Under the newly formed relationship, Bancorp will serve as a sponsor bank for Heartland for a minimum of five years and will participate as an automated clearing house (ACH) originating institution for Heartland’s card processing business.
Additionally, Bancorp and Heartland will pursue new opportunities together in areas such as payroll, campus, government, bill payment and healthcare.
Terrence Crowley, SVP of The Bancorp Bank, said: “Our payments processing business model is to locate and accelerate innovators in the payment industry. We seek out progressive firms with which we can deploy our respective payments capabilities and deliver value to our customers. Heartland fits our profile and, with its many business lines, represents multiple future opportunities.”
Bob Carr, chairman and CEO of Heartland, said: “We are excited about our relationship with The Bancorp Bank. Bancorp is an enterprising financial institution and an ideal sponsor bank for Heartland. With Bancorp, we will continue to offer efficient, state-of-the-art card processing solutions and look forward to a successful relationship for years to come.”
