US Bank To Acquire Genpass

Published May 11, 2005, 1:00 a.m. EDT

|

Updated August 27, 2020, 2:30 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.

Processing Content

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

MORE FROM AMERICAN BANKER

Maine bank hopes branch makeovers will attract deposits

Mirroring the efforts of a number of larger institutions, Portland-based Northeast Bank plans to open a de novo branch in Bangor and renovate its seven existing branches.

By John Reosti
Reporter

8h ago
Digital banking

Nubank launches in the U.S. through a sponsor bank

The Brazilian digital bank is bringing its services to U.S. consumers through a partnership with Lead Bank as it awaits its own final charter approval.

By Melinda Lucy
Tech Reporter

8h ago
Wealth management

AI fuels some RIA hiring plans, dampens others: Cerulli

Research from Cerulli Associates suggests that many RIAs have a long way to go with AI adoption while already finding possible ramifications for back-office staff.

By Dan Shaw
Reporter

8h ago
Cyber Security

New York tells banks to find their single points of failure

Regulators want firms to spot where several critical functions ride on one provider, a question the department's earlier vendor guidance did not ask.

By Carter Pape
Technology Reporter

9h ago
Stablecoin

BVNK and Marqeta dangle a payments lure for stablecoins

The digital asset and card-issuing firms are supplying the guts to enable transactions for cards and digital wallets, betting that Mastercard's ties to both firms will be attractive to banks, consumers and merchants.

By John Adams
Executive Editor, Payments

10h ago
Industry News

First Citizens deepens presence in Midwest, Great Plains

North Carolina-based First Citizens BancShares completes its acquisition of 138 branches across 11 states; City National Bank appoints Chad Lloyd senior vice president and head of RBC U.S. Mortgage; London-based payments processor Checkout.com launches its U.S. subsidiary in Georgia; and more in this week's banking news roundup.

By Traci Parks
Copy editor, American Banker

10h ago

Load More