PHILADELPHIA - CoreStates Financial Corp. has completed the acquisition of Nationwide Remittance Centers Inc., one of the country's largest lockbox processors.
By combining Nationwide Remittance with its own CashFlex unit, CoreStates now commands the second biggest operation in lockbox processing. Only Mellon Bank Corp. is larger.
This deal was announced a month ago, and terms were not disclosed. Now, CashFlex will handle lockbox services for more than 60 financial institutions and process more than 300 million individual and corporate bill payments a year.
"This acquisition blends together the best attributes of both organizations, CashFlex chief executive Lester E. Stockel said in a prepared release.