Jacksonville, FL - Fidelity National Financial Inc. (NYSE: FNF), a Fortune 500 provider of products, services and solutions to the real estate and financial services industries, today announced that First Tennessee Bank National Association (First Tennessee) has signed a five-year outsourcing agreement for information technology services with Fidelity Information Services Inc. (Fidelity).
Fidelity will manage First Tennessee's data processing operations through Fidelity's data center in Little Rock, Ark., and will also provide support services for the bank's open systems. First Tennessee, headquartered in Memphis, Tenn., will use Fidelity services through an outsourcing agreement that will reduce costs for the organization and improve service for its customers. Fidelity will also provide systems operations support, managed operations support for online banking and cash management, network connectivity and disaster recovery services.
Fidelity's managed operations will support First Tennessee's deposits, trust, consumer loans, commercial loans, customer information, investments, item processing, financial systems and payroll. In addition, Fidelity is already providing mortgage processing and consumer and commercial lending information technology solutions for First Tennessee.
"We are delighted to have First Tennessee as our partner in this long-term outsourcing relationship," said William P. Foley II, chairman and chief executive officer of Fidelity National Financial. "We look forward to assisting First Tennessee in increasing their focus on their customers by creating additional value through our strategic outsourcing services. This agreement showcases Fidelity's strength in providing information-based business solutions for medium to large-scale financial organizations, including open systems."
According to Patrick Ruckh, chief technology officer for First Tennessee, "This agreement will enable us to be more responsive to our customers and give our employees better technology support, all while we're spending our money more efficiently. Fidelity's expertise in the financial services industry will contribute to the growth strategy that has been so instrumental to our success."
Fidelity National Financial Inc. (FNF), number 326 on the Fortune 500, is a provider of products, services and solutions to the real estate and financial services industries. The company had total revenue of $5.1 billion and earned more than $530 million in 2002, with cash flow from operations of nearly $815 million. FNF is the nation's largest title insurance company and also performs other real estate-related services such as escrow, default management, mortgage loan fulfillment, exchange intermediary services and homeowners, flood and home warranty insurance.
FNF is also one of the world's largest providers of information-based technology solutions and processing services to the mortgage and financial services industries through its subsidiary, Fidelity Information Services Inc., which has clients in more than 50 countries. Fidelity processes approximately 46 percent of all U.S. residential mortgages, with balances exceeding $2.9 trillion. Fidelity has processing and technology relationships with 48 of the top 50 U. S. banks, which rely on its processing and outsourcing products and services. Fidelity processes 28 percent of all mortgage and consumer loans in the United States. More information about the FNF family of companies can be found at www.fnf.com and www.fidelityinfoservices.com.
The First Tennessee National Corp. (NYSE: FTN) family of companies provides financial services to individual and business customers through First Tennessee Bank, which has earned one of the highest customer retention rates of any bank in the country; First Horizon Home Loans, which earned a top-five ranking in customer satisfaction from J.D. Power and Associates; FTN Financial, one of the nation's top underwriters of U.S. government agency securities; and First Horizon Merchant Services, one of the most successful processors of credit card payments for the travel industry. More than 10,000 FTN employees provide financial services through hundreds of offices located in more than 30 states. FTN companies have been recognized as some of the nation's best employers by Working Mother, Business Week and Fortune magazines. FTN also was named one of the nation's 100 best corporate citizens by Business Ethics magazine. More information can be found at www.FirstTennessee.com.
This press release contains statements related to future events and expectations and, as such, constitutes forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be different from those expressed or implied above. The Company expressly disclaims any duty to update or revise forward-looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the effect of governmental regulations, the economy, competition and other risks detailed from time to time in the "Management's Discussion and Analysis" section of the Company's Form 10-K and other reports and filings with the Securities and Exchange Commission.
Daniel Kennedy Murphy, 805.696.7218
SVP, Finance and Investor Relations
Fidelity National Financial
Carol Cassil, 501.220.7402
Fidelity Information Services, Inc.
Patrick Ruckh, 901.523.5900
Chief Technology Officer
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