U.S. Bancorp Acquires FSV Payment Systems

U.S. Bancorp announced that it is acquiring Florida-based FSV Payment Systems, a prepaid card processing company known for its expertise managing a broad range of prepaid programs for companies, governments and other financial institutions. The acquisition combines U.S. Bank`s payments strength and prepaid expertise with FSV`s platform which will position the combined entity as one of the few financial institutions in the industry capable of providing efficient end-to-end prepaid programs and services for its clients. The programs and services that FSV clients currently use will continue uninterrupted through the transition, and in the future they will benefit from new developments and innovations that the combined business will provide. Upon completion of the acquisition, FSV will operate under U.S. Bank`s Elan Financial Services brand. The acquisition is expected to close in December, pending regulatory approval. Financial terms of the transaction were not disclosed