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Article: Two Clearing Houses Formed in the Nineteenth Century Announce Intent to Merge in the Twenty-First; Strategic Move Will Standardize and Rationalize Industry Infrastructure and Forum Functions.
- Article from:
- PR Newswire
- Article date:
- April 30, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK and CHICAGO -- NEW YORK and CHICAGO, April 30 /PRNewswire/ -- The Clearing House and The Chicago Clearing House announced today that they have signed a letter of intent to pursue a merger of the two organizations. These organizations are both owned by leading banks, clear and settle checks, and serve as industry forums on issues critical to the banking industry.
"This merger is consistent with the banking industry's desire to standardize and rationalize industry infrastructure and associations," said Jeff Neubert, President and CEO of The Clearing House. "It sends a clear signal to the industry that the time has come for clearing houses and check ...