QCR Holdings sells merchant credit card acquiring business

Sep 01, 2008 (Datamonitor via COMTEX) -- QCRH | Quote | Chart | News | PowerRating -- QCR Holdings, a multi-bank holding company, has sold its merchant credit card acquiring business to Veracity Payment Solutions. The transaction is expected to result in an after-tax gain of approximately $3 million in the third quarter of 2008.

QCR Holdings will continue to provide cardholder services to the consumer and commercial clients of the company's four subsidiary banks and its agent banks. The Bancard staff currently providing cardholder services will become employees of Quad City Bank & Trust's correspondent banking division to more closely align these services with the other products and services that the division offers.

Doug Hultquist, president and CEO of QCR, said: "When we were evaluating our alternatives for the merchant credit card acquiring business, Veracity was the clear choice due to their focus on customer service, their experienced team, and their corporate values of integrity and ethical values. We look forward to a successful partnership with Veracity as they provide merchant acquiring solutions to our commercial clients and the commercial clients of our agent banks."

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