Moneris Solutions, a payment processor, has acquired Alabama National BanCorporation's merchant payments business, which includes the servicing of 103 banking centers in the Southeast as well as the existing merchant processing portfolio.Moneris will now be responsible for all existing and future credit card processing sales and servicing functions related to Alabama National BanCorporation (ANB). Financial details of the transaction were not disclosed. ANB, a bank holding company operating through eleven subsidiaries in Alabama, Florida and Georgia, was acquired by RBC Bank earlier in 2008.Greg Cohen, president of Moneris US, said: "Moneris has very aggressive growth plans. Acquiring the ANB payments business fits with our growth strategy. It also increases our presence in the Southeast and adds significantly to the number of bank branches we work with in the region."
Authoritative analysis and perspective for every segment of the payments industry
Authoritative analysis and perspective for every segment of the industry
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