| Credit Union Merger

Banking Software News from SIT

SIT Congratulates Grand River Credit Union and Mitchell & District Credit Union on their Merger Announcement

Toronto, Canada – July 16, 2007: Strategic Information Technology Limited (“SIT”) is pleased to announce that two of its customers, Grand River Credit Union and Mitchell & District Credit Union have decided to pursue a merger. It is planned that the merged credit unions will operated under the name Your Neighourhood Credit Union, which Grand River Credit Union will be merging with on October 1, 2007.

“I’d like to congratulate both credit unions on their decision.”, says G. Robert Leeming, President of Strategic Information Technology, “We will continue to work with our credit union partners to help them become stronger still”.

Portfolio Plus is used by both Grand River Credit Union and Mitchell and District Credit Union. Portfolio Plus offers a Plug-In Banking platform that is affordably priced and scalable for small or large deployments. Installations of Portfolio Plus can include modules for web banking, loans, mortgages, term deposits, investments, accounting, retail banking, CANNEX interface, FundSERV interface, ATM/POS switch interfaces, and more.

The planned merger will result in a credit union that has 13 branches, 29,100 members and $410 million in assets. The merger, of course, is subject to due diligence, regulatory and membership approvals. It is anticipated that the merger will be closed by December 31, 2007.

To find out more about the planned merger visit the Mitchell & District Credit Union announcement.

About SIT

SIT, formed in 1988, develops and markets Portfolio Plus, an extensible banking system that enables customers to plug-in new functionality as required. This is accomplished via SIT's unique Plug-In BankingTM architecture and a Financial Services BusTM that extends Portfolio Plus functionality to other corporate applications. SIT's banking software enables credit unions, banks, trust companies and building societies to offer web banking, loans, loan securitization, investments, term deposits, wealth management, retail, ATM/POS switch interfaces for debit cards, CANNEX, FundServ, leasing, Equifax and Trans Union credit bureau interfaces, registered investment products, and much more. Portfolio Plus can also be tailored, on request, to meet specific customer requirements.

SIT can be reached at (http://www.stratinfotech.com) or by phone at 905-640-0808.

Portfolio Plus, Plug-In Banking and Financial Services Bus are trademarks or registered trademarks of SIT in the U.S., Canada and other countries. Any other trademarks or service marks contained herein are the property of their respective owners.

For more information, please contact:

Patrick Lannigan
Strategic Information Technology
Telephone: 905-640-0808 x356
Email: patrickl@stratinfotech.com


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This page was created or refreshed on October 15, 2018 @ 12:07:20
by Strategic Information Technology (SIT) Ltd., Stouffville, Ontario, Canada
You're here to learn about: Grand River Credit Union and Mitchell and District Credit Union