First Security Corp. of Salt Lake City said it has formed First Security Processing Service Inc. to provide card processing services to banks, savings and loans, and credit unions.
The holding company said a department of its bank card division has been providing the processing services for 15 years. The conversion to a subsidiary will allow for greater management attention and an enlarged staff, said William C. Cartwright, the unit's president and chief executive officer.
A Staff of 70
First Security Processing already has 300 customers - about 75% of them credit unions. Its complete range of card related services appeals to the smaller-institution market, according to Mr. Cartwright.
Aside from basic account processing, the First Security companmy offers authorizations, clearing, and card production.
First Security Processing will be staffed by about 70 people in sales, operations, and backroom services. Kevin R. Petersen, who was manager for the card division's financial institutions service department, is vice president and chief operating officer.