Expanding its merchant acquiring services,
Total System Services Inc.
) announced the renewal of its long-term contract with the
leading Washington-based Columbia State Bank. However, the
details of the alliance remain undisclosed.
Columbia State Bank is a wing of
Columbia Banking System Inc.
), operating 74 branches in Washington and 25 outlets in Oregon.
Puget Sound Business Journal
recognized the bank as Washington's best workplace for the sixth
consecutive year. Additionally, Forbes mentioned Columbia State
Bank as one of America's Best Banks for the second consecutive
year in 2012.
On the other hand, Total System continues to explore new
market opportunities while retaining the older ones. Of late, the
company has been investing to become a one-stop platform for all
kinds of merchant and issuer solutions through its advanced
services and technology upgrades. Holding Columbia State Bank's
network further enhances the company's position in the US and
accentuates its operating and competitive leverage.
Alongside, the company has been strengthening its clientele by
offering customized and flexible processing solutions to all its
partners. As a result, Total System has been witnessing
improvement in its financials over the past few quarters based on
its steady fundamental growth initiatives, primarily in the
merchant acquiring space.
Additionally, the company is making efforts to tap
opportunities in the recovering markets through high-grade
technology. This is reflected in the improved transaction volumes
and higher accounts on file along with lower-than-expected margin
decline since the formation of TSYS Merchant Solutions (TMS) and
increased client activity. Such growth-driving factors encouraged
management to produce an optimistic guidance for 2013.
Total System carries a Zacks Rank #2 (Buy), while Columbia
Banking System holds a Zacks Rank #3 (Hold). Other strong
performers in the financial sector include
Euronet Worldwide Inc.
), both of which carry a Zacks Rank #1 (Strong Buy).
COLUMBIA BK SYS (COLB): Free Stock Analysis
EURONET WORLDWD (EEFT): Free Stock Analysis
MOODYS CORP (MCO): Free Stock Analysis Report
TOTAL SYS SVC (TSS): Free Stock Analysis
To read this article on Zacks.com click here.