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Orlando, FL., (October 24, 2008) --- DiCom Software, a leading provider of credit risk management technology solutions for financial institutions, announced today that First United Bank, based in Durant, Oklahoma, has implemented two key applications in the company’s Credit Quality Solutions (CQS) suite—Portfolio Analysis and LRS Enterprise.
With more than $1.9 billion in assets, First United Bank is one of the largest privately-held community banking organizations in the United States. Portfolio Analysis will provide First United with immediate access to current and historical credit information supporting concentration analysis and overall portfolio management reporting. LRS Enterprise will give their loan officers the ability to efficiently maintain a comprehensive view of the credit quality of the loan portfolio throughout the review process.
According to First United’s Vice President of Risk Management Dan Love, the bank was seeking a solution that would help them automate the manual processes traditionally involved in managing credit risk—primarily by replacing their use of labor-intense spreadsheets and Word documents, without having to add staff.
“We were looking to control our personnel costs over the next five years and wanted the ability to maintain the year-to-year loan review worksheets through an easily accessible archival system,” Love said. “We knew to accomplish this we needed speed as well as accuracy. The goal was to enable our review staff to concentrate the bulk of their time and effort on analysis, rather than on the manual, tactical tasks involved with preparing the necessary paperwork and reports,” Love said.
According to Love, the bank has already performed three reviews by individual banks within the holding company and the time savings, as well as their ability to refocus the bulk of the effort on analysis, has been dramatic.
“DiCom’s solutions have already completely automated our review process. What used to take us three full days just to prepare only took us three hours with DiCom,” Love said. “We now have far more time to spend analyzing the credits than we ever had before. Additionally, DiCom’s reporting capabilities are fantastic. We have replaced one of our 40-page reports with a single, succinct management report. Each of our staff members has rapidly embraced this solution. It’s been a jewel for us,” he said.
About First United Bank
Established in 1900 and headquartered in Durant, Oklahoma, First United Bank is a $1.9 billion bank that focuses on providing a full range of banking services such as Consumer Banking, Commercial Lending, Business Services, Cash Management, Mortgage, Trust, Investments, and Insurance to retail customers and small to medium-sized businesses in Oklahoma and Texas.
First United Bank operates through a network of 31 conveniently located banking centers serving 20 communities, including: Ada, Bokchito, Calera, Colbert, Durant, Holdenville, Hugo, Madill, Oklahoma City, Pauls Valley, Sapulpa, Seminole, Shawnee, Tecumseh, and Wewoka in Oklahoma and Dallas, McKinney, Krum, Sanger, and Denton in Texas.
About DiCom Software
DiCom Software is a leading provider of credit risk management technology solutions for financial institutions nationwide. The company’s product suite, DiCom Credit Quality Solution (CQS), delivers tools to efficiently analyze, review and manage loan portfolios while minimizing risk. DiCom’s solutions are the preferred choice of today’s best credit risk personnel at banks across the U.S. ranging in size from $300 million to more than $200 billion in assets. For more information, visit www.dicomsoftware.com.
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