August 19, 2008

U.S. Bank buys Palm Desert ATM business

Minneapolis-based U.S. Bank, a U.S. Bancorp (NYSE:USB) subsidiary, said it will buy the ATM and kiosk terminal management services, cash management and vault cash operations from Palm Desert, Calif.-based Palm Desert National Bank’s electronic banking solutions division.

Financial terms were not disclosed.

The operations manage about $1 billion in vault cash in over n 22,000 ATMs and advanced function kiosks nationwide.

U.S. Bank intends for the business to become a part of its Elan Financial Services business, that provides electronic funds transfer and payments services to banks, credit unions and sales organizations across the nation. Under terms of the deal, around 60 Palm Desert National Bank employees will join the staff at U.S. Bank.

U.S. Bank buys Palm Desert ATM business - Minneapolis / St. Paul Business Journal:

Posted by staff at August 19, 2008 04:42 PM