CSI, a provider of end-to-end financial software and technology, announced today it has acquired St. Louis, Missouri-based software provider Hawthorn River, which offers a modern, single-platform loan origination system (LOS) “purpose-built for community banks.”
The transaction reportedly follows “a successful commercial partnership between the two organizations to leverage Hawthorn River’s digital loan origination solution within CSI’s software platform, and strengthens the companies’ existing technical integration.”
It also adds critical functionality “to CSI’s comprehensive technology platform, which includes core processing, digital banking, payments, fraud and compliance, and cybersecurity.”
The integration enhances CSI customers’ loan origination capabilities “across all loan types for both commercial and consumer accounts.”
The acquisition also enables CSI to “deliver single-point loan origination solutions to non-CSI community banks through strategic channel partnerships and API integrations with other technology and service providers.”
David Culbertson, CEO and president of CSI, said:
“Our acquisition of Hawthorn River is the latest step in addressing those needs. Throughout our partnership and in conversations with the Hawthorn River team and customers, it became clear how much their solution resonates with community bankers. We’re excited to welcome the whole Hawthorn River team to CSI and work more closely than ever to solve a critical market gap.”
Jon Rigsby and Wayne Ferrell founded Hawthorn River in 2018 “after spending two decades in the community banking sector across leadership roles in strategy, operations and technology.”
They identified a significant difference “between the highly customized LOS solutions for large financial institutions and the limited solutions available for community and regional banks.”
Today, Hawthorn River claims it is the “only” single-point solution “built specifically for community banks that can service all loan types within one platform.”
Rigsby said:
“Where other LOS providers are pricing out community banks or delivering fragmented solutions, we are dedicated to giving community banks the tools and exceptional service they need to scale and thrive. It’s that shared commitment with CSI that made this opportunity a natural fit. We couldn’t have found a better partner to scale our loan origination technology and get it into the hands of more community bankers who need it.”
The acquisition is said to be the latest demonstration of CSI’s commitment “to delivering modern solutions to community and regional banks seeking ways to acquire, engage and retain account holders across a range of financial services.”
It reached an agreement “in late October with Dragonfly Financial Technologies, a digital banking and treasury management fintech, to deliver flexible, expanded cash management solutions for businesses across ACH, positive pay and sweep accounts.”