HOUSTON - (02/01/06) -- Cardtronics Inc., operator of theworld's largest fleet of ATMs, announced it has acquired ATMNational and its Allpoint surcharge-free ATM network, popular withcredit unions. Ben Psillas, president and founder of Allpoint, saidthey decided to merge with Cardtronics--which already forms thebackbone of the Allpoint network--because it would amount tocutting out the middle man and allowing credit unions and otherAllpoint member/customers to deal directly with the ATM provider."That's kind of what we accomplished with this merger," Psillastold The Credit Union Journal. Terms of the deal call for privatelyheld Cardtronics to pay a total of $5.7 million, comprised of $2.6million in cash, 21,111 Cardtronics shares and $1.3 million ofassumed liabilities, for Bethesda, Md.-based ATM National, theparent company of Allpoint. Cardtronics is a minority owner of ATMNational, along with Fiserv and Diebold. Cardtronics is owned byBoston-based investment partnership TA Associates. Psillas saidafter the merger the pricing will remain the same for the 275financial institution members of Allpoint, half of which are creditunions. He said a recent affinity deal arranged with thePennsylvania, New Jersey, Maryland and Delaware has added numerouscredit unions to the network and they are talking with other stateleagues about similar arrangements. "Credit unions are asignificant portion of our business and that will remain ourfocus," said Psillas.
-
According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks, with survey respondents expressing heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
6m ago -
The Alabama regional lender says it expects expenses to taper off this year and anticipates challenged loans will gradually rise to historically average levels.
40m ago -
Truist Financial's top executive leadership team announces departures; First Horizon's chief credit officer is retiring; Ferry teams with Highnote to roll out a new Visa-branded payroll card; and more in the weekly banking news roundup.
1h ago -
The Dallas-based regional bank tapped a client for its co-pilot capabilities, where employees can message a bot instead of a human to get tech assistance.
1h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
1h ago -
Powered by younger, affluent cardholders, American Express saw a 6% increase in billed business during the first quarter, while weak growth still plagues its small-business segment.
3h ago