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CUTEK assists CUs with mergers
MURRIETA, Calif. (7/5/11)--CUTEK Inc., a financial technology services provider and consultant, helps merging credit unions integrate Symitar Epysis systems. The technology consultant recently completed its second merger in four months with $317 million-asset SkyOne FCU, Hawthorne, Calif., and assisted $358 million CBC CU, Oxnard, Calif., with its recent merger. CUTEK provides a blueprint or a conversion that brought every department into the merger process, according to Jim Susha, CEO of CBC FCU. CUTEK recommended strategies for mapping, conversion and testing of Symitar data and strategies and suggested ideas for dealing with automated clearinghouse and draft files, Susha said. “They have previous experience with the Symitar merge program that was extremely beneficial,” Susha added. “CUTEK convinced us we would be in a stronger position following the Symitar path than using another vendor’s proprietary approach.” “Each merger--two with SkyOne and one with CBC--was performed with different options,” CUTEK President Ron Murray explained. “CBC was mostly consulting in a ‘how-to’ role. SkyOne’s first merger was a full-service merge where we did analysis crossovers and programming. In SkyOne’s second merger, they took what they learned from us in their first merger and did their own analysis and crossovers, while we provided programming and support.”


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