STRATEGIC PARTNERS
February 24, 2002
WOODCLIFF LAKE, NJ/DEARBORN MI -- NYCE Corporation and Magic Line Inc.-- the largest electronic payment companies in the Northeast and Midwest, respectively -- announced that they have signed a definitive agreement to merge.
Combined, NYCE and Magic Line will be one of the largest electronic payments companies in the country, providing consumers with access to their accounts through 30,800 ATMs, 178,000 merchant point-of-sale locations and telephone and PC-based banking services.
Annual revenue for the new entity is expected to exceed $100 million in the first full year of the merged organization. The merger is subject to regulatory approval. Dennis F. Lynch will continue as president and CEO of NYCE, and Woodcliff Lake, NJ, will be its corporate headquarters. John G. Bascom of Magic Line will serve as an executive vice president of the combined company, and president of its Midwest Regional Business Unit, headquartered in Dearborn, MI.
