Paducah Bank Expands Relationship with SEI for Cloud Migration and Services

OAKS, Pa., Jan. 31, 2023 – SEI^® (NASDAQ:SEIC) today announced that Paducah Bank will expand its strategic partnership with SEI to migrate its core applications, platforms, and IT infrastructure to a Microsoft Azure cloud environment with SEI Sphere^SM. This migration will allow Paducah Bank to realize the full potential of cloud capabilities, while maintaining compliance with regulatory requirements, to scale its services on demand and meet clients’ needs. Paducah Bank began utilizing SEI Sphere’s managed services in November 2021.

Kelly LeNeave, Senior Vice President at Paducah Bank, said:

"Our selection process to vet a cloud service provider involved several stages. It was important to us to partner with a company that understands our industry and will deliver us a secure and compliant cloud environment. We are confident that leveraging SEI Sphere and the team’s expertise—as both a financial services company and technology provider—will help drive our growth.”

SEI Sphere’s cloud services, coupled with cybersecurity and network operations, deliver a robust managed security service to provide Paducah Bank with visibility, resiliency, and scalability to help drive growth into the future. SEI Sphere’s cloud services include:

• Design and architecture
• Migration services
• Monitoring and resiliency (business continuity planning and disaster recovery)
• Cloud security
• Cost optimization
• Regulation and compliance support

Steve Bomberger, Head of SEI Sphere, said:

“We’re thrilled to expand our relationship with Paducah Bank to support its journey to the cloud. The evolution of technology and cloud capabilities continues to make compelling arguments for organizations of all sizes to move to the cloud when considering costs, data protection, and resiliency. We’re proud to continue our relationship with Paducah Bank and provide a modernized infrastructure that propels their business forward.”

About SEI^®

SEI (NASDAQ:SEIC) delivers technology and investment solutions that connect the financial services industry. With capabilities across investment processing, operations, and asset management, SEI works with corporations, financial institutions and professionals, and ultra-high-net-worth families to solve problems, manage change and help protect assets—for growth today and in the future. As of Dec. 31, 2022, SEI manages, advises, or administers approximately $1.2 trillion in assets. For more information, visit seic.com.

About SEI Sphere^SM

As a managed security services provider (MSSP), SEI Sphere provides comprehensive business solutions that deliver cybersecurity, network operations, and cloud services. Supporting and securing the evolving IT needs of today’s regulated and fast-growing businesses, SEI Sphere helps them build and maintain a secure technology foundation. For more than 50 years, SEI has provided technology platforms and solutions that enable clients to focus on strategic initiatives and drive future growth. For more information, visit seic.com/sphere.

About Paducah Bank

Paducah Bank is an award-winning, locally owned bank with banking centers in six locations in Paducah and Louisville and employs more than 130 people. Paducah Bank received a 5-star rating from BauerFinancial, the nation’s premier bank rating firm. In June, Paducah Bank was notified that it had earned the highest rating that BauerFinancial awards! The bank has earned this 5-star rating for 44 consecutive quarters! The bank also received the distinction of exceptional performance bank, a status reserved for banks that have earned Bauer’s highest rating for 10 consecutive years!  Paducah Bank was named as the #1 Best Place to Work in Kentucky among medium-sized companies and was chosen by the Wall Street Journal as one of the nation’s Top 15 Small Workplaces.  They were named Best Bank in the Paducah Sun Readers’ Choice Awards from 2012-2021 and have won the Louisville Mayor's Worksite Wellness Award numerous times. In 2019, Paducah Bank won the Governor’s Service Award and earlier this year won three Telly Awards.