U.S. Bancorp's Elavon merchant acquiring unit announced that it has bought the 1,300-merchant portfolio of MB Financial Inc. of Chicago.
MB Financial also will refer new merchant processing accounts to Elavon in a revenue-sharing deal, the Atlanta processor said Friday.
The deal is worth $10.2 million, according to a document MB Financial filed with the Securities and Exchange Commission. More than 95% of the merchant accounts are in the Chicago area, an MB Financial spokesperson said.
Elavon also announced last week that it renewed a similar merchant referral agreement with KeyCorp for an additional three years.
KeyCorp, of Cleveland, and Elavon have had the agreement for more than 10 years, and it has helped generate more than 60,000 active merchant accounts, Elavon said.
Key merchants also are eligible for Elavon's PCI Compliance Program that includes education, validation and scanning services, the processor says. KeyBank operates almost 1,000 branches across 13 states, Elavon said.