Fiserv Inc. has agreed to acquire Central Service Corp., a Greensboro, N.C.-based financial data processor.
Financial terms of the deal were not disclosed. Central Service handles data processing for about 50 banks and thrifts in the Southeast. It also does check processing for about 50 financial institutions.
The acquisition is part of a consolidation of the bank outsourcing business that has concentrated 91% of market share in the hands of 13 vendors, according to Computer Based Solutions Inc..
Fiserv has closed deals for 67 companies since 1984. George D. Dalton, Fiserv's chairman and chief executive officer, said he had been looking to acquire Central Service for several years.
"Until recently Fiserv has had a limited presence in the Carolinas," Mr. Dalton said.
Mr. Dalton noted that Central Service uses Dollar System software from Orlando-based FIS, "which makes the fit all the better."
Central Service has operations in Greensboro and in Newbury, S.C. "Consideration is being given to the consolidation of those operations," Mr. Dalton said.