TPG Software, Inc. a leading provider of management and accounting software solutions for the financial industry, announced that Apple Bank for Savings has selected TPG's software solutions to automate and streamline its investment and derivative operations and financial reporting. Apple Bank for Savings plans to convert and be in live production by the end of 2009.
"We wanted to improve operating efficiency while maintaining the highest levels of accuracy and regulatory compliance within investment operations. Apple Bank is always looking to stay abreast of the latest technology," said Senior Vice President for Apple Bank for Savings, Lou Rawden.
TPG provides a straight through processing solution—from trade capture to investment accounting, post-trade settlement, reconciliation, reporting and compliance. The Portfolio Genius is TPG Software's flagship system, providing portfolio management and investment accounting and reporting for institutional investors.
"We are very pleased that Apple Bank has selected TPG, entrusting our systems to support their current accounting requirements and future growth," said Cory Sokoloski, VP Sales for TPG. "TPG continues to demonstrate that our solutions meet the growing demands of institutional investors and increase operational efficiency while keeping pace with today's changing technology."
Apple Bank for Savings is headquartered in New York City and, with over $7 billion in assets, stands today as the 4th largest savings bank in the State of New York and is one of the strongest depository institutions in the nation.