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Elavon Acquires Merchant Processing Portfolio Of South Financial’s Banking Subsidiary

Elavon is likely to receive new merchant services referrals marketed through the bank's offices in South Carolina, North Carolina and Florida

Elavon, a wholly-owned subsidiary of US Bancorp and a global payments provider, has acquired the merchant processing portfolio of Carolina First Bank, the banking subsidiary of The South Financial Group that operates as Carolina First Bank in the Carolinas and Mercantile Bank in Florida.

Reportedly, Elavon would provide its payment processing solutions to Carolina First Bank’s merchant customers. In addition, under the terms of the 10 year alliance agreement, Elavon will receive new merchant services referrals marketed through the bank’s 177 banking offices in South Carolina, North Carolina,and Florida.

Elavon expects that the customers of Carolina First and Mercantile will benefit from its expanded merchant service offerings including debit and credit card processing, a PCI Compliance Program, a choice of point-of-sale devices and software, e-commerce products, gift card solutions, electronic check services, and reporting and customer service.

Stuart Harvey Jr., CEO of Elavon, said: “Carolina First has a tradition of delivering high-value solutions to its loyal client base. Elavon’s technology, scale and customer service will help insure that Carolina First keeps its more than 20-year service tradition strong for its merchant customers.”

Chris Gompper, executive vice president – director of bank strategy and business segment performance for The South Financial Group, said: “Our relationship with Elavon, a company solely focused on merchant services, will enable us to continue delivering robust solutions to our merchant customers with competitive pricing and top quality service delivery.”