STRATEGIC PARTNERS
March 6, 2002
PORTLAND, Ore. -- E*TRADE Access, Inc., a wholly owned subsidiary of E*TRADE Group, Inc. (NASDAQ: EGRP) has purchased an ATM contract portfolio from San Diego-based CA$HWAVE, a division of California Fast Cash, Inc., providing it with an increased presence in the southwestern U.S.
With this most recent acquisition, the E*TRADE Access (formerly Card Capture Services) ATM network now totals more than 9,600 ATMs in retail locations throughout the U.S., Canada and Mexico. Terms of the agreement, including number of ATMs and estimated value, were not disclosed.
"We are committed to aggressively growing our network of ATMs," said Mitchell H. Caplan, chief banking officer of E*TRADE Group, Inc. "We are evaluating other acquisitions throughout the U.S and globally, and we intend to aggressively pursue other portfolios that have the potential to be both profitable and strategic additions to our network."
According to an E*TRADE release, the company plans to utilize the ATM network as a cost-effective channel for extending its brand and cross-selling integrated financial services including banking, brokerage, mutual funds and asset management. E*TRADE's ATM network is also part of its "virtual credit union" strategy, which targets the employees of more than 3,500 corporate partners through its Business Solutions Group.
E*TRADE Bank recently launched an ATM Locator on its web site. By entering a zip code, users are now provided with the location of the nearest E*TRADE Access ATM. E*TRADE also recently introduced its first deposit-taking ATM at an E*TRADE Zone located at a SuperTarget store in Roswell, Ga.
