MPS signs 3 financial institutions
Business Courier of Cincinnati
Midwest Payment Systems, the electronic processing subsidiary of Fifth Third Bank, said it has secured contracts from three financial institutions.
Midwest Payment will provide electronic payment processing, card production, debit card and ATM services for Farmers Citizens Bank, Marshall Savings Bank and Toledo Urban Federal Credit Union.
Bucyrus-based Farmers Citizens manages more than $105 million in assets and four ATMs. Midwest Payment will provide processing support for 5,500 debit cards and 5,000 ATM cards.
Marshall Savings, in Marshall, Mich., has more than $103 million in assets and two ATMs, with about 3,625 customer cards.
Toledo Urban manages $5 million in assets and has contracted with Midwest Payment for startup debit card services.
Financial terms weren't disclosed.
Midwest Payment processes an estimated 7 billion ATM, point-of-sale and e-commerce transactions each year. Parent company Fifth Third is the Tri-State region's second-largest financial institution, with $8.9 billion in local deposits.
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