Southeast Switch Inc., owner of the Honor regional electronic banking network, plans to absorb Alabama Network Inc., owner of the Alert network. The deal is subject to regulatory approval.
This comes seven months after Honor's announced merger with a much larger organization, the Most network. That deal, also awaiting approval, should close by yearend, Honor said.
Alert, with its 1,400 ATMs, 130 financial institution members, and 2.8 million cardholders, will be folded into the new entity.
The new Honor network would have 21,800 ATMs, 330,000 point of sale terminals, 1,840 bank members, and 40 million cardholders. It could handle an estimated 36 million ATM transactions monthly and 13 million debit point of sale transactions.