MINNEAPOLIS & JACKSONVILLE, Fla.--(BUSINESS WIRE)--U.S. Bank, lead bank of U.S. Bancorp (NYSE: USB), today announced that it is acquiring Florida-based FSV Payment Systems, a prepaid card processing company known for its expertise managing a broad range of prepaid programs for companies, governments and other financial institutions.
The acquisition combines U.S. Bank’s payments strength and prepaid expertise with FSV’s platform which will position the combined entity as one of the few financial institutions in the industry capable of providing efficient end-to-end prepaid programs and services for its clients. The programs and services that FSV clients currently use will continue uninterrupted through the transition, and in the future they will benefit from new developments and innovations that the combined business will provide.
“The prepaid market has been a strategic focus for our business over the last decade and we are pleased to expand our capabilities and offer a fuller suite of prepaid services,” said Tony Vuoto, executive vice president of U.S. Bank Retail Payment Solutions. “FSV Payment Systems is one of the few integrated platforms developed specifically for the prepaid market and has the flexibility to serve our growing customer base.”
FSV, founded in 1999, is a recognized leader in the prepaid card market, and is one of a select few companies that both manages and processes its own programs. FSV has demonstrated its leadership in many areas, including business-to-business and direct-to-consumer services.
“We at FSV are very excited about this event,” said Rick Savard, chief executive officer of FSV. “U.S. Bank brings a deep knowledge of prepaid across varied customer relationships. FSV will complement this with a world-class processing platform, the ability to create tailored solutions, and an exceptional team of prepaid executives."
“We believe FSV’s strong leadership team, experienced staff, and integrated platform will complement our existing payments services,” said Kevin Morrison, senior vice president of U.S. Bank Retail Payment Solutions. “Combining U.S. Bank’s strength in payments with FSV’s scalable platform will accommodate our current volume as well as our future growth in the prepaid arena.”
U.S. Bank continues to grow its business across multiple prepaid market segments, including corporate, consumer, government and campus. Some of the prepaid products that U.S. Bank offers include payroll, general purpose reloadable (GPR), government disbursements, gift, incentives, reward, and campus cards.
Upon completion of the acquisition, FSV will operate under U.S. Bank’s Elan Financial Services brand. The acquisition is expected to close in December, pending regulatory approval. Financial terms of the transaction were not disclosed.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $352 billion in assets as of Sept. 30, 2012, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. The company operates 3,086 banking offices in 25 states and 5,080 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.