US Bank To Acquire Genpass

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

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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.

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