U.S. Bank Acquires FSV Payment Systems
Acquisition strengthens bank’s position as a leader in the prepaid market
MINNEAPOLIS & JACKSONVILLE, Fla. -- November 27, 2012
U.S. Bank, lead bank of U.S. Bancorp (NYSE: USB), today announced that it is
acquiring Florida-based FSV Payment Systems, a prepaid card processing company
known for its expertise managing a broad range of prepaid programs for
companies, governments and other financial institutions.
The acquisition combines U.S. Bank’s payments strength and prepaid expertise
with FSV’s platform which will position the combined entity as one of the few
financial institutions in the industry capable of providing efficient
end-to-end prepaid programs and services for its clients. The programs and
services that FSV clients currently use will continue uninterrupted through
the transition, and in the future they will benefit from new developments and
innovations that the combined business will provide.
“The prepaid market has been a strategic focus for our business over the last
decade and we are pleased to expand our capabilities and offer a fuller suite
of prepaid services,” said Tony Vuoto, executive vice president of U.S. Bank
Retail Payment Solutions. “FSV Payment Systems is one of the few integrated
platforms developed specifically for the prepaid market and has the
flexibility to serve our growing customer base.”
FSV, founded in 1999, is a recognized leader in the prepaid card market, and
is one of a select few companies that both manages and processes its own
programs. FSV has demonstrated its leadership in many areas, including
business-to-business and direct-to-consumer services.
“We at FSV are very excited about this event,” said Rick Savard, chief
executive officer of FSV. “U.S. Bank brings a deep knowledge of prepaid across
varied customer relationships. FSV will complement this with a world-class
processing platform, the ability to create tailored solutions, and an
exceptional team of prepaid executives."
“We believe FSV’s strong leadership team, experienced staff, and integrated
platform will complement our existing payments services,” said Kevin Morrison,
senior vice president of U.S. Bank Retail Payment Solutions. “Combining U.S.
Bank’s strength in payments with FSV’s scalable platform will accommodate our
current volume as well as our future growth in the prepaid arena.”
U.S. Bank continues to grow its business across multiple prepaid market
segments, including corporate, consumer, government and campus. Some of the
prepaid products that U.S. Bank offers include payroll, general purpose
reloadable (GPR), government disbursements, gift, incentives, reward, and
Upon completion of the acquisition, FSV will operate under U.S. Bank’s Elan
Financial Services brand. The acquisition is expected to close in December,
pending regulatory approval. Financial terms of the transaction were not
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $352 billion in assets as of Sept. 30, 2012, is
the parent company of U.S. Bank, the 5th largest commercial bank in the United
States. The company operates 3,086 banking offices in 25 states and 5,080 ATMs
and provides a comprehensive line of banking, brokerage, insurance,
investment, mortgage, trust and payment services products to consumers,
businesses and institutions. U.S. Bancorp and its employees are dedicated to
improving the communities they serve, for which the company earned the 2011
Spirit of America Award, the highest honor bestowed on a company by United
Way. Visit U.S. Bancorp on the web at www.usbank.com.
Judith Murphy, U.S. Bancorp Investor Relations
Teri Charest, U.S. Bank Public Relations
(612) 303-0732, firstname.lastname@example.org
Donna Mack Crowell, FSV Marketing
(904) 446-1151, email@example.com
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