Fiserv To Acquire CheckFree For $4.4B
BROOKFIELD, Wis.-Credit union outsourcer Fiserv announced it has agreed to acquire electronic payments giant CheckFree Corp. in an all-cash deal for $48 a share, or $4.4 billion.
The deal will combine Fiserv's industry leading check clearing business with CheckFree's electronic bill payment and presentment capabilities. The deal is the latest in the rapid consolidation of the financial services market which has seen such credit union vendors as Open Solutions, Digital Insight, John H. Harland Co., First Data Corp., Bisys Group and Corillian Corp. all taken over in the past year.
Corillian was recently acquired by CheckFree. After the Fiserv acquisition is completed, CheckFree founder and CEO Peter Kight, will continue to manage the operation as a fully owned Fiserv subsidiary.
Members Use GPS To 'Show Me The Money'
LENEXA, Kan.-Community- America CU members can now locate the nearest CO-OP ATM by using their global positioning system. The system can save members as much as $3 in ATM surcharges. Members can also use GPS to locate a teller window or drive-thru at participating shared branches during operating hours.
American Home Mortgage Eyes Bankruptcy Court
MELVILLE, N.Y.-In the latest sign of the ongoing mortgage crunch, American Home Mortgage Corp., which made a major push into the credit union market just last year, was reported to be preparing to file for bankruptcy, after lenders halted its credit and its stock price plunged more than 90%. The company made a major incursion into the credit union market last year with its purchase of Irwin Mortgage Corp. and its 50 on-site credit union sales offices in Arizona, California, Colorado, Hawaii and Washington.
