MAITLAND, Fla.-- The Honor and Star networks announced that they have received Federal Reserve approval to merge after The Federal Reserve Board of Governors voted unanimously to approve the transaction.
Following a shareholder vote, the two companies are slated to merge on March 1, 1999. The company will be privately held by the 52 current owners of HONOR Technologies Inc. and Star System Inc. These owners represent banks, credit unions and savings institutions that range geographically from Hawaii to Florida.
The new company will serve in excess of 3,700 financial institution members with a primary service area covering 20 states across the country. More than 70,000 ATMs and 250,000 POS locations will be part of the newly formed network. The new company will process more than 200 million transactions monthly.
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