Payment Alliance International (PAI), a leader in retail ATM solutions, and Iberiabank, the 126-year-old subsidiary of Iberiabank Corporation, with 180 bank branch offices in the United States, have jointly announced today they have entered into an agreement to brand ATMs in select Rite Aid pharmacies in the Greater Memphis area.
As in other financial institution branding partnerships, PAI will own and operate the ATM placements, and IBERIABANK cardholders will enjoy surcharge free access for transactions made at IBERIABANK branded ATMs that can be found at select Rite Aid locations.
As one of the largest ATM networks in the United States, PAI provides ATM services for over 60,000 retail locations nationwide and has been selected to provide ATM services for approximately 1,500 Rite Aid locations in the western, central, and southern United States. With these newly branded Rite Aid locations, IBERIABANK has easily expanded its ATM footprint in the Memphis area without the capital and operating expenses typically required for an ATM program. PAI and IBERIABANK expect to have all locations fully-functional and branded by mid-November 2013.
Gregory W. Mercer, senior vice president of PAI, stated, "It has been a pleasure working with the team at IBERIABANK to grow their presence in the Memphis area." Mercer added, "With these highly visible IBERIABANK branded ATMs, cardholders can now easily and safely obtain surcharge free cash at select Rite Aid locations."
"Our recent acquisition, along with our newly branded in-store ATMs at Rite Aid, are part of our growth strategy to serve the Memphis market by providing clients with greater access to banking services in a variety of convenient locations," said Greg Smithers, IBERIABANK Memphis market president.