MEMPHIS, Tenn. -- Transaction processor Concord EFS, Inc. (NYSE: CE), which also operates the Star network, says that it has signed a non-binding letter of intent to acquire the Credit Union 24 network, a member-owned ATM and point-of-sale network based in Tallahassee, Fla.
The parties expect to reach a definitive agreement during the first quarter of 2003, with closing of the deal subject to final approval by the shareholders of Credit Union 24 and other customary conditions.
According to a news release, the Credit Union 24 network connects more than 400 credit unions via 7,200 ATMs and 7 million cardholders in 35 states.
In the release, Edward Labry, Concord's president and CEO-elect, called Credit Union 24 "a strong franchise that has grown by focusing on meeting the unique needs of credit unions."
Labry added, "We believe that the combination of Concord's processing engine and Star's national connectivity with the Credit Union 24 network's strong brand and segment expertise will create a powerful platform for a dedicated credit union network."
James H. Park, president and CEO of Credit Union 24, Inc., said in the release, "The entire Credit Union 24, Inc. team looks forward to working with Concord to build a network that is designed by and for credit unions."
