GLASTONBURY, Ct. - (06/08/05) -- Open Solutions Inc., which hasacquired eight companies or parts of companies over the past 18months, added another with a deal announced Tuesday to buyFinancial Data Solutions, Inc., the image processing arm ofSouthwest Community Bancorp. FDSI provides image and remittanceitem processing, and image statement, and rendering services. Underthe terms of the deal, Open Solutions will pay Southwest CommunityBancorp about $9 million in cash and FDSI will become part of thecompany's Item Processing Systems business group. FDSI providesimage processing from its three processing centers in Murrieta, ElMonte and San Leandro, Calif.
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At a time of mild or nonexistent loan growth, middle-market borrowers in the Lone Star State are providing a boost to Fifth Third Bancorp and Huntington Bancshares.
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New details have emerged about the negotiations that culminated in Capital One's blockbuster $35 billion agreement to acquire Discover. At one point last December, the two parties broke off discussions, according to a securities filing.
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