Magazine article American Banker

U.S. Bancorp to Buy FSV Payment Systems

Magazine article American Banker

U.S. Bancorp to Buy FSV Payment Systems

Article excerpt

Byline: Brian Browdie

U.S. Bancorp (USB) is beefing up its prepaid card business.

The $352 billion-asset company's U.S. Bank subsidiary said Tuesday it would buy FSV Payment Systems, a prepaid card program manager and processor based in Jacksonville, Fla.

Financial terms of the deal, which is expected to close in December, were not disclosed.

FSV, which manages and processes payroll, gift and other card programs on behalf of companies in varied industries, would become part of U.S. Bank's Elan Financial Services unit. In September, McDonald's USA selected FSV to provide payroll card services for the chain's company-owned restaurants in the U.S.

Elan provides prepaid, ATM and credit card programs on behalf of roughly 3,000 companies, according to U.S. Bank.A "Their strong suit is in the payroll card, which we have, but this greatly expands our payroll product," Teri Charest, a U.S. Bank spokeswoman, told American Banker. …

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