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JACKSONVILLE, Fla. - Fidelity Integrated Financial Solutions (Fidelity), a Division of Fidelity National Financial (NYSE: FNF), announced today that First Ottawa Bancshares Inc., of Ottawa, Illinois, has signed a five-year HORIZON Integrated Banking Solution agreement.
First Ottawa Bancshares is a commercial bank with 4 branches and assets of $236 million. The bank will rely on Fidelity's HORIZON Banking System for core account processing; the integrated platform solutions for retail delivery services; ACquire for report management and distribution and the DASH network for ATM processing.
"We were looking for a true partnership," said Steven M. Gonzalo, chief technology officer of First Ottawa Bancshares. "The level of commitment to integration offered by Fidelity will consistently provide our bank with the latest technology," added Gonzalo.
"First Ottawa Bancshares' decision to convert to Fidelity products is a strong sign that our significant investment in the integration of our products over the last several years is having a direct and positive impact for our customers," said Fidelity Integrated Financial Solutions, President, Gary Norcross. "Fidelity's track record proves we can deliver measurable efficiencies and process improvements on behalf of First Ottawa."
Fidelity National Financial, Inc., number 326 on the Fortune 500, is a provider of products and outsourced services and solutions to financial institutions and the real estate industry. The Company had total revenue of $5.7 billion and earned more than $665 million in the first nine months of 2003, with cash flow from operations of nearly $1 billion for that same period. FNF is one of the world's largest providers of information-based technology solutions and processing services to financial institutions and the mortgage and financial services industries through its subsidiary Fidelity Information Services, Inc. Fidelity Information Services processes nearly 50 percent of all U. S. residential mortgages, with balances exceeding $2.5 trillion, has processing and technology relationships with 48 of the top 50 U. S. banks and has clients in more than 50 countries who rely on its processing and outsourcing products and services. More than 34 percent of the total dollar volume of all outstanding consumer loans in the country is processed on Fidelity Information Services software applications. Additionally, FNF is the nation's largest title insurance company and also provides other real estate-related services such as escrow, flood and tax certifications with life of loan monitoring, merged credit reporting, property valuations and appraisals, default management, relocation services, flood, homeowners and home warranty insurance, exchange intermediary services, mortgage loan aggregation and fulfillment, multiple listing services software, mortgage loan origination software, collateral scoring analytics and real property data. More information about the FNF family of companies can be found at www.fnf.com and www.fidelityinfoservices.com
This press release contains statements related to future events and expectations and, as such, constitutes forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be different from those expressed or implied above. The Company expressly disclaims any duty to update or revise forward-looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the effect of governmental regulations, the economy, competition and other risks detailed from time to time in the "Management's Discussion and Analysis" section of the Company's Form 10-K and other reports and filings with the Securities and Exchange Commission.
