Source: Cash Connect
Cash Connect, the ATM Division of WSFS Bank, announces that it has completed the acquisition of the ATM vault cash portfolio owned by Creative Strategic Solutions Inc. ("CSSI"), a subsidiary of Benjamin Franklin Bank.
Cash Connect, acquired the ATM Vault Cash contracts for approximately 1,700 ATMs from CSSI. Benjamin Franklin Bank will continue to supply the $35 to $40 million in vault cash required to fund these ATMs, while Cash Connect will be responsible for all of the day to day ATM cash funding and management.
Tom Stevenson, President of Cash Connect said, "This is an acquisition that really makes sense for both parties. CSSI had a reputation for providing high service levels to the industry, and we pride ourselves in doing the same. We feel that this is a win-win deal for both our organizations and our customers."
Claire Bean, CFO of Benjamin Franklin Bank commented, "It was important to us that we were able to transition our clients to an organization that shares our commitment to service. Operational control and proficiency were also major considerations, since we will continue to provide our cash. We met all of our goals by partnering with Cash Connect, an organization dedicated to delivering both excellent service levels and strong controls over the cash."
Cash Connect has experienced significant growth since its inception in 1998, and currently supplies over $225 million in vault cash to almost 10,000 ATMs across the nation. Mark Turner, President and CEO of WSFS, said, "Cash Connect's continued strong growth in ATM vault cash management has made a significant contribution to the success of WSFS Bank."