CompuCredit to Acquire CardWorks
Atlanta-based CompuCredit, marketer of the Aspire credit card and other cards for “underserved” markets, has acquired CardWorks of Woodbury, New York, the parent company of Merrick Bank and Cardholder Management Services (CMS). To this point, CompuCredit has been a marketer of credit cards through its partnership with Columbus Bank and Trust Company, with most cards targeting a consumer audience not served by major credit card issuers due to past credit difficulties.
While not mentioning its future with Columbus Bank and Trust, the acquisition of Merrick Bank as part of the CardWorks deal would give CompuCredit not only the existing Merrick Bank card offerings but also its own financial institution from which to issue new cards. According to David G. Hanna, Chairman and CEO of CompuCredit, the acquisition should be completed late in the fourth quarter or in early 2006. Hanna did not mention if the combined companies would remain at their current locations or be joined at a single headquarters.
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