Yankee24 Reaches outside New England

By Barthel, Matt | American Banker, November 3, 1992 | Go to article overview

Yankee24 Reaches outside New England


Barthel, Matt, American Banker


The Yankee24 automated teller machine network has extended its reach beyond New England, defusing speculation that the network is being readied for a quick sale.

First Fidelity Bancorp., Lawrenceville, N.J., and Hudson City Savings Bank, Hudson, N.Y., have joined the network, taking advantage of a rule change that allows all U.S. financial institutions to become Yankee24 members.

Before adopting the rule in August, Yankee24 required members to operate at least one full-service office in New England.

Fleet Defection Fueled Talk

The geographic expansion, announced late last week, is the best news in months for Yankee24, which has been considered a likely target for acquisition since one of its largest members, Fleet Financial Group Inc., left the network in March for the New York Cash Exchange.

Electronic banking experts said new members could improve Yankee24's position in the industry. The network now ranks 15th in the nation in interchange transaction volume, according to The Nilson Report, an industry newsletter.

But further changes may be needed if Yankee24 expects to survive. Industry consolidation is likely to reduce the number of regional networks to 10 or 15 over the next five years from about 80 now.

"The recent moves strengthen them, no question," said Liam Carmody, president of Carmody & Bloom, a consulting firm based in Woodcliff Lake, N. …

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