*heads up* Merrick bank is being sold - GoFuckYourself.com

vicki · 10-07-2005, 12:14 PM

just a quick heads up for those of you with High-Rish merchant accounts through Merrick bank (parented by CardWorks) - its in the process of being acquired by another entity.

No word yet on the high-risk stance of the acquirer.

BAKO · 10-07-2005, 12:15 PM

Oh Shit i forgot to send in my Bill

ElvisManson · 10-07-2005, 12:18 PM

http://atlanta.dbusinessnews.com/sho...pe_news=latest

Atlanta - ATLANTA -- CompuCredit Corporation announced today that it has signed a definitive agreement to acquire CardWorks, Inc. Based in Woodbury, New York, CardWorks is a privately held issuer and third-party servicer of consumer credit cards. The acquisition is subject to certain closing conditions, including regulatory approval.

CardWorks is the parent company of two wholly owned subsidiaries, Merrick Bank and Cardholder Management Services ("CMS"). Merrick Bank is a premier issuer of credit cards with approximately $700 million in assets and serving approximately 785,000 cardholders. CMS delivers customized bankcard servicing to prime and non-prime card issuers, including customer service and collection solutions.

"This acquisition is an extraordinary opportunity for CompuCredit and our shareholders," explained David G. Hanna, Chairman and CEO of CompuCredit. "CardWorks brings with it an outstanding and well-respected management team, along with a variety of new products and business lines that will generate substantial shareholder value and deliver immediate revenues and earnings for us upon our expected completion of the transaction late in the fourth quarter of this year or early next year."

Donald M. Berman, Chairman and CEO of CardWorks added, "This acquisition is a perfect match for both CompuCredit and ourselves. We consider both CompuCredit and ourselves to be world-class providers of credit card and MasterCard®/VISA® card-related products, and together we will be a premier third-party servicer for the credit card markets. CompuCredit's additional resources and expertise also will help to facilitate growth throughout CardWorks' businesses."

About CardWorks

CardWorks, Inc. is the parent company of Merrick Bank and Cardholder Management Services ("CMS"). Merrick Bank was founded in 1997 and is a top-50 issuer of MasterCard® and Visa® cards. It serves approximately 785,000 cardholders and has approximately $700 million in assets. Merrick Bank is a Utah Industrial Bank and is a member of the FDIC. CMS is a leading third-party bankcard servicer that provides financial institutions and non-traditional card issuers in the U.S. and Canada with a full range of servicing and support solutions. CMS provides services for banks, financial guarantors and credit card issuers that enable them to economically pursue their own goals and objectives while meeting all service requirements. The services CMS provides are transparent to cardholders, with specifications driven by each individual organization's needs.

CompuCredit is a specialty finance company and marketer of branded credit cards and related financial services. CompuCredit provides these services to consumers who are underserved by traditional financial institutions. Credit cards marketed by CompuCredit generally are issued by Columbus Bank and Trust Company under an agreement with CompuCredit. Through corporate and affinity contributions focused on the underserved and un-banked communities, CompuCredit also uses its financial resources and volunteer efforts to address the numerous challenges affecting its customers. For more information about CompuCredit, visit www.CompuCredit.com.

ElvisManson · 10-07-2005, 12:23 PM

compu credit is known for issuing high risk credit cards...I wonder if High risk merchant accounts will work for them too?

vicki · 10-07-2005, 12:29 PM

Elvis .. I think thats the question we are all waiting to get answered.
I've had several clients gathering docs and doing prelim setups JUST IN CASE

better safe than sorry IMHO

vicki · 10-07-2005, 01:36 PM

bumping back to the first page because its important!

10-07-2005, 12:14 PM	#1
vicki Confirmed User Industry Role: Join Date: Feb 2002 Location: Deep in the heart o' Texas Posts: 1,478	heads up Merrick bank is being sold just a quick heads up for those of you with High-Rish merchant accounts through Merrick bank (parented by CardWorks) - its in the process of being acquired by another entity. No word yet on the high-risk stance of the acquirer. __________________ If at first you do succeed - try to hide your astonishment. HR merchant accounts from 3.45% solid biz since 98 victoriakozub AT gmail.com skype: victoria.kozub \| ICQ: 74296746

10-07-2005, 12:15 PM	#2
BAKO Etology.com Industry Role: Join Date: Jul 2005 Location: Hollywood CA Posts: 18,400	Oh Shit i forgot to send in my Bill __________________ Telegram: @bakokaye

10-07-2005, 12:29 PM	#5
vicki Confirmed User Industry Role: Join Date: Feb 2002 Location: Deep in the heart o' Texas Posts: 1,478	Elvis .. I think thats the question we are all waiting to get answered. I've had several clients gathering docs and doing prelim setups JUST IN CASE better safe than sorry IMHO __________________ If at first you do succeed - try to hide your astonishment. HR merchant accounts from 3.45% solid biz since 98 victoriakozub AT gmail.com skype: victoria.kozub \| ICQ: 74296746 Last edited by vicki; 10-07-2005 at 12:30 PM..

10-07-2005, 01:36 PM	#6
vicki Confirmed User Industry Role: Join Date: Feb 2002 Location: Deep in the heart o' Texas Posts: 1,478	bumping back to the first page because its important! __________________ If at first you do succeed - try to hide your astonishment. HR merchant accounts from 3.45% solid biz since 98 victoriakozub AT gmail.com skype: victoria.kozub \| ICQ: 74296746

10-07-2005, 12:18 PM	#3
ElvisManson Looking California Industry Role: Join Date: Feb 2001 Posts: 5,476	http://atlanta.dbusinessnews.com/sho...pe_news=latest Atlanta - ATLANTA -- CompuCredit Corporation announced today that it has signed a definitive agreement to acquire CardWorks, Inc. Based in Woodbury, New York, CardWorks is a privately held issuer and third-party servicer of consumer credit cards. The acquisition is subject to certain closing conditions, including regulatory approval. CardWorks is the parent company of two wholly owned subsidiaries, Merrick Bank and Cardholder Management Services ("CMS"). Merrick Bank is a premier issuer of credit cards with approximately $700 million in assets and serving approximately 785,000 cardholders. CMS delivers customized bankcard servicing to prime and non-prime card issuers, including customer service and collection solutions. "This acquisition is an extraordinary opportunity for CompuCredit and our shareholders," explained David G. Hanna, Chairman and CEO of CompuCredit. "CardWorks brings with it an outstanding and well-respected management team, along with a variety of new products and business lines that will generate substantial shareholder value and deliver immediate revenues and earnings for us upon our expected completion of the transaction late in the fourth quarter of this year or early next year." Donald M. Berman, Chairman and CEO of CardWorks added, "This acquisition is a perfect match for both CompuCredit and ourselves. We consider both CompuCredit and ourselves to be world-class providers of credit card and MasterCard®/VISA® card-related products, and together we will be a premier third-party servicer for the credit card markets. CompuCredit's additional resources and expertise also will help to facilitate growth throughout CardWorks' businesses." About CardWorks CardWorks, Inc. is the parent company of Merrick Bank and Cardholder Management Services ("CMS"). Merrick Bank was founded in 1997 and is a top-50 issuer of MasterCard® and Visa® cards. It serves approximately 785,000 cardholders and has approximately $700 million in assets. Merrick Bank is a Utah Industrial Bank and is a member of the FDIC. CMS is a leading third-party bankcard servicer that provides financial institutions and non-traditional card issuers in the U.S. and Canada with a full range of servicing and support solutions. CMS provides services for banks, financial guarantors and credit card issuers that enable them to economically pursue their own goals and objectives while meeting all service requirements. The services CMS provides are transparent to cardholders, with specifications driven by each individual organization's needs. CompuCredit is a specialty finance company and marketer of branded credit cards and related financial services. CompuCredit provides these services to consumers who are underserved by traditional financial institutions. Credit cards marketed by CompuCredit generally are issued by Columbus Bank and Trust Company under an agreement with CompuCredit. Through corporate and affinity contributions focused on the underserved and un-banked communities, CompuCredit also uses its financial resources and volunteer efforts to address the numerous challenges affecting its customers. For more information about CompuCredit, visit www.CompuCredit.com.

10-07-2005, 12:23 PM	#4
ElvisManson Looking California Industry Role: Join Date: Feb 2001 Posts: 5,476	compu credit is known for issuing high risk credit cards...I wonder if High risk merchant accounts will work for them too?