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$280 Million Massachusetts Credit Union Chooses IA Systems to Automate Its Consumer Lending Business

(Albany, NY)  October 12, 2004  Leominster Credit Union (LCU), serving more than 28,000 members in North Central Massachusetts, has selected IA Systems, Inc. (IA), a leading developer of software products and services for the financial industry, to provide an automated solution for its consumer lending operations. Leominster recently purchased StreamLend^TM, IA Systems’ flagship product, and sent several of its key lending personnel to be trained on the award-winning system at IA’s training facility in Albany.

The StreamLend software system streamlines the entire loan application and underwriting process, integrating lending procedures into one, paperless environment. StreamLend is the only paperless loan origination software system that seamlessly integrates with all sales channels to provide financial institutions with the ability to automate their entire lending process. StreamLend’s modular approach also allows organizations to automate only specific segments of their lending process, including direct, indirect, consumer, Internet, and home equity loans.

Leominster Credit Union—an institution with more than $280 million in assets—will implement StreamLend to automate its entire consumer lending, including indirect, home equity, direct walk-in and call-in, and Internet applications. In particular, StreamLend’s workflow management and imaging capabilities will allow LCU to increase loan volumes and eliminate paper by consolidating and streamlining its business processes. StreamLend will also allow LCU to decrease processing time by consolidating and automating its lending workflow.

“Bringing all LCU consumer loan products under the StreamLend umbrella will allow us to process loans more efficiently,” said Gordon Edmonds, Senior Vice President of Lending, Leominster Credit Union, “This time-savings will allow staff to focus on other areas—specifically, supporting origination efforts—to grow our consumer loan portfolio.”

Key lending personnel from Leominster recently underwent five intensive days of training at the IA Training Center in Albany. These “super users” were trained on how to use the latest, most powerful version of StreamLend. Leominster Credit Union is scheduled to “go live” on StreamLend in December 2004.

“We are pleased that Leominster Credit Union has selected IA Systems to automate its consumer lending program,” stated Deborah C. Ryan, CEO of IA Systems. “They represent another addition to our growing family of ITI host processor clients and will make an important contribution to our StreamLend Northeast User’s Group.

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

About Leominster Credit Union

     Founded in 1954, Leominster Credit Union (LCU) is a member-owned, not-for-profit financial cooperative. For 50 years, LCU has provided a full range of deposit, lending, and other financial services to residents of North Central Massachusetts. Today, the Credit Union has more than 28,000 members and assets of more than $280 million. Leominster Credit Union is headquartered in Leominster, MA. Financial services are provided through a network of branches and ATMs, as well as telephone and online banking channels. Its six branches are located in Leominster, Worcester, Clinton, Holden, Sterling, and North Leominster. Leominster Credit Union is committed to providing quality products and services to its members. LCU takes advantage of the latest technology and innovation for member ease and convenience.

     For more information, visit LCU online at www.leominstercu.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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