FSV, a Florida-based prepaid card processing company, closes on its sale to U.S. Bank, lead bank of U.S. Bancorp.
Willkie client FSV Payment Systems, a prepaid card processing company, recently closed on its sale to U.S. Bank, lead bank of U.S. Bancorp. Jacksonville, FL-based FSV is known for its expertise managing a broad range of prepaid programs for companies, governments and other financial institutions. It is one of few companies that both manages and processes its own programs. The acquisition is expected to combine U.S. Bank’s payments strength and prepaid expertise with FSV’s platform, making the combined entity one of the few financial institutions in the industry capable of providing efficient end-to-end prepaid programs and services. U.S. Bank is the 5th largest commercial bank in the United States. Its parent company, U.S. Bancorp has $352 billion in assets (as of Sept. 30, 2012) and operates 3,086 banking offices in 25 states.
The deal was handled by partners Gordon Caplan and Michael Katz and associate Matthew Guercio and Tracy Lundquist.