Davenport Bank and Trust Co., a subsidiary of Norwest Corp., has sold its data processing business to Basis Information Technologies Inc.
Under an agreement signed last week, Atlanta-based Basis will take over Davenport Bank and Trust's data center June 1. Basis has also agreed to provide some data processing services to the Iowa-based bank, but particular are being worked out.
The Davenport Bank deal
- which involves processing for 45 correspondent banking customers - is Basis' third acquisition this month. Two weeks ago the Atlanta-based company bought American Data Services Inc. and Summit Information Systems from BankAmerica Corp.
Job Offers Planned
With the new business additions, Basis will be providing computer services for more than 600 financial institutions in the United States. Most are community banks with less than $1 billion in assets.
Basis officials said the company will extend employment offers to everyone working in the Davenport facility. They said they expect no service interruption as a result of the management change.
They declined to comment on the dollar value of the Davenport Bank contract.