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Under this alliance, Elavon will purchase substantially all of Capital City Bank's merchant services business, and Elavon will provide merchant bankcard processing to Capital City clients going forward.
Elavon paid to Capital City Bank $6.25 million for the purchase of the merchant services business assets. Capital City expects to record a one-time gain of $6.25 million in the third quarter of 2008.
The sale of the merchant services business was intended to offer Capital City clients a more robust merchant bankcard processing program while allowing Capital City to share in the revenue from these products. As a result of this alliance, Capital City clients will be able to take advantage of improved e-commerce products, plus enhanced gift card solutions and electronic check services, according to Capital City Bank Group.
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