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N.C. Bank, Fiserv Partner to Target Hispanic Market

April 08, 2008

Brookfield, Wis. Information Technology, Inc. (ITI), a business unit of Fiserv, Inc., a leading provider of information management systems and services, has partnered with Nuestro Banco, a de novo financial institution with a business plan dedicated to serving the Hispanic consumer and small-business segments. The bank opened in September 2007, and has joined forces with Fiserv ITI to deploy the Premier core system as they pursue the expanding market from their headquarters in the Raleigh, North Carolina area.

“The Hispanic population is growing at 20 percent per year in North Carolina,” explained David Flores, president and chief executive officer of Nuestro Banco, “and the group’s purchasing power is actually growing faster than the population growth rate. The Census Bureau estimates that by 2050, one fourth of the nation’s population will be of Hispanic origin, yet today, the Latino populace as a whole is severely underbanked,” said Flores. “The key to capturing their business will be to design new ways to bank – ways that accommodate the Hispanic culture, habits and way of thinking. We understand these factors, and so does Fiserv.”

Nuestro Banco looked at several core providers over a three-month period before deciding on ITI’s Premier and outsourced processing services through the Fiserv ITI data center in Atlanta. According to the bank, usability and an array of features were pivotal to Nuestro Banco’s choice, and of even greater importance was the professionals behind the software.

“We wanted a software partner who not only understood the dynamics of the Hispanic banking market as it stands today, but one who could see the long-term direction the financial industry will take in response to its expansion. We wanted to partner with a company who can take us to the forefront, and Fiserv ITI was the only one who stood up and said, ‘We can do that,’” said Flores.

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