Payment processor Moneris Solutions has acquired the merchant payments business of the former Alabama National Bancorporation (ANB), a holding company that was acquired in February by the Royal Bank of Canada’s U.S. operations.
The acquisition of ANB’s portfolio includes activity through 103 former ANB banking centers that will boost Moneris' presence in the Southeast, “significantly” boost Moneris’ brand in the region and expand the processor's bank network, according to a release.
"Moneris has very aggressive growth plans,” says Greg Cohen, president of Moneris US. "Acquiring the ANB payments business fits with our growth strategy.”
Terms of the acquisition were undisclosed. ANB was purchased earlier this year in a $1.6 billion transaction by the NC-based subsidiary of RBC, which has converted the branches and offices under the RBC nameplate.
