Addison Avenue Federal Credit Union Taps Open Solutions For In-house Information Processing; Open Architecture Gives Credit Union Added Flexibility

Business Wire, July 23, 2003

Business Editors

GLASTONBURY, Conn.--(BUSINESS WIRE)--July 23, 2003

Palo Alto, Calif.-based Addison Avenue Federal Credit Union (Addison Avenue) has selected Open Solutions Inc. (OSI), a provider of integrated data processing technologies for community financial institutions, to handle all transactions and integration processes for its more than 123,000 members nationwide.

"Addison Avenue is poised for continued growth over the next few years," said Addison Avenue's President and CEO Steve Lumm. "Also, our membership is changing and becoming more geographically dispersed and more demanding of online services. It's vital that our technology enables us to keep up with these changes, and even stay ahead of the curve."

To facilitate new and improved services for its members and allow the credit union to achieve desired growth, Addison Avenue began to search for a new system that offers an open architecture and employs current industry standards. The credit union found its answer in Open Solutions' relational enterprise core processing product suite, The Complete Credit Union Solution(R) (TCCUS) and CRM/business intelligence offering, cView. In addition, Addison Avenue will use loan management products from Open Solutions' strategic business unit, Sound Software, for consumer and mortgage loan origination.

"Open architecture means that we can easily integrate the core processing system with the other applications and technologies we need to run our business," said Paula Hoelker-Williams, Addison Avenue's CIO. "Finding an open architecture solution was particularly important to us so that we can continue to provide all of the services our members are accustomed to, as well as expand our service offerings with minimum effort or disruption."

Formerly known as the Hewlett-Packard Employees Federal Credit Union, Addison Avenue primarily serves the employees and families of HP, Agilent Technologies and Philips Medical. With twenty branch offices and assets of more than $1.7 billion, the credit union requires processes that will not only support its plans for future growth, but will also provide the kind of services that its members want and need.

"We believe that, The Complete Credit Union Solution and cView are at the pinnacle of relational core data processing and CRM/business intelligence technology applications," said Louis Hernandez, Jr., Chairman and CEO of Open Solutions. "There is a significant shift in the industry of institutions of all sizes moving from older, legacy-based core solutions to newer relational enabling technologies; Open Solutions has been perfecting relational technology offerings and its delivery strategies for more than a decade. Our goal is to deliver mission critical functions via the most innovative, user-friendly and flexible platform possible, and we are committed to being Addison Avenue's strategic partner for many years to come."

Addison Avenue conducted a thorough evaluation of available core processing solutions using very specific criteria, which Open Solutions met. Addison Avenue's team analyzed the strength of each solution, the overall cost of implementing each solution, the openness of different solution platforms and each solution's use of industry standards. The credit union also conducted comparative analyses of each system's functionality outside the core data processing capabilities.

"After extensive research, we decided that Open Solutions not only met all of our criteria, but also had the best cultural and corporate fit for our needs," said Addison Avenue's partnership manager, Lisa Shogren, who will have an extensive role in the project. "We are looking forward to partnering with Open Solutions because they understand and share our values and priorities. Relationship is extremely important to us."

According to Open Solutions' product managers, the company's suite of products was architecturally designed to be an open environment application, creating the flexibility necessary for running an agile, service-oriented institution. The product suite delivers real-time core data processing, total account creation flexibility and embedded business intelligence capabilities.

About Open Solutions Inc.

Open Solutions Inc. (OSI) offers a fully featured strategic product platform that integrates core data processing applications, built on a single centralized Oracle relational database, with Internet banking, cash management, electronic commerce, CRM/business intelligence, financial accounting tools, imaging and loan origination solutions. OSI's full suite of products and services allows banks, savings institutions and credit unions to better compete in today's aggressive financial services marketplace, expand and tap their trusted financial relationships, client affinity, community presence and personalized service.

For more information about OSI, or its financial product line, contact Mickey Goldwasser at 860.652.3153, via fax at 860.652.3156, or email mgoldwasser@opensolutions.com. Visit OSI's Internet site at www.opensolutions.com.