MINNEAPOLIS & IRVING, Texas--(BUSINESS WIRE)--May 10, 2005--U.S.
Bank, a subsidiary of U.S. Bancorp (NYSE:USB), has purchased Genpass,
Inc. and its subsidiaries. This transaction makes U.S. Bank the
nation's second-largest, third-party ATM processor, in addition to
having the second-largest bank owned ATM network in the country.
Genpass is a leading provider of electronic funds transfer (EFT),
automated teller machine (ATM) and debit processing services to
financial institutions and other clients and owner of the MoneyPass,
MoneyMaker and MONEY BELT ATM networks. Approximately 350 Genpass
employees will become employees of U.S. Bank as part of the
acquisition. Financial terms of the agreement were not disclosed.
This acquisition brings together two leaders in the payment
services industry with complementary products and services including:
ATM processing, debit card processing, agent bank credit card programs
and merchant processing solutions.
"This transaction makes U.S. Bank a leader in every major payment
processing business and creates a foundation for future growth," said
Pamela Joseph, vice chairman of U.S. Bancorp, who leads the company's
payment services businesses. "U.S. Bank has a long history of
innovation and growth in the payment services industry and the
acquisition of Genpass affirms our commitment to grow all aspects of
the payments business. U.S. Bank brings scale, capital, expertise, and
new products to the Genpass customer base, while maintaining the
highest commitments to quality."
The Irving, Texas processing location and operating platform of
Genpass will be retained in order to take full advantage of its
industry leading technology and ensure continuity for Genpass clients.
"Genpass has grown rapidly to become the second largest ATM
processor in the United States and is also the owner of MoneyPass, one
of the largest 'open' surcharge free networks in the United States,"
said Janet Estep, executive vice president for U.S. Bank Transaction
Services, and manager of the Elan Financial Services business unit.
"Genpass customers will continue to benefit from the high level of
customer service, excellent products and technology delivered by
Genpass, and U.S. Bank will bring new capabilities from our processing
businesses as well as additional products through our correspondent
U.S. Bank, through Elan Financial Services, has more than 35 years
experience in providing payment products and services to financial
Genpass, founded in 2000, is one of the largest EFT service
providers in the United States. Genpass operates the MoneyPass,
Moneymaker and MONEY BELT EFT Networks. Four operating divisions
provide end-to-end EFT network and processing solutions to clients
throughout the country. Genpass offers a full array of the most
technologically advanced traditional EFT product offerings including:
ATM driving and monitoring services; cash management and prediction
services; EFT transaction processing services; cardholder
authorization processing services; settlement, reporting and
reconcilement services; card services; and full service advanced ATM
support. Also, Genpass is the only EFT Network to offer ATM
maintenance services through the Service Solutions division.
Elan Financial Services supports more than 7,700 ATMs, 15 million
ATM/POS cards, and two million credit cardholders with a complete
range of products and services including credit card issuing, ATM,
debit card, and merchant processing. Elan offers a full range of ATM
services to financial institutions and, independent sales
organizations including authorization processing, terminal driving and
switching services. These are conducted through a wide array of
network options with all the necessary card management and support
functions creating an easy to manage card program for financial
institutions. Elan also provides membership in the Fastbank ATM
network, which includes deposit-sharing ATM locations and Fastbank
Free, the surcharge-free option. The more than 2,500 clients of Elan
enjoy full-service support and management tools, which are secured
with a unique Service Guarantee. For more information call
1-800-343-7064 or visit elanfinancialservices.com.
U.S. Bancorp, with $198 billion in assets, is the 6th largest
financial holding company in the United States. The company operates
2,377 banking offices and 4,654 ATMs in 24 states, and provides a
comprehensive line of banking, brokerage, insurance, investment,
mortgage, trust and payment services products to consumers, businesses
and institutions. U.S. Bancorp is home of the Five Star Service
Guarantee in which the company pays customers if certain key banking
benefits and services are not met. Visit U.S. Bancorp on the web at
CONTACT: U.S. Bancorp Media Relations
Steve Dale, 612-303-0784
U.S. Bancorp Investor Relations
H.D. McCullough, 612-303-0786
SOURCE: U.S. Bancorp