Printer Friendly

MOST AND HONOR AGREE TO DISCUSS MERGER

 RESTON, Va., March 25 /PRNewswire/ -- Internet, Inc., owner of the MOST network, and Southeast Switch, Inc. (SES), owner of the HONOR network, have agreed to discuss a merger of the two organizations. David A. O'Connor, president and CEO of Internet, and Thomas O. Bennion, president and CEO of SES, announced today that they have signed a letter of intent to pursue the development of the basis for a consolidation of the two organizations in order to better serve the interests of financial institutions in the mid-Atlantic, mid-South, and Southeast regions of the United States.
 A combination of MOST and HONOR would create a consolidated network that would reach from Pennsylvania to Florida and west to Arkansas. The network would have more than 14,000 ATMs, 17,500 POS terminals, 1,450 financial institution members, 32 million cardholders, and monthly switch volume in excess of 23 million transactions.
 In announcing this initial step, Bennion and O'Connor noted the natural synergies of the markets served by the members of the two networks. "Over the past several years our growth has been driven by the needs of our member institutions. This would be a further step, reflecting the dynamics of the financial services industry," Bennion stated. "Such a combination would provide the means to expand the infrastructure necessary to support electronic payment system options from public benefit programs to retail shopping convenience for the consumer," O'Connor stated. "Such combinations need to be explored to find ways to respond to the growing demands for efficiencies throughout our economy," he added.
 Each organization will continue to operate independently as discussions continue.
 Internet, Inc., is based in Reston and has operated the MOST network since 1984. The organization is owned by 27 financial institutions that include banks, credit unions, and savings banks.
 Southeast Switch, Inc., formed in 1990 by the consolidation of HONOR, Avail, and Relay, is based in Maitland, Fla. The organization is owned by 28 financial institutions that include banks, credit unions, and savings banks.
 -0- 3/25/93
 /NOTE: MOST, HONOR and Internet are registered trademarks./
 /CONTACT: David A. O'Connor, president and CEO, Internet, Inc., 703-620-1000; or Thomas O. Bennion, president and CEO, Southeast Switch, Inc., 407-875-2500/


CO: Internet, Inc.; Southeast Switch, Inc. ST: Virginia IN: FIN SU:

TW -- DC008 -- 9681 03/25/93 15:11 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 25, 1993
Words:384
Previous Article:KODAK RESTRUCTURES KEPS SUBSIDIARY;
Next Article:CHRYSLER REPORTS U.S. AND CANADIAN ASSEMBLY PLANT SCHEDULE FOR WEEK ENDING APRIL 2
Topics:


Related Articles
MOST AND HONOR AGREE TO DISCUSS MERGER
DPJ, LP agree to set up panel on merger.
DPJ puts off decision on whether to merge with LP.
WALES: Officials back NHS merger proposal.
FSCT presents statement at NPCA board meeting; opens merger discussions.
Sun Pharma Responds to Taro's Purported Termination of Merger Agreement.
Dow, Rohm and Haas settle merger.
BA to merge with Iberia.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters