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Moneris Solutions Inc. today announced it is acquiring Alabama National BanCorp.'s merchant-payment business in an agreement that expands the payment processor's presence in the Southeast. Moneris, whose U.S. headquarters is in Schaumburg, Ill., will service 103 Alabama National banking centers in the Southeast and the bank holding company's established merchant-processing portfolio, according to Moneris. Additionally, Moneris will handle all credit card processing sales-and-servicing functions. The companies did not disclose the financial details of the transaction.

The companies did not state when they expect the deal to close. The acquisition increases Moneris' portfolio size, bank network and brand presence in the Southeast, the company says. "Moneris has very aggressive growth plans," Greg Cohen, president of Moneris U.S., said in a statement. A Moneris representative was unavailable to comment by CardLine deadline.

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