Elavon, a wholly owned subsidiary of U.S. Bancorp (NYSE: USB) and a leading global payments provider, has acquired the merchant processing portfolio of MB Financial Bank, the Illinois local operating unit of MB Financial Inc. (NASDAQ: MBFI).
Elavon will provide its robust payment processing solutions, customer service and support operations to MB Financial Bank's merchant customers. In addition, new merchant services referrals to Elavon will be marketed through the bank's more than 70 branches across the greater Chicago metropolitan area.
"The business philosophies of MB and Elavon are very complementary, and we are pleased to align our efforts with the purpose of delivering efficient solutions to MB's Merchant customers," said Stuart C. Harvey, Jr., CEO of Elavon.
"Our alliance with Elavon delivers the kind of dependable service and value that our middle market commercial and small business clients are accustomed to," said Mitchell Feiger, President and CEO of MB Financial, Inc. "With Elavon's sole focus on the payments industry, we can confidently market a variety of secure, flexible payment solutions backed by excellent customer service to our banking clients."
The transition of merchant services to Elavon will not affect MB Financial Bank clients' banking relationships; however, merchants will benefit from robust debit and credit card processing, a comprehensive PCI Compliance Program, a choice of point-of-sale devices and software, advanced e-commerce products, gift card solutions, electronic check services, and enhanced reporting and industry-leading customer service.