Moneris Solutions, one of North America's largest payment processors, today announced that it has acquired Alabama National BanCorporation's (ANB) merchant payments business, which includes the servicing of 103 banking centers in the Southeast as well as the existing merchant processing portfolio.
Moneris will now be responsible for all existing and future credit card processing sales and servicing functions related to ANB. Financial details of the transaction were not disclosed. ANB, a bank holding company operating through eleven subsidiaries in Alabama, Florida and Georgia, was acquired by RBC Bank earlier this year.
In addition to increasing the size of its overall portfolio, the acquisition also increases Moneris' presence in the Southeast, strengthens its brand in the region and expands the processor's bank network significantly.
"Moneris has very aggressive growth plans," said Greg Cohen, President, Moneris US. "Acquiring the ANB payments business fits with our growth strategy. It also increases our presence in the Southeast and adds significantly to the number of bank branches we work with in the region."