CHICAGO, IL, July 20, 2004 – After posting 27 percent growth in its merchant processing portfolio in just 12 months, Midwest Bank and Trust Company, a subsidiary of Midwest Banc Holdings, Inc. (NASDAQ: MBHI), has elected to renew its credit card processing contract with Moneris Solutions.
Under the agreement, Midwest Bank will continue to offer Moneris’ credit card processing services to their business customers. Moneris Solutions is one of North America’s largest electronic transaction processors.
Midwest Bank, a Moneris customer for eight years, elected to renew its agreement with Moneris Solutions and continue working together to achieve annual processing volume and income goals, as well as engaging in joint sales and marketing activities.
“Moneris offers the collaborative approach and unmatched expertise we need to service our commercial customers,” said Brad Luecke, vice chairman and chief executive officer, Midwest Bank and Trust Company. “Not only has Moneris contributed to a 27 percent merchant portfolio growth in the last year, they have also partnered with us to launch a joint sales and marketing campaign to communicate the benefits of merchant acquiring to our current and potential business customers.”
Midwest Bank participates in Moneris’ Agent Bank program, which allows banking companies to offer merchant services to its business customers. Moneris delivers advanced point-of-sale technologies and allows banks to maintain control over their credit card processing services while outsourcing the backroom functions, including settlement, clearing and statement generation.
"Our renewal agreement with Midwest Bank highlights Moneris’ dedicated service to the financial institutions market segment and further differentiates us in the competitive processing sector,” adds Larry Wine, President of Moneris’ U.S. Group. “We look forward to collaborating with Midwest Bank to continue the aggressive growth and joint activities. Having recently signed additional renewal agreements with four of our other agent banks, we are well on our way to solidifying Moneris’ position as the financial institution’s provider of choice.”
About Midwest Bank and Trust Company
Midwest Bank and Trust Company is a full service community bank with a network of sixteen banking centers serving communities in Cook, DuPage, McHenry and Lake Counties. It is the eleventh largest bank in Illinois with assets of approximately $2 billion and the flagship banking subsidiary of Midwest Banc Holdings, Inc.
Midwest Banc Holdings, Inc. provides a wide range of retail and commercial lending services, personal and corporate trust services, residential mortgage origination, and securities and insurance brokerage activities throughout the greater Chicago metropolitan area and Western Illinois. The Company’s principal operating subsidiaries are: Midwest Bank and Trust Company, Midwest Bank of Western Illinois, Midwest Financial and Investment Services, Inc. and Midwest Bank Insurance Services, L.L.C.
About Moneris Solutions
Moneris Solutions (www.monerisusa.com) has a 30-year history as one of North America’s largest electronic transaction processors, delivering advanced payment card processing capabilities through point-of-sale hardware, payment processing software, e-commerce solutions and a gift and loyalty program. Moneris provides transaction-processing services nationwide through numerous agent banks and serves the small to medium-sized business market through direct sales and strategic partnerships. A joint investment of the Royal Bank of Canada and the Bank of Montreal, which have assets in excess of $700 billion, Moneris Solutions serves more than 350,000 North American merchant locations and has a staff of over 1,100 employees. U.S. headquarters are located outside of Chicago, IL.
| Marcie Cheney 202-296-2002 x103 mcheney@environics-usa.com |