20 January 2018
visit www.ebaday.com

Certegy acquires Crittson Financial Services for $22.5m

20 February 2004  |  814 views  |  0

Certegy Inc. (NYSE: CEY), the nation's leading provider of card services to community banks and credit unions, today announced the acquisition of Crittson Financial Services LLC for approximately $22.5 million in cash.

Based in Elkhart, Indiana, Crittson provides full service card and merchant processing services to over 275 financial institutions, 450,000 cardholders and 8,500 merchants throughout the United States. The closing of the transaction, which is subject to customary closing conditions, is expected to occur in early March 2004.

"We are delighted to announce this acquisition. Crittson has built an extremely attractive customer base which is an excellent fit for our existing card business," stated Robert Bream, Senior Vice President and Group Executive of Certegy Card Services - North America. "We welcome Crittson's financial institutions and merchants as Certegy customers and look forward to providing them with our full range of products and services."

Robert Crothers, Chairman of Crittson, added, "Certegy has an outstanding reputation for providing high quality products and customer service, and we are confident that our customers will benefit from this new relationship."

Certegy expects this acquisition to add approximately $20 million in annualized revenues, comprised of approximately $13 million in card issuing revenue and $7 million in merchant processing revenue. The Company anticipates the transaction to be neutral to diluted earnings per share in 2004, considering integration costs and lower share repurchases than previously assumed. In 2005, the acquisition is expected to add approximately $0.03 to diluted earnings per share.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comvisit www.thomsonreuters.infovisit www.niceactimize.com

Top topics

Most viewed Most shared
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
12517 views comments | 33 tweets | 38 linkedin
BofA leads on blockchain patentsBofA leads on blockchain patents
7909 views comments | 12 tweets | 12 linkedin
Standard Chartered establishes fintech innovation and investment unitStandard Chartered establishes fintech inn...
7762 views comments | 14 tweets | 14 linkedin
hands typing furiouslyFintech Adoption is About People, Not Tech
6891 views 1 | 6 tweets | 2 linkedin

Featured job

Competitive base + commission
New York City, NY - USA

Find your next job