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Elan Financial Services, a St. Paul, Minn.-based transaction processor that drives ATMs by routing transactions to Visa and MasterCard and issuing banks, would become the nation's largest cash manager for ATMs, kiosks and ATM independent sales organizations with the purchase Palm Desert National Bank's Electronic Banking Solutions division. The companies announced the transaction yesterday, and they expect to close the deal during the third quarter. U.S. Bancorp, Elan Financial's parent, agreed to buy the division from the Palm Desert, Calif.-based bank for undisclosed price, Gary Staub, Elan Financial executive vice president and head of strategic initiatives, tells ATM&Debit News, a CardLine sister publication. With the purchase of the Palm Desert division, Elan Financial would manage $1.4 billion in cash for ATMs, kiosks and ATM ISOs, Staub says. Elan Financial processes transactions for up to 40,000 ATMs and drives transactions for banks, retailers and ATM ISOs. The company also provides them cash-forecasting and vault-cash services. The Palm Desert unit serves 50 businesses nationwide and employs 60 workers in Palm Desert and Lafayette, La.
