MEMPHIS, Tenn., Oct. 24 /PRNewswire/ -- National Commerce Financial
(NYSE: NCF) today announced plans to upgrade its retail and commercial loan
systems to a new, state-of-the-art technology platform under an outsourcing
arrangement with Automated Financial Systems, whose loan software products are
used by 20 of the top 25 U.S. bank holding companies. The new system,
AFSCommerce, will improve NCF's loan processing and reporting operations by
automating document preparation, reconciliation, uploading, exception tracking
and loan authority control. It will also facilitate improved loan review and
portfolio management.
(Photo: http://www.newscom.com/cgi-bin/prnh/20010510/NCBCLOGO )
Together with the implementation of AFSCommerce, NCF will consolidate its
loan operations back office, eliminating approximately 115 positions. The
positions are primarily in Memphis, TN, where much of the loan processing
operations are based. Associates will be encouraged to apply for open
positions in other areas of the company; and if no suitable positions are
found, they will be offered outplacement support and a severance package
consistent with corporate policies. NCF expects the elimination of these
positions net of the systems implementation and operating costs to generate
approximately $3.5 million in annual cost savings once the implementation is
completed in September 2002.
"The move to AFSCommerce will allow us to improve customer service and
efficiency at the same time," said Scott Edwards, NCF's chief administrative
officer. Edwards also noted that the company expects to create additional fee
revenue and improve its credit risk management with the enhanced management
information and other tools available through the new platform.
ABOUT NCF
National Commerce Financial Corporation has $18.5 billion in assets and
nearly 400 locations in nine Southeastern states. NCF, headquartered in
Memphis, TN, with its operations headquarters in Durham, NC, is a sales and
marketing organization that delivers select financial and consulting services
through a national network of banking affiliates and non-banking affiliates.
FORWARD-LOOKING STATEMENTS
These statements constitute forward-looking statements (within the meaning
of the Private Securities Litigation Reform Act of 1995), which involve
significant risks and uncertainties. A variety of factors could cause actual
results and experience to differ materially from the anticipated results or
other expectations expressed in such forward-looking statements.
NCF does not assume any obligation to update these forward-looking
statements or to update the reasons why actual results could differ from those
projected in the forward-looking statements.
Factors that might cause such a difference include, but are not limited to
competition from both financial and non-financial institutions; changes in
interest rates, deposit flows, loan demand and real estate values; changes in
legislation or regulation; changes in accounting principles, policies or
guidelines; the timing and occurrence (or non-occurrence) of transactions and
events that may be subject to circumstances beyond the control of NCF; and
other economic, competitive, governmental, regulatory and technological
factors affecting NCF specifically or the banking industry or economy
generally.
SOURCE National Commerce Financial Corporation
 back to top
Related links:
http://www.ncfcorp.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20010510/NCBCLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 212-782-2840
CONTACT:
Eileen M. Sarro of National Commerce
Financial Corporation, +1-919-683-7642
|
