Enhanced network of Moneris

On Monday Alabama National BanCorporation's (ANB) merchant payments business was acquired for an undisclosed amount by Moneris Solutions, one of North America's largest payment processors. The acquisition includes the servicing of 103 banking centers in the Southeast as well as the existing merchant processing portfolio. From now on all existing and future credit card processing sales and servicing functions related to ANB will be under the supervision of Moneris.

Earlier this year ANB, a bank holding company operating through eleven subsidiaries in Alabama, Florida and Georgia, was purchased by RBC Bank.

Owing to the acquisition, Moneris will achieve the increased size of its overall portfolio, extended presence in the Southeast, stronger brand in the region and significantly enhanced bank network.

"Moneris has very aggressive growth plans," said Greg Cohen, President, Moneris US. "Acquiring the ANB payments business fits with our growth strategy. It also increases our presence in the Southeast and adds significantly to the number of bank branches we work with in the region."