FIRST BANK SYSTEM AND FISERV ANNOUNCE AGREEMENT FOR SALE OF FARGO-BASED DAKOTA DATA PROCESSING, INC.
FIRST BANK SYSTEM AND FISERV ANNOUNCE AGREEMENT FOR SALE OF FARGO-BASED
DAKOTA DATA PROCESSING, INC. MINNEAPOLIS, Sept. 30 /PRNewswire/ -- First Bank System, Inc. (NYSE: FBS) and FIserv, Inc. (NASDAQ: FISV) have reached an agreement for FIserv to acquire Dakota Data Processing, Inc., a data processing services subsidiary of the former Siouxland Bank Holding company which FBS acquired earlier this year. The sale is expected to close in December 1992. Terms of the transaction were not disclosed. Dakota Data Processing, Inc., based in Fargo, N.D., provides data processing and microfiche services to approximately 40 financial institutions and related businesses in the Fargo area. The company had 1991 revenues of $1.3 million and currently employees 13 people. "The sale of Dakota Data Processing to FIserv will enable us to concentrate on our core banking businesses in North Dakota while ensuring a continuing level of high quality service from a local source for DDP's data processing and microfiche services customers," said William F. Farley, FBS vice chairman. DDP's North Dakota customers will be served by FIserv's Fargo processing center. "We're able to offer the clients of Dakota Data Processing a highly responsive service organization positioned to draw on the national resources of FIserv to meet the local needs of their clients," said George D. Dalton, chairman and chief executive officer of FIserv. "FIserv is focused on service quality, and Dakota Data Processing will strengthen our capabilities to serve the financial industry in the Upper Midwest. We're pleased with the opportunity to team for success with the people and clients of Dakota Data Processing." FIserv, Inc., based in Milwaukee, is a full-service provider of data processing and information management services and products to banks, credit unions, savings institutions and other financial intermediaries worldwide. The company's clients include 2,700 financial institutions and more than 45,000 financial intermediaries throughout the United States and abroad. FIserv employs approximately 3,700 people. First Bank System is a regional bank holding company headquartered in Minneapolis with assets of $17.8 billion. The company provides complete financial services to individuals and institutions through 28 banks and trust companies with more than 159 offices located in Minnesota, Colorado, Montana, North Dakota, South Dakota, Wisconsin, Washington and California. -0- 09/30/92 CONTACT: Wendy Raway of First Bank System, 612-973-2429, or Kevin Kasper of FIserv, 414-879-5129 (FBS FISV) CO: FIRST BANK SYSTEM, INC.; FISERV, INC. IN: FIN SU: TNM ST: MN,ND,WI -- MN009 -- X525 09/30/92
|Printer friendly Cite/link Email Feedback|
|Date:||Sep 30, 1992|
|Previous Article:||QUAKER STATE REFINANCES $50 MILLION OF SENIOR DEBT|
|Next Article:||ALCATEL ALSTHOM EARNINGS UP 20 PERCENT FIRST HALF 1992|