UMB Acquires CardPartner Affinity Card Service from Serverside Group
May 10 2010 - 4:05PM
Business Wire
UMB Bank, n.a., the lead bank of UMB Financial Corporation
(NASDAQ: UMBF), announces the acquisition of CardPartner from
Serverside Group. The agreement was signed in the first quarter
2010 and terms of the deal are not disclosed.
The acquisition is a natural evolution of the relationship
between UMB and CardPartner. In 2008, the two companies partnered
to create a free, customized affinity Visa® credit card program for
organizations and not-for-profits of all sizes. UMB has been the
issuer and financial custodian of the credit cards, which assist
not-for-profit organizations in raising funds via use of the
cards.
“UMB is excited about the growth potential of CardPartner’s
business model that offers organizations a simple, yet robust
fundraising service,” said George Schmelzel, senior vice president
of UMB Credit Card Services. “We have seen an increasing number of
organizations utilizing this revenue generating program and we
continue to experience growing demand for CardPartner’s turnkey
solution.”
Doug Davis, vice president of CardPartner business development
added that, “Directly aligning our services with a stable and
experienced bank in the credit card industry solidifies a
tremendous fundraising service for non-profit organizations. As a
result of this acquisition, customers will experience no changes
and we remain committed to providing the same level of service and
dedication as in the past.”
Adam Elgar, President, Serverside Group, said, “The CardPartner
business model has huge potential and UMB is perfectly placed to
take the company forward. We felt it was important to focus on our
own core business, which is to innovate and invest in the future of
digital payment cards.”
CardPartner’s current team will remain in place working from
their New York City office.
About UMB:
UMB Financial Corporation (NASDAQ: UMBF) is a financial services
holding company headquartered in Kansas City, Mo., offering
complete banking, asset management, health spending solutions and
related financial services to commercial, institutional and
personal customers nationwide. Its banking subsidiaries own and
operate 135 banking centers throughout Missouri, Illinois,
Colorado, Kansas, Oklahoma, Nebraska and Arizona. Subsidiaries of
the holding company and the lead bank, UMB Bank, n.a., include
mutual fund and alternative investment services groups,
single-purpose companies that deal with brokerage services and
insurance, and a registered investment advisor that manages the
company's proprietary mutual funds and investment advisory accounts
for institutional customers. For more information, visit umb.com or
follow us on Twitter at @UMBFinancial.
About
CardPartner
CardPartner specializes in helping U.S.-based membership
organizations and charities create custom Visa® credit card
programs. CardPartner is owned and operated by UMB Bank, n.a., the
lead bank of UMB Financial Corporation (NASDAQ: UMBF) – a financial
services holding company headquartered in Kansas City, Mo. Visa®
credit cards offered through CardPartner are issued by UMB Bank,
n.a., and the bank approves credit decisions, grants credit, and
manages the administration for card programs offered by
CardPartner.
About
Serverside
Founded in 2003, Serverside Group is the global
technology leader in digital card design and a provider of
innovative software solutions to issuers, personalization bureaus
and card manufacturers. Serverside has built a market-leading
position by running more than 1,000 card programs through its
network of approximately 200 card issuers in 23 countries. Its
clients include: RBS Group, Banco Sabadell, ING, Permanent
TSB, ANZ, BMW, KBC, Fortis, Eurobank, First National
Bank Omaha and Heritage Building Society. Serverside
Group is headquartered in London and has offices
in New York, Chicago and Auckland. To learn
more, please visit www.serversidegroup.com.
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