US Bank To Acquire Genpass

May 11, 2005, 1:00 a.m. EDT 1 Min Read

MINNEAPOLIS - (05/11/05) US Bancorp said Tuesday it hasagreed to acquire the Genpass Inc. electronic funds network and allof its subsidiaries, making US Bank the nationsthird-largest, third-party ATM processor, in addition to having thesecond-largest bank-owned ATM network in the country. Genpass, isthe owner of MoneyPass, MoneyMaker and MONEY BELT ATM networks andhas extensive operations with credit unions, both in processingtransactions and accessing the companys surcharge-free ATMnetworks. Genpass, which provides funds transfer services to 1,000credit unions and banks, is owned by buyout firm GTCR Golder RaunerLLC. Financial terms of the deal were not disclosed.

For reprint and licensing requests for this article, click here.

MORE FROM AMERICAN BANKER

Cryptocurrency

Erebor's charter bid rides wave of fintech-friendly policy

Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.

By Ebrima Santos Sanneh

July 2
Regulating Crypto

Ripple joins other crypto firms seeking trust bank charters

The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.

By Penny Crosman

July 2
Regulation and compliance

NCUA sets high bar for criminal referrals after Trump order

The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.

By Nathan Place

July 2
Fraud

Bank groups encourage Treasury switch to digital payments

Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.

By Melinda Huspen

July 2
M&A

Louisiana bank to enter Dallas with its second Texas deal

Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.

By John Reosti

July 2
Fraud

Judge clears way for Huawei bank fraud trial

A federal judge in New York has rejected Huawei's effort to toss charges alleging bank fraud, sanctions violations and trade secrets theft.

By Carter Pape

July 2