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Elavon Inc., an Atlanta-based transaction processor, today announced the purchase of the 1,300-merchant portfolio of MB Financial Inc., the Chicago-based owner of MB Financial Bank. The deal is worth $10.2 million, according to a document MB Financial filed with U.S. Securities and Exchange Commission. More than 95% of the merchant accounts are in the Chicago area, an MB Financial spokesperson tells CardLine. MB Financial also will refer new merchant-processing accounts to Elavon in a revenue-sharing deal. MB Financial says it operates more than 70 branches in the Chicago region. Elavon this week also renewed a similar merchant-referral agreement with KeyCorp for an additional three years. KeyBank, a unit of Cleveland-based KeyCorp, and Elavon have had the agreement for more than 10 years, and it has helped generate more than 60,000 active merchant accounts, Elavon says. KeyBank merchants also are eligible for Elavon's PCI Compliance Program that includes education, validation and scanning services, the processor says. KeyBank operates almost 1,000 branches across 13 states, according to Elavon. 


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