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CompuCredit to Acquire CardWorks

by Peter Andrew

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.

Published 09/29/05 (Modified 05/07/12)


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