SAN FRANCISCO - Aug. 26, 2003 - Comerica Bank (NYSE: CMA), a leading financial services company, and BankServ, a leading financial services technology provider, announced today that Comerica’s Technology and Life Sciences Division has provided BankServ with a $2 million line of credit and term loan.
"We are pleased to provide this credit facility to BankServ, which has raised the standard for electronic funds transfers with its secure technology and services," said Alan Jepsen, senior vice president, managing director, Comerica Northern California Technology and Life Sciences Division. "Debt financing continues to be an important complement to equity funds, and Comerica is committed to working with forward-thinking companies, like BankServ, that provide innovative technologies that enhance their customers’ ability to do business."
BankServ provides secure payment solutions for financial services companies, billers, government, charities and online businesses. Since 1996, the company has provided ACH processing to businesses, and it has evolved to offer a payments infrastructure and expertise that support the needs of businesses in the eCommerce age.
A portion of the credit facility was used to acquire the TurboSwift® business of Netik, Plc, an information automation company headquartered in London, England. TurboSwift®, a SWIFTNET-certified CBT, is believed to have the second-largest SWIFT customer base in the world, according to BankServ. As a result of the acquisition, BankServ will add hundreds of new bank clients worldwide. SWIFT is a worldwide community of more than 7,000 financial institutions in 198 countries connected to one another through the SWIFTNET network.
"Comerica structured a creative deal for us, demonstrating their ability to be flexible and responsive to our specific requirements," said Peter Hosokawa, CFO, BankServ. "We’re pleased to be working with a bank that understands the technology sector and has the resources to meet our evolving financial needs as we continue to increase our market share in the fast-growing payment and funds transfer industry."
About BankServ
BankServ is a leading U.S. provider of Fed wire transfer and ACH payment solutions for all types of businesses. BankServ's recently introduced ARCPay® product is receiving wide acceptance as a means to convert mailed or drop box checks into ACH transactions. BankServ's SameDayPay® product is an inexpensive and secure way for consumers to make eCheck payments over the Internet or by phone even on the date that it is due. BankServ provides outsourced Fed wire transfer processing and software to banks both large and small and from coast-to-coast.
About Comerica Bank’s Technology and Life Sciences Division
Comerica’s Technology and Life Sciences Division is one of the nation’s leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life sciences companies, as well as their more mature counterparts. From 18 offices located across the U.S., Comerica’s Technology and Life Sciences Division serves all major technology centers. Comerica is among the 20 largest banking companies in the nation, with $59 billion in assets as of June 30, 2003.
For More Information:
Adrienne Moch
Pacifico (for Comerica)
(408) 293-8600, extension 319
amoch@pacifico.com
Patty Angeles
BankServ
(415)277-9978
patty.angeles@bankserv.com
Keith Turner
Comerica Bank
(408) 556-5111
keith_turner@comerica.com
