News

Cash Connect buys ATM vault-cash portfolio

August 5, 2007

WILMINGTON, Del. - Cash Connect, the ATM division of WSFS Bank, has completed its acquisition of the ATM vault-cash portfolio owned by Creative Strategic Solutions Inc., a subsidiary of Benjamin Franklin Bank.

"It was important to us that we were able to transition our clients to an organization that shares our commitment to service," said Claire Bean, Benjamin Franklin Bank's chief financial officer. "Operational control and proficiency were also major considerations, since we will continue to provide our cash."

According to a news release, Cash Connect bought ATM vault-cash contracts for approximately 1,700 ATMs from CSSI. Benjamin Franklin Bank will continue to supply between $35 million and $40 million to fund those ATMs, while Cash Connect will be responsible for all of the day-to-day ATM cash funding and management.

"This is an acquisition that really makes sense for both parties," said Tom Stevenson, Cash Connect's president. "CSSI had a reputation for providing high service levels to the industry and we pride ourselves in doing the same."

Included In This Story

Cash Connect

Cash Connect is the nation's premier and longest standing vault cash and logistics provider to the ATM industry and now allows you to generate growing new revenue streams with Smart Safes, Recyclers and Kiosks.

Request Info

Learn More