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In a news release issued Wednesday, the two companies said, "Centennial Bank will work in association with Vision Bankcard. Together, the two companies will be able to offer customers a wide selection of leading edge financial products. This association will significantly improve Centennial's capital position, financial ratios, and opportunities for growth."
No immediate change will be noticed by Centennial Bank's 2,500 customers.
Centennial Bank marketing director Roger Dickson said the move does help the bank financially, but said the bank wasn't in trouble. This was a deal between the two companies, he said, not a sale engineered by the Federal Deposit Insurance Corporation.
"Our capital levels haven't been quite as good as they were before, when the economy went down," he said. "We've had some foreclosure issues, so this brings our capital levels back to very healthy."
Both companies and their customers will benefit from the merger, he said.
Vision Bankcard is "an advanced technology company and a lot of the stuff they're doing is fitting well with the way Centennial is going."
He said Vision Bankcard has national and international customers, broadening the reach of Centennial's services as well.
In the joint release, W. Jeffrey Knowles, Chairman/CEO of Vision Bankcard, said "Vision Bankcard is dedicated to helping our clients acquire the tools to succeed in e-commerce environments. Joining with Centennial means we will be able to issue cards and other bank-sponsored products."
Centennial Bank offers banking services for individuals and businesses and is a full-service, FDIC-insured financial institution. In addition to its main office in Ogden, the bank operates two branches in Davis County, one office in Salt Lake County, and one office in Utah County.
Vision Bankcard provides a full suite of merchant services. Knowles started the company and is the original founder and creator of Authorize.net, an Internet payment gateway.
Dickson said the merger has to be approved by federal and state regulators before it is final. He said that should take about a month.
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