U.S. Bancorp has signed a deal to buy Mellon Bank Corp.'s electronic funds transfer business.
U.S. Bancorp would more than double the volume of debit card and automated teller machine transactions it processes by buying Mellon Network Services of Pittsburgh. Total volume would rise to 800 million transactions annually for 2,100 clients in 34 states, according to U.S. Bank.
Neither bank would disclose the price tag of the deal, which is expected to close by the end of the second quarter.
U.S. Bank would keep Mellon's facilities and hire its employees. Mellon is retaining its smart card stored value technology and purchasing card product.
Clients of Mellon Network Services include EFT networks and processors, retailers, independent sales organizations, and financial institutions, including Mellon.