U.S. Bancorp said Tuesday that it has agreed to buy the automated teller machine and kiosk operations of Palm Desert National Bank's Electronic Banking Solutions unit.
The division of the Palm Desert, Calif., bank includes ATM and kiosk terminal management services, cash management, and vault cash operations. It is expected to become part of the Minneapolis banking company's Elan Financial Services division.
The deal does not include Palm Desert's merchant processing, prepaid stored-value cards, and automated clearing house operation.
The acquisition would "enable U.S. Bank to provide an extensive array of ATM solutions to an even broader cross-section of clients," Rick Hartnack, U.S. Bancorp's vice chairman of consumer banking, said in a press release. The deal is expected to close in the third quarter. The price was not disclosed.
Electronic Banking Solutions has operations in Palm Desert and Lafayette, La.