5Star Bank Renews TSYS for Card Processing
Agreement Extends Successful Partnership Begun in 1990
Columbus, Ga., Oct. 10, 2002 - 5Star Bank has renewed its processing agreement with TSYS®, a global provider of electronic payment services, for its MasterCard and Visa credit cards, extending the successful partnership that began in 1990. Under the terms of the five-year agreement, TSYS will continue to provide consumer and commercial card account processing for 5Star's 200,000 cards. 5Star is one of the largest providers of financial services for members of the U.S. armed forces.
"For more than a decade, TSYS has partnered with us to help us meet our business objectives," said 5Star Bank President & CEO Emily Dean. "TSYS was the right choice for us at renewal time because TSYS offers the technology, flexibility, data accuracy, data availability and outstanding customer service for us to continue to diversify and grow our customer base through a greater variety of products and services. We look forward to leveraging this value-added relationship as we seek to expand our cardholder base by serving more members within our armed forces while pursuing relationships with agent bank, affinity, and association network access partners."
"5Star's ongoing vote of confidence in TSYS as their payments processing partner reaffirms the value we bring them through our people and technology," said TSYS President Philip W. Tomlinson. "Knowing that in some way we are helping 5Star serve our nations' armed services' personnel makes TSYS extremely proud."
TSYS currently serves 20 percent of the U.S. Visa and MasterCard consumer credit card market and 87 percent of the U.S. Visa and MasterCard commercial card market. TSYS is also the largest processor of retail accounts in the United States serving 17 percent of the market. TSYS processes for some of the world's best known and most respected banks, credit unions, and retailers.
About 5Star Bank
5Star Bank, with $215 million in assets and $100 million of credit card loans under management, is a niche provider of depository and credit card services to its customer base, including members of its parent company, Armed Forces Benefit Association (AFBA). Established in 1947, AFBA serves members of our nation's armed forces and government as well as their families with low-cost insurance (including life insurance for military families during peace and war), mutual funds, banking and other financial products and services. For more information about AFBA and 5Star Bank, visit www.afba.com.
TSYS (NYSE: TSS) (www.tsys.com) brings integrity and innovation to the world of electronic payment services as the integral link between buyers and sellers in this rapidly evolving universe. Synovus (NYSE: SNV) owns an 81-percent interest in TSYS. For more information, contact firstname.lastname@example.org.
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Emily W. F. Dean
President & CEO, 5Star Bank