Increases Revenue Stream Generated Via Financial Enterprise Businesses
MEMPHIS, Tenn., June 25 /PRNewswire/ -- National Commerce Financial (NCF)
has reached an agreement through its subsidiary, National Bank of Commerce, to
sponsor Retriever Payment Systems for its merchant bankcard transactions
processed through Visa and MasterCard for all new accounts, effective
immediately.
(Photo: http://www.newscom.com/cgi-bin/prnh/20010510/NCBCLOGO )
"What's exciting about this agreement is that Retriever is one of the
nation's leading bankcard sales organization with an extremely strong cash
flow," said Lewis E. Holland, president of Financial Enterprises. "We're
pleased to be able to add value to their industry-leading merchant services
program, while enhancing the revenue generated through our Financial
Enterprises businesses. It's a valuable proposition for us both.
Corporately, we have continued our aggressive plan to diversify and strengthen
our revenue and income streams by increasing high-growing, high-return lines
of business."
Founded in 1986, Houston-based Retriever Payment Systems is an Independent
Sales Organization (ISO) providing merchants nationwide a valuable turnkey
solution for credit card services. In order to process transactions through
the Visa and MasterCard systems, the company must contract with a third party
with a banking charter.
National Commerce Financial Corporation (Nasdaq: NCBC) is a leading seller
and marketer of diversified financial and consulting services delivered
through its national network of banking and non-banking affiliates. With
$16.6 billion in assets and approximately 400 locations throughout the
Southeast, National Commerce Financial is headquartered in Memphis, Tenn., and
maintains operational headquarters in Durham, N.C.
These statements constitute forward-looking statements (within the meaning
of the Private Securities Litigation Reform Act of 1995), which involve
significant risks and uncertainties. A variety of factors could cause actual
results and experience to differ materially from the anticipated results or
other expectations expressed in such forward-looking statements.
NCF does not assume any obligation to update these forward-looking
statements or to update the reasons why actual results could differ from those
projected in the forward-looking statements.
Factors that might cause such a difference include, but are not limited to
competition from both financial and non-financial institutions; changes in
interest rates, deposit flows, loan demand and real estate values; changes in
legislation or regulation; changes in accounting principles, policies or
guidelines; the timing and occurrence (or non-occurrence) of transactions and
events that may be subject to circumstances beyond the control of NCF; and
other economic, competitive, governmental, regulatory and technological
factors affecting NCF specifically or the banking industry or economy
generally.
SOURCE National Commerce Financial Corporation
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Related links:
http://www.ncfcorp.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20010510/NCBCLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 212-782-2840
CONTACT:
Eileen Sarro, 919-683-7642, or M.J.A. "Jekka"
Pinckney, 901-523-3525, both of National Commerce Financial
Corporation
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