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Article: Pa.'s Meridian selling off its contracts for merchant processing to National Data.(Brief Article)
- Article from:
- American Banker
- Article date:
- September 20, 1995
- Author:
CopyrightCOPYRIGHT 1995 SourceMedia, Inc. 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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Meridian Bancorp has agreed to sell all its merchant processing contracts to National Data Corp.
The deal includes 9,000 merchant locations and a projected 14 million transactions in 1995. Federal regulatory approvals are required. About 10 bank employees would transfer to Atlanta- based National Data's payrolls, and 25 to 30 employees of the bank's merchant group would be laid off.
Exact financial terms were not disclosed, but Meridian, based in Reading, Pa., would share in revenue from the contracts it would be selling, as well as from some future ones.
The two companies have had a business relationship for more than 15 years, with National Data ...