NYCE Corporation and Magic Line, Inc., two of the leading electronic payment services providers in the United States, have formally closed their merger. The transaction received regulatory approval last week from the Federal Reserve Board, the last step required prior to completing their merger.
Last week, the two companies announced that the combined entity will operate under the single brand of NYCE for all products and services throughout its expanded marketplace created by the merger.
The merged company will operate as NYCE Corporation, serving over 45 million cardholders in 15 states, through a network that includes 35,000 automated teller machines (ATMs) and 185,000 point-of-sale (POS) retailer locations.
Dennis F. Lynch is President and Chief Executive Officer of NYCE Corporation. John G. Bascom, who had been President and Chief Executive Officer of Magic Line, Inc., is Executive Vice President of NYCE and President of its Midwest Regional Business Unit, which is based in Dearborn, Michigan, where Magic Line had been headquartered.
“We are pleased to have our merger approved as originally structured and closed, and we are ready and eager to start moving forward as a combined company,” said Mr. Lynch. “Building on the powerful franchises of our two EFT companies, NYCE will become an even greater electronic payments resource for our participants and the consumers they serve. We think the timing of our merger is astute and the combination of all we offer will be unbeatable.”
NYCE Corporation has 12 principal financial institution owners whose representatives serve on NYCE’s Board of Directors. In addition, the Board has four seats for regional representatives from the Northeast and Midwest regions. Mr. Lynch and Mr. Bascom also serve on the Board.Details