HOUSTON (September 12, 2008) – Zions Bancorporation, which operates more than 500 banking offices in ten Western and Southwestern states, has selected Shaw Systems’ RECOVERY product to support its post charge-off collections and recovery management efforts. The bank subsidiaries include AmegyBank of Texas, California Bank & Trust, National Bank of Arizona, Nevada State Bank, The Commerce Bank of Oregon, The Commerce Bank of Washington, VectraBank Colorado, and Zions Bank.
The company will deploy RECOVERY as the system of record for all bank subsidiaries for managing post charge-off accounts including Commercial, Consumer, Construction, Overdrafts, Mortgages, Leasing, Flooring, Bankcard, and Credit Lines. Functionality includes customer tracking, accounting, workflow, queuing, statements, and reporting (tax, credit bureau, and portfolio).
Zions wanted to standardize current processes used by all of its affiliate banks to charge off loans, improve financial reporting and regulatory reporting requirements including future Basel mandates, and enable cradle to grave tracking of charge-offs. Zions will be able to capture and analyze all credit product types as well as regulate accounting practices.
RECOVERY’s service-oriented architecture will provide Zions with sophisticated business rules management, reduced integration expenses, and increased business agility.
Zions, a 20-year client of Shaw Systems, already benefits from using Shaw’s COMMERCIAL loan servicing solution. RECOVERY will interface with many of the bank’s existing systems where the data relating to credit products and the charge-off information resides.
About Zions Bancorporation
Zions Bancorporation, with $53 billion in assets, is one of the nation’s premier financial services companies, consisting of a collection of great banks in select high growth markets. Under local management teams and community identities, Zions operates over 500 full-service banking offices in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington. In addition, Zions is a national leader in SBA lending, public finance advisory services, and agricultural finance. The company is included in the S&P 500 Index.