Acquisition increases Moneris' footprint in the Southeast

CHICAGO, Jul 21, 2008 (AllPayNews) -- Moneris Solutions, one of North America's largest payment processors, today announced that it has acquired Alabama National BanCorporation's (ANB) merchant payments business, which includes the servicing of 103 banking centers in the Southeast as well as the existing merchant processing portfolio. Moneris will now be responsible for all existing and future credit card processing sales and servicing functions related to ANB. Financial details of the transaction were not disclosed. ANB, a bank holding company operating through eleven subsidiaries in Alabama, Florida and Georgia, was acquired by RBC Bank earlier this year.
In addition to increasing the size of its overall portfolio, the acquisition also increases Moneris' presence in the Southeast, strengthens its brand in the region and expands the processor's bank network significantly.
"Moneris has very aggressive growth plans," said Greg Cohen, President, Moneris US. "Acquiring the ANB payments business fits with our growth strategy. It also increases our presence in the Southeast and adds significantly to the number of bank branches we work with in the region."
About Moneris
Moneris Solutions, Inc. ( www.monerisusa.com [1]) has a 40-year history as one of North America's largest processors of credit and debit cards, delivering payment processing capabilities through point-of-sale hardware, software, ACH, electronic check, e-commerce solutions and a gift card program. Moneris provides payment processing solutions nationwide through direct sales and strategic partnerships and services businesses of all sizes. A joint investment of the Royal Bank of Canada and the Bank of Montreal, which have assets in excess of $700 billion, Moneris Solutions serves more than 350,000 North American merchant locations and has a staff of over 1,100 employees. Moneris' U.S. headquarters are located just outside of Chicago, IL.
SOURCE: Moneris Solutions
Moneris Solutions
Jason Crawford, 202-296-2002 x115
jwc@ecius.net [2]