E*Trade Bank customers get free access to ATMs under terms of sale to Cardtronics

E*Trade Bank customers get free access to ATMs under terms of sale to Cardtronics
Tags: Distributors / ISO / IAD
June 30, 2004

NEW YORK - E*Trade Financial Corporation says it has completed the sale of substantially all of the assets of its ATM operating subsidiary, E*Trade Access, to Houston ATM owner/operator Cardtronics for $106 million cash.

E*Trade announced its intent to sell the ATM subsidiary to Cardtronics on June 3.

According to a news release, E*Trade Financial expects to recognize a pre-tax gain of $55 million at the close of the sale.

Under terms of the sale, E*Trade Bank customers will continue to have free access to all ATMs bearing the E*Trade Financial brand. E*Trade Financial will also retain certain branding rights through an agreement with Cardtronics.