Southeast Switch Inc., the Maitland, Fla., company that operates the Honor automated teller machine network, announced yesterday its intention to purchase the ATM driving and debit card processing business of Wachovia Corp.
The transaction, to be completed by year's end, will bring to Southeast Switch processing business from about 150 financial institutions that now use Wachovia's South Carolina unit.
The deal, whose value was not disclosed, expands a business that was established in February when Southeast Switch purchased the ATM driving business of Barnett Banks Inc.
Both deals are in keeping with a trend among ATM networks toward providing processing services in addition to more traditional transaction switching services.
George S. King, who manages Wachovia's ATM and debit card processing business, will join Southeast Switch when the deal is completed. The business will continue to be based in Columbia, S.C.