MAC NETWORK AND LIBERTY NATIONAL SIGN LETTER OF INTENT
WILMINGTON, Del., Aug. 13 /PRNewswire/ -- Money Access Service Inc. (MAC) announced that Liberty National Bancorp, Inc. (NASDAQ-NMS: LNBC), headquartered in Louisville, Ky., has signed a letter of intent to join the MAC network. Under the terms of the proposed agreement, Liberty National and the MAC network will form a strategic alliance which will allow Liberty National to market MAC network services to other financial institutions in Kentucky and a portion of southern Indiana. Liberty National said it anticipates bringing into the MAC network its approximately 90 ATM correspondent institutions and their 300 ATMs for which Liberty National is processing today. These additional ATMs will bring the potential number of MAC ATMs to approximately 680, with a potential cardholder base in excess of 1 million. The MAC network will provide all transaction switching, ATM driving and gateway services for Liberty National, its affiliates and participating correspondent institutions. Liberty National will remain the focal point for all MAC services, such as customer service, account management, card authorization services and other EFT services as they are developed. "This new relationship with Liberty National will significantly enhance the MAC network's presence in the Midwest market," said MAC Midwest Manager John Beran. "It exemplifies our goal to build strong ties with the leading financial institutions in the region, which will enable us to deliver state-of-the-art EFT products and services to consumers." Liberty National is also a member of the QUEST network; it is anticipated that both the QUEST and MAC network brand names will be displayed on ATMs. During the transition, customers of Liberty National, its affiliates and participating correspondent institutions will be able to use their QUEST cards and existing PIN numbers at MAC ATMs. Liberty National is Kentucky's largest ATM bank processor, and the largest independent bank holding company headquartered in the state, with assets of $4.7 billion. Its lead affiliate bank is Liberty National Bank and Trust Company of Louisville. The MAC network currently has more than 1,400 participating financial institutions and 28 million cardholders in 16 states, primarily in the Mid-Atlantic and Midwest regions. It is the top electronic funds transfer network in total switch transactions and a leading provider of point-of-sale services. MAC is a registered trademark of Money Access Service Inc., a subsidiary of Electronic Payment Services, Inc. /delval/ -0- 08/13/93 CONTACT: Belle Gauvry of Earle Palmer Brown & Spiro, 215-851-9676, for MAC, or Suzanne Higdon of Liberty National, 502-566-2166 CO: MONEY ACCESS SERVICE INC.; MAC; LIBERTY NATIONAL BANCORP, INC.
IN: FIN ST: DE
-- PH017 -- X692 08/13/93
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|Date:||Aug 13, 1993|
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