Three de Novo Banks in the Southeastern U.S. Grow with Jack Henry

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Jul 22, 2024, 09:00 ET

Craft Bank, RockPointBank and Moultrie Bank & Trust win on innovation and service

MONETT, Mo., July 22, 2024 /PRNewswire/ -- Jack Henry^™ (Nasdaq: JKHY) is pleased to share that Craft Bank, RockPointBank and Moultrie Bank & Trust have experienced significant growth in recent years, powered by Jack Henry's modern and open technology platform.

Craft Bank and Moultrie Bank & Trust, both based in Georgia, and Tennessee-based RockPointBank all have been established within the last four years. They were launched to serve communities with limited access to local financial services due to industry consolidation, and they have experienced steady growth since their inception. They attribute the success to several key factors: local ownership, focus, and decision-making; the rapid population boom in the Southeast; and support from Jack Henry, a robust technology provider that enables them to compete with larger institutions while still providing personalized banking experiences.

Craft Bank is a $230 million-asset commercial bank in metro Atlanta serving small and medium-sized businesses (SMBs), mainly in professional services and manufacturing. Jack Henry's hosted core processing solution helps the bank operate efficiently, while commercial solutions like JHA Treasury Management^™ have met SMBs' business management needs.

"We started Craft Bank to serve the ZIP codes in metro Atlanta that lacked local bank representation, particularly in the SMB market, and Jack Henry has helped us do just that," said Ross Mynatt, CEO at Craft Bank. "Their commercial solutions have set us apart, enabling us to secure new business after just one demo. We've also appreciated their commitment to top-notch customer service and accessibility to the senior leadership team. Jack Henry enables us to capitalize on the favorable business climate in Georgia, and we're thrilled to be part of their network."

RockPointBank is a $280 million-asset bank in Chattanooga serving local businesses and professionals. The bank delivers its high-touch service through three channels: one branch, a courier service, and Jack Henry's modern and open Banno Digital Platform^™. Moreover, Jack Henry's treasury management platform, JHA Treasury Management, and faster payment hub, JHA PayCenter^™, provide all the tools for businesses to manage their daily financial workflows and connect the bank to both real-time payment rails, giving them a competitive edge.

"The opportunity we envisioned when starting the bank in 2021 has been confirmed," said Hamp Johnston, president and CEO at RockPointBank. "With the Southeast region growing, we're poised to increase our market share and continue to grow organically. Management believes there is an opportunity to reach $1 billion in assets within our first decade, and we are on a promising trajectory to achieve this. Jack Henry's technology has been instrumental in our journey thus far and will continue to support our scaling efforts, allowing us to provide superior customer service both in-person and online."

Moultrie Bank & Trust is the only local bank in Moultrie, Georgia, serving both retail and commercial customers in the southern part of the state. The $100 million-asset bank has had success in residential home construction and aims to expand its reach among SMBs and younger demographics. Jack Henry's innovative and flexible cash management solutions, integrated within consumers' digital banking platform, helps them attract and retain customers while reducing the risk of fraud.

"As a new bank, we only get one opportunity to convince people to switch to us. With Jack Henry, we're able to make a strong first impression," said Donna Lott, president and CEO at Moultrie Bank & Trust. "Their solutions and seamless integrations rival those of larger financial institutions. They are attentive, responsive, and provide robust protection and automation, enabling us to operate securely and efficiently and meet our customers' needs. As we grow and increase our customer base, we're eager to leverage more of Jack Henry's technology and tap into their open ecosystem of third-party fintechs."

"De novo banking requires more strategy, automation, and service focus than ever before," said Jonathan Baltzell, President of Bank Solutions at Jack Henry. "Jack Henry has been a proven technology provider in the space for many years. The success of Craft Bank, RockPointBank, and Moultrie Bank & Trust highlight the importance of starting with the right people and technology. With a flexible, experienced, and innovative technology provider, de novos can leverage their vision and mission to gain a competitive edge. We look forward to continuing to work with de novo institutions to better support local communities across America."

About Jack Henry & Associates, Inc.^® 
Jack Henry™ (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 48 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 7,500 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.

SOURCE Jack Henry & Associates, Inc.