M&I Data Services Inc. has agreed to acquire Barnett Banks' Tampa, Fla.-based correspondent data processing business, Financial Processors Inc. The company is an affiliate of Barnett Technologies Inc., the information technologies subsidiary of Barnett Banks Inc., based in Jacksonville, Fla.
M&I will assume responsibility for all current contracts, equipment, and 160 employees. M&I plans to continue operating item processing centers in Tampa and Miami.
Financial Processors has been in the data processing business for more than 30 years. Its customers are located in the Southeast, primarily Florida and Georgia. M&I is the developer of most of the software that Financial Processors has been using.
M&I Data Services is a wholly owned affiliate of the Marshall & Ilsley Corp., a $7.8 billion-asset bank holding company. Both are based in Milwaukee.