logo
  Join        Login             Stock Quote

U.S. Bancorp (USB): U.S. Bank Buys FSV Payment Systems

 November 27, 2012 11:51 AM
 


(By Balaseshan) U.S. Bancorp (NYSE: USB) said lead bank U.S. Bank is strengthening its position in the pre-paid market by acquiring Florida-based prepaid card processing company FSV Payment Systems for an undisclosed sum.

FSV, founded in 1999, is known for its expertise managing a broad range of prepaid programs for companies, governments and other financial institutions. Upon completion of the acquisition, FSV will operate under U.S. Bank's Elan Financial Services brand.

U.S. Bank continues to grow its business across multiple pre-paid market segments, including corporate, consumer, government and campus. Some of the pre-paid products that U.S. Bank offers include payroll, general purpose reloadable (GPR), government disbursements, gift, incentives, reward, and campus cards.

[Related -Optimism Moving Back Into The Equation]

The acquisition combines U.S. Bank's payments strength and prepaid expertise with FSV's platform which will position the combined entity as one of the few financial institutions in the industry capable of providing efficient end-to-end pre-paid programs and services for its clients.

The programs and services that FSV clients currently use will continue uninterrupted through the transition, and in the future they will benefit from new developments and innovations that the combined business will provide.

"We believe FSV's strong leadership team, experienced staff, and integrated platform will complement our existing payments services. Combining U.S. Bank's strength in payments with FSV's scalable platform will accommodate our current volume as well as our future growth in the prepaid arena," said Kevin Morrison, senior vice president of U.S. Bank Retail Payment Solutions.

[Related -U.S. Bancorp (USB): Extending Competitive Advantages Via Operating Leverage]

The acquisition is expected to close in December, pending regulatory approval.

The company operates 3,086 banking offices in 25 states and 5,080 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.

USB is trading down 0.66 percent at $32.17 on Tuesday. The stock has been trading between $24.45 and $35.46 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageHow the Chinese Slowdown Will Impact Your Investments

Most countries would find a quarterly growth rate of 7.3% a cause for a read on...

article imageHow To Profit From Foreign Investment In Real Estate

Though investors don't always capitalize on it, history has a way of repeating itself. In fact, when I saw read on...

article imageAnother Round Of Upbeat US Macro Reports

The US economy grew faster than expected in this year’s third quarter, according to this morning’s read on...

article imageDistinguishing The Fed's Securities Purchases From Monetary Expansion

There has been a bit of confusion about what today's FOMC announcement means with respect to Quantitative read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.