ATLANTA – In the latest deal for a major credit union outsourcer, the John H. Harland Co. announced this morning it has agreed to be acquired by M&F Worldwide Corp. for $52.75 a share, or $1.7 billion. M&F Worldwide is the parent of well-known check printer Clarke American, a strategic partner for more than 3,200 credit unions and banks. Under the deal, expected to close in the second half of 2007, Harland will become a wholly owned unit of M&F Worldwide. The transaction is subject to review under federal antitrust rules. The deal follows recent acquisitions of Open Solutions Inc. and Digital Insight, two of the largest credit union outsourcers.
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A bank-led challenge to the Office of the Comptroller of the Currency's interpretation of the National Bank Act threatens to undermine 21 national trust charters granted in recent years. The Supreme Court's decision to end Chevron deference makes the plaintiffs' argument easier.
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