CSI to Acquire First Commerce Technologies; Expands Service Base into Nebraska and Five Additional States.Business Editors PADUCAH, Ky.--(BUSINESS WIRE)--Aug. 9, 2000 Computer Services Data processing (timesharing, batch processing), software development and consulting services. See service bureau, SaaS and ASP. , Inc. (Stock Symbol:CSVI) announced today that it has signed a definitive agreement to purchase First Commerce Technologies of Lincoln, Nebraska The City of Lincoln is the capital and the second most populous city of the U.S. state of Nebraska. Lincoln is also the county seat of Lancaster County and the home of the University of Nebraska. . First Commerce Technologies is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of National Bank of Commerce Trust and Savings Association that was recently purchased by Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. & Company. Terms of the transaction were not disclosed. The acquisition is expected to be accretive to CSI's earnings following an initial transition period and is expected to close by August 31. "Selecting a buyer that shares First Commerce Technologies' strong commitment to customer service and employees was very important. Our goal was to find a buyer who was as committed to servicing correspondent banks as we were," said Brad Korell, Chairman of First Commerce Technologies. "CSI CSI Crime Scene Investigator CSI CompuServe, Inc. CSI Commodity Systems, Inc. CSI Commodity Systems Inc. (Boca Raton, FL) CSI Crime Scene Investigation (CBS TV show) CSI Christian Schools International has an outstanding reputation as a company that values employees and customers and the broadest product line in the business. First Commerce Technologies customers will not see any changes in operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. at this time as a result of the sale. Service and support teams will stay in Lincoln. CSI was the right choice." "The acquisition of First Commerce Technologies will increase CSI's annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenue by approximately $13 million," stated CSI President and Chief Executive Officer Steven A. Powless. "The combined entities will serve nearly 600 banks in 20 states. "We are very excited about the combination of these two companies. First Commerce Technologies has made investments totaling approximately $18 million in technology and communications infrastructure over the past three years. These investments will provide CSI with an excellent platform from which we can leverage our products and technologies into complementary markets." The acquisition also significantly expands the CSI base of bank processing centers. First Commerce has eight service centers: two in Nebraska and one each in Kansas, Arkansas, Colorado, Florida, Texas and New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). . "We are excited about the increased growth opportunities, and we expect to gain economies of scale from both the administrative and operational sides of the businesses following completion of the acquisition. We look forward to First Commerce Technologies joining the CSI family and the future of our combined operations For the department of the British War Office during World War II, see . In the military, combined operations are operations conducted by forces of two or more allied nations acting together for the accomplishment of a single mission. See also
About First Commerce Technologies First Commerce Technologies (FCT FCT Faculdade de Ciências e Tecnologia (Portuguese University) FCT Fundamentals of Computation Theory FCT Fundação para a Ciência e a Tecnologia (Portuguese Science and Technology Foundation) ) is a premier provider of technology-based solutions for community banks. Founded in 1966, FCT is based in Lincoln, Nebraska, and provides data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a services to approximately 250 community banks located in the states of Nebraska, Kansas, Colorado, Florida, Arkansas, New Mexico, Texas, Oklahoma, Wyoming and Iowa. First Commerce Technologies delivers the FCT solution... a comprehensive blend of technology, business solutions, and highly experienced personnel brought together to provide community banks with resources designed to enable them to prosper in a highly competitive, ever-changing financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. marketplace. FCT's focus is specifically on community banks. FCT specializes in the delivery and support of Core Applications, Imaging, Retail Delivery Systems, Internet Banking, Ancillary Software Applications, and Financial Management Systems. About Computer Services, Inc. CSI, one of the nation's largest bank processors, provides data processing services to nearly 350 banks in 13 states. Products range from core banking products with the best general accounting services in the industry, to the CSI Passport(TM) family of products including Desktop for account inquiries and maintenance, Teller, Account Reconciliation, Platform for new accounts, and Balancer to streamline internal balancing. CSI also provides a complete line of Imaging and EFT services. The Company's dedication to the rapidly growing Internet market is reflected not only in secure Internet access and Internet Banking, but also in CSIweb@work(TM), CSI's new Intranet product that is revolutionizing internal communications in banks as well as other businesses. All statements except historical statements contained herein constitute "forward-looking statements." These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and other factors, many of which are outside of CSI's control, which may cause actual results to differ materially from such statements. Such risks and uncertainties include, but are not limited to, economic, competitive, technological and governmental factors affecting the Company's operations, markets, services, products, prices and other factors. For more information on CSI visit our web site at www.csiweb.com |
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