Primax Announces Plans to Acquire Processing Business of NEBA

WAKEFIELD, Mass.--(BUSINESS WIRE)--Primax, a premier provider of debit and credit card issuing and merchant acquiring programs, products and services, today announced its plans to acquire the processing business of NEBA, a Massachusetts-based association of banks that provides credit card issuing and merchant acquiring programs, products and support services for its members. The Primax acquisition of NEBA processing will consolidate the current processing and servicing business of NEBA into Primax. This will result in a single brand in the marketplace. It will also enable processing cost efficiencies including elimination of duplicate overhead and minimization of vendor management issues.

“Over the past many years NEBA has developed an impressive comfort level with Primax.”

Stated Ted Keith, Primax President and CEO, “Primax has enjoyed a close working relationship with NEBA since 1981 when we first became NEBA's management company." Added Ted, "We look forward to providing our client base with a more focused approach to innovation."

Commented James F. Dwinell, III, NEBA's Chairman of the Board, "Over the past many years NEBA has developed an impressive comfort level with Primax." Said Jim, "We have tremendous confidence in the depth of Primax's resources and expertise to handle our processing business. This change is a natural progression and will be a seamless transition for NEBA members."

Primax's acquisition closing of NEBA processing is expected to be finalized later in 2013, and is contingent upon the formal approval of NEBA membership.

About Primax

Headquartered in Wakefield, Massachusetts, and founded in 1981, Primax partners with financial institutions throughout the United States to implement exceptional, customizable credit card, private label card, and gift card programs with a high degree of control, and supports these programs and merchant acquirers with back office functions, outstanding customer care and the on-going support needed for success. For more information visit primaxpayments.com

About NEBA

Headquartered in Wakefield, Massachusetts, and founded in 1969 as one of the twelve original MasterCharge Associations, NEBA provides its members a full range of high-quality credit card issuing and merchant acquiring programs, products and services, as well at the framework, support and educational assistance banks need to operate profitable, effective payment card programs that enhance customer satisfaction and loyalty.

NEBA members have access to the best in card solutions including MasterCard and Visa brand cards. NEBA’s unique bundled programs are designed to speed program implementation and minimize the need to allocate bank resources. For more information please visit neba.com.