Synovus Financial Corp. said it plans to acquire the debt-collection firm Wallace & de Mayo in Norcross, Ga., for an undisclosed amount of stock.
Columbus, Ga.-based Synovus, with $11.2 billion of assets, said it would link the collection firm with the credit card processing unit of Total System Services Inc., of which Synovus owns 80.8%.
Total System's clients-mainly banks-would get speedier service because they would no longer be dealing with numerous debt-collection agencies, said Cliff Mason, president of TSYS Total Solutions, a division of Total System Services.
Wallace & de Mayo is a 20-year-old, privately held firm that recorded $18.8 million of revenues last year. The deal is expected to close this quarter.