Elavon, a wholly owned subsidiary of U.S. Bancorp (NYSE: USB) and a leading global payments provider, has purchased the merchant processing portfolio of Citizens National Bank, a community bank headquartered in Sevierville, Tenn. and operating locally in Sevier, Knox and Jefferson counties.
Under the terms of the agreement, Elavon will extend its full line of flexible payment solutions to the bank's more than 300 existing merchant accounts, while also supporting a 10-year alliance agreement for new merchant services referred through the bank's 18 community branches.
"Citizens National Bank has made their commitment to exceptional service the cornerstone of their customer satisfaction standards," said Stuart C. Harvey, Jr., CEO of Elavon. "Elavon's investments in technology, innovation and customer service will continue to deliver on the bank's almost 40-year tradition of service excellence for its merchant customers."
"Our customers depend on us to provide reliable, innovative service and a full line of solutions," said David C. Verble, President and CEO of Citizens National Bank. "Elavon is solely focused on merchant services, and our new relationship enables us to provide our customers with the level of service and security they need and expect."
Citizens National Bank merchant customers will benefit from Elavon's expanded merchant service offerings including debit and credit card processing, a comprehensive PCI Compliance Program, a choice of point-of-sale devices and software, advanced e-commerce products, electronic check services, and enhanced reporting.