Cape Cod Bank and Trust Sells Merchant Credit Card Business.HYANNIS, Mass.--(BUSINESS WIRE)--Nov. 23, 1999-- Cape Cod Cape Cod, narrow peninsula of glacial origin, 399 sq mi (1,033 sq km), SE Mass., extending 65 mi (105 km) E and N into the Atlantic Ocean. It is generally flat, with sand dunes, low hills, and numerous lakes. Bank and Trust Company, N.A. today sold its merchant credit card service business to NOVA Information Systems Nova Information Systems is a major US processor of credit card transactions and a subsidary of Us Bancorp. NOVA and its european division euroConex boast an expanding global reach that delivers merchant processing in more than 30 countries and supports the payment needs of more , Inc., it was announced by Stephen B. Lawson, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Lawson indicated that the bank will realize an after tax gain of approximately $2 million as a result of the sale. He said that NOVA will be able to provide CCB&T's merchant credit card customers with the service efficiencies of a large national company. NOVA is an Atlanta based company that handles credit card processing for over 1,800 nationwide bank clients with combined volume exceeding $50 billion, he said. CCB&T's merchant credit card customers will be converted to the NOVA system beginning mid-February, 2000, Lawson said. They are presently being notified of the conversion. CCB&T, a subsidiary of CCBT CCBT Comprehensive Cognitive Behavioral Therapy Financial Companies, Inc., (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CCBT) is the Cape's largest financial institution with assets of $1.3 billion. It has been serving the Cape market for 144 years. |
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