credit union core conversion

FLEX Announces New Conversions to its Data Processing System

Sandy, Utah (March 2017) – Salt Lake City-based core processor, FLEX, has announced the
conversion of several credit unions to their data processing platform between 5/1/16 and
3/1/17. Most of the converted credit unions are native to the lower 48 states. However, with
this announcement, FLEX is expanding its reach into the warmer climes of Hawaii by bringing
on Kuakini Medical & Dental Federal Credit Union and Honolulu Federal Credit Union.

With the recently converted credit unions, averaging 7,758 members and $89 million in
assets, FLEX has strengthened its position in today’s core processing industry through serving
the needs of mid-sized institutions. In the FLEX client portfolio of over 250 credit unions, the
average credit union has $54 Million in assets, boasts loan growth of 7.01%, share growth of
5.18%, and member growth of 1.14%.

“In an environment where small and mid-sized credit unions are being swallowed up in
mergers, growth and scalability are imperative to survival, yet are contingent on the efficiency
of the core processor,” details Sean Holcomb, Chief Operating Officer for FLEX. “While there
are a great deal of options when it comes to your credit union core system, FLEX core
technology is a system designed for maximum efficiency in today’s evolving market.”

FLEX’s corporate culture has long considered each of its credit unions to be a partner and is
invested in their individual success. Darryn Hodgson, Executive Vice President of the recently
converted Members First Credit Union out of Brigham City, Utah, confirmed FLEX’s position
on partnership when he stated, “The final decision came down to the company culture. We
wanted to partner with a core that would listen to our needs and help us accomplish our
goals.” Additionally, Mark Munemitsu, CEO of recently converted Honolulu Federal Credit
Union said, “The management and staff at FLEX are personable and make you feel important
as a partner, and not just another client that pays their bill. The FLEX team strives to address
our concerns and I know I can always pick up the phone and talk to FLEX COO, Sean Holcomb,
or any member of his executive management team if I so desire.”

Credit union core conversions are no small undertaking, and it is generally perceived in the
industry to be one of the most important vendor relationships. “If a credit union is questioning
whether or not their current core provider has the right software for them, they will also likely
question the headaches involved in switching,” explains Preston Packer, Director of Sales and
Marketing for FLEX. “While we understand that undergoing a core conversion can be difficult
for credit unions, we also view it as being a time when new and improved relationships can
be formed..”

The investments FLEX has made into both the technology behind the core and their
partnerships with their credit union base have paid off.. Having signed 13 credit unions prior
to closing out 2016, FLEX will have another busy year of conversions in 2017 and looks
forward to the new relationships being formed with credit unions around the nation.

Below is a detailed listing of the eight core conversions to FLEX:

Spirit Financial Credit Union:
CEO: David Obarowski
Location: Levittown, PA
Assets: $47.6
Members: 3,771

Waterfront Credit Union:
CEO: Rebecca Schmidt
Location: Seattle, Washington
Assets: $60.1
Members: 5,887

Transtar Federal Credit Union:
CEO: James Tuggle
Location: Houston, Texas
Assets: $33.2
Members: 4,010

Kuakini Medical & Dental Federal Credit Union:
CEO: Keith Nakamura
Location: Honolulu, Hawaii
Assets: $41.7
Members: 2,543

Money One Federal Credit Union:
CEO: Beverly Zook
Location: Largo, Maryland
Assets: $123.9
Members: 12,638

Lubrizol Employees’ Credit Union:
CEO: Rose Flores
Location: Deer Park, Texas
Assets: $43.4
Members: 3,108

Members First Credit Union:
CEO: Brad Barber
Location: Brigham City, Utah
Assets: $113.7
Members: 14,815

Honolulu Federal Credit Union:
CEO: Mark Munemitsu Location, Honolulu,
Assets: $252.1
Members: 15,335

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