First Financial Management Corp., further dating its check-guarantee activities, said Wednesday said that it has signed a definitive agreement to check of Kansas Inc., which does business as Telecheck Mid-America.
The Mid-America unit has 4,500 customers in Kansas, Missouri, Nebraska, and part Tennessee. They will bring to 47 the number of states with First Financial Telecheck franchises.
Including Mid-America and three other recent Telecheck purchases, "FFMC owns 91% of the total Telecheck U.S. network," said Patrick H. Thomas, chairman, president, and CEO of the Atlanta-based processor.
First Financial has undergone rapid expansion, fueled in part by its recent sales of Georgia Federal Bank and an outsourcing unit, to concentrate on processing businesses. The check-acceptance service supplements the business of FFMC's Nabanco unit, which processes card transactions for merchants.
Telecheck operations are coordinated by Telecheck Services Inc., a Houston company that First Financial acquired last year. Through the franchises, Telecheck serves 100,000 retailers and financial institutions in the United States, Canada, Australia, and New Zealand.
The First Financial-Telecheck tie was one of three that reshaped the U.S. check guarantee market.
Equifax Inc., the Atlanta-based credit bureau, acquired Telecredit Inc. of Los Angeles at the end of 1990, and National City Corp., the Cleveland-based banking company, acquired JBS Associates of Ringwood, N.J., last February. A National City subsidiary, National Processing Co., competes against Nabanco in the merchant processing business.