it operates as First Liberty Bank and Trust.

Community Bank reported that on the first day they went live with StreamLend they processed more than 130 loans and pre-approved more than $800,000 in indirect loans. Before using StreamLend, Community Bank used a manual process that was very paper and labor intensive. By operating with StreamLend’s automated system, Community Bank will have the time and resources to grow their indirect lending business and increase their loan approval rates.

"StreamLend provides the flexibility for our projected growth targets,” said Richard Heidrick, Senior Vice President of Lending, Community Bank. “We looked at many other options and found, dollar for dollar, IA’s product to have the best value. StreamLend also had flexibility we require. We are extremely excited to be moving into the world of automation with StreamLend.”

 ”Community Bank’s extensive dealer network is a perfect example of the model on which we built StreamLend’s indirect lending module,” said Deborah C. Ryan, CEO of IA Systems, “We are proud that they found IA’s solution the best fit for their growing indirect program.”  

For more information about IA Systems  or StreamLend™, please contact, Penny Perkins at 518-862-9200 ext. 279, or pperkins@iasystems.com.

About Community Bank

     Community Bank System, Inc. is a registered bank holding company based in DeWitt, N.Y. Its wholly-owned banking subsidiary, Community Bank, N.A. has over $4 billion in assets and 130 customer facilities across Upstate New York and Northeastern Pennsylvania, where it operates as First Liberty Bank & Trust, a division of Community Bank, N.A. It is a full-service financial institution, offering complete consumer, business, and financial services.

     For more information, visit Community Bank online at: www.communitybankna.com

About IA Systems, Inc.

     IA Systems (IA) is a leading provider of loan origination software for banks, credit unions, and other financial institutions. In 2000, Securian Financial Group (SFN), based in St. Paul, Minnesota, purchased IA Systems, giving IA the backing of a parent 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: StreamLend^TM, a paperless loan origination software 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 StreamLend 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 or call 800.803.7554.

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