LINKBANCORP Teams Up with SaaS Provider Jack Henry for Local Banking

Jack Henry & Associates, Inc. (NASDAQ: JKHY) announced that LINKBANCORP, Inc., the holding company of The Gratz Bank and LINKBANK, selected Jack Henry “to bring modern banking services to its local community.”

Founded in 2018, LINKBANCORP had a vision “for entrepreneurial growth, innovation in technology and a branch-lite model to support businesses in Central and Southeastern Pennsylvania.”

A merger in 2021 with The Gratz Bank “doubled its asset size to over $1 billion and helped them scale in both service and geography.”

LINKBANCORP needed a technology platform that would “improve operational efficiencies and support its goal of delivering relationship-based banking for both commercial and retail customers, on digital channels.”

Using Jack Henry’s digital banking and lending capabilities, the bank will “gain access to scalable and open technology, including the Banno Digital Platform™ and LoanVantage®, as well as open connectivity to more than 850 third-party fintechs.”

Andrew Samuel, CEO of LINKBANCORP, said:

“We identified four key components that were most important to our strategy: open API, cloud-based infrastructure, native mobility, and modular architecture; Jack Henry delivers in all areas and more. Jack Henry is ahead of the pack in the industry due to its progressiveness and modern approach to technology and this was further highlighted by the company’s new technology modernization strategy.”

LINKBANCORP was “impressed” with Jack Henry’s existing industry partnerships.

Samuel adds:

“Now, we can easily adopt innovative technologies from specialized fintechs that would otherwise have taken us 6-12 months to implement. These partnerships complement the Jack Henry platform and support our growth strategy, allowing us to compete with larger financial institutions locally. Our bankers now have the tools needed to serve as trusted advisors, solving real challenges and continuing to positively impact the financial health of our local community.”

Stacey Zengel, senior vice president at Jack Henry and president of Jack Henry Banking, said:

“LINKBANCORP has a strong growth strategy and is investing in technology to continue to support customers in today’s digital world. As a well-rounded financial technology company with a broad ecosystem of fintechs partnerships, Jack Henry is uniquely positioned to help the bank build a modern, flexible, and adaptable platform that will grow with the bank and provide a differentiating and cohesive experience for both commercial and retail customers.”

As noted in the update, LINKBANCORP, Inc. was formed in 2018 “with a mission to positively impact lives through community banking.”

Its subsidiary bank, The Gratz Bank, is a Pennsylvania state-chartered bank “serving individuals, families, nonprofits and business clients throughout Central and Southeastern Pennsylvania through 10 client solutions centers of The Gratz Bank and LINKBANK, a division of The Gratz Bank. LINKBANCORP, Inc. common stock is traded over the counter (OTC Pink) under the symbol ‘LNKB’.”

As covered, Jack Henry is an SaaS provider of technology solutions “primarily for the financial services industry.”

They are “an S&P 500 company that serves more than 8,000 clients nationwide through three divisions: Jack Henry Banking® provides innovative solutions to community and regional banks; Symitar® provides industry-leading solutions to credit unions of all sizes; and ProfitStars® offers highly specialized solutions to financial institutions of every asset size, as well as diverse corporate entities outside of the financial services industry.”

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