Elavon, U.S. Bancorp’s merchant-acquiring unit, has purchased Citizens National Bank’s portfolio of more than 300 merchant-processing accounts, according to the companies. Terms were not disclosed.
Under the agreement, Atlanta-based Elavon will provide debit and credit card processing, a program for compliance with the Payment Card Industry data-security standards, point-of-sale devices and software, electronic check services, and e-commerce products, according to the companies.
Elavon also entered into a 10-year agreement to provide services for new clients referred from the Sevierville, Tenn.-based bank’s 18 community branches. Citizens National officials did not respond to a request for comment.
