STRATEGIC PARTNERS
January 26, 2003
CHARLOTTE, N.C., and SAN ANTONIO, Texas -- Bank of America (NYSE: BAC) and Valero Energy Corporation (NYSE: VLO) have agreed to expand their ATM relationship, with Bank of America providing software for and operating more than 1,100 Valero-owned ATMs by the end of 2003's first quarter.
All of the ATMs operated by Bank of America will bear its logo. The ATMs are located in Valero retail stores, which operate under Diamond Shamrock, Stop N Go and Corner Store brand names.
The new agreement expands upon Bank of America's previous contract with Valero for approximately 300 ATMs in Stop N Go convenience stores.
"We are constantly looking for ways to increase our customers' access to banking capabilities. The Valero relationship further validates this commitment," said Thomas Korzik, ATM executive for Bank of America, in the release.
The agreement increases the number of ATMs that Bank of America operates in Arizona, Arkansas, California, Colorado, Louisiana, New Mexico, Oklahoma and Texas. More than half of the machines will be located in Texas, expanding Bank of America's current ATM network there by more than 700 locations, to 1,900 statewide.
"Our partnership with Bank of America allows us to offer a consistent and respected brand across our markets," said Shelayne Clemmer, director of Valero's Retail eCommerce, in the release. "Increasing the types of financial services available at our convenience centers gives our customers more reasons to do business with us."
At the end of December 2002, Bank of America had installed its software on approximately 900 ATMs in Valero's network of 1,300 company-operated convenience stores.
Wincor Nixdorf in August said that it would supply 1,200 of its ProCash 1500 ATMs to Valero. According to that announcement, Valero planned to use the ATMs to provide customers with electronic coupons and short, full-motion video programs about the store's promotions. The machines are also configured with cash acceptors.
