South Jordan, UT — August 16, 2007— Merrick Bank, a subsidiary of CardWorks and a premier issuer and acquirer of MasterCard and VISA credit cards, is celebrating the ten year anniversary of its founding in 1997, marking an important milestone in the company’s successful history. Over the past decade, Merrick Bank has experienced steady growth and consistent profitability. The bank has solidified its competitive position in the credit business through its commitment and dedication to providing solution-based products and services to fit the needs of consumers nationwide.
“We at Merrick Bank are very excited to be celebrating this milestone anniversary,” said Rick Urrutia, President of Merrick Bank. “It is a testament to our dedicated and talented associates, our unwavering focus on addressing the needs of the underserved credit market, and to developing strong customer relationships with consumers, our merchants and our ISOs.”
Merrick Bank services over 1,000,000 cardholders and has $1 billion in assets. The Bank offers Certificates of Deposit with a variety of rates and terms as well as providing finance options through Marine and RV Dealers nationwide, helping to facilitate Boat and RV purchases for consumers. As a Top-20 merchant acquirer, Merrick has dedicated its resources to serving merchants and ISOs on a nationwide basis in various industries.
“Since inception, our bank has successfully competed with top lenders and has demonstrated a strong commitment to both our customers and our community,” said Dave Watson, Chairman of the Bank. “Merrick Bank continues to seek opportunities to leverage its competitive position in the underserved sector and capitalize on its market dynamics. We are proud of our first decade and look forward to our continued future success.”
Merrick Bank is committed to contributing time and resources to the communities in which it operates. “We believe in working hard to help make our communities a better place to live” said Mr. Urrutia. “It strengthens our corporate culture while benefiting the areas we serve.”
About Merrick Bank
Merrick Bank was founded in 1997 and is a premier issuer of non-prime credit cards. Merrick Bank is a top-25 issuer of Visa® cards, as well as an authorized issuer of MasterCard® cards. It serves over 1,000,000 cardholders and has approximately $1 billion in assets. Merrick Bank is a Utah Industrial Bank and is a member of the FDIC. The Bank also sponsors 40 ISOs and processes for 150,000 merchants with $20 billion in MasterCard and Visa sales volume.
About CardWorks
CardWorks, Inc. is the parent company of CardWorks Servicing (formerly CMS) and Merrick Bank. CardWorks Servicing is a nationally recognized, leading servicer of credit cards, national debit cards, pre-funded cards and other unique card products and is the largest privately held servicer of MasterCard®/Visa® cards. The services CardWorks provides are transparent to cardholders, with specifications driven by each individual organization’s needs.
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Contacts:
The Abernathy MacGregor Group
Kenny Juarez Eliza Johnson
212-371-5999 212-371-5999
kwj@abmac.com edj@abmac.com