STRATEGIC PARTNERS
March 5, 2002
MEMPHIS, Tenn. -- Concord EFS, Inc. (NASDAQ:CEFT) announced has completed the acquisition of Cash Station, Inc., the seventh-largest EFT network in the U.S. The Chicago-based Cash Station will be combined with Concord's MAC network, for a total of 3,300 members, 64,000 ATMs, 52 million cards and almost 200 million switch transactions per month.
Switch processing, gateway services, ATM terminal driving, and card authorization services -- which are currently outsourced by Cash Station, Inc. to a third party processor -- will be converted to Concord operations during 2001. Addition of the MAC brand to Cash Station-branded ATMs and POS locations will also occur throughout 2001, accompanied by network-sponsored consumer education and marketing support.
The Cash Station network has 645 financial institution members, and operates primarily in the states of Illinois, Indiana, Kansas, Kentucky, Michigan, Missouri and Wisconsin.
