Honor, Most ATM Networks To Merge
MAITLAND, Fla. (AP) _ Southeast Switch Inc., which runs the Honor network of automated teller machines in 13 southeastern states, is expanding into the Northeast by merging with Internet Inc., owner of the Most ATM network.
The companies did not disclose financial details of the deal, which was announced Friday.
The merger will create the nation’s largest regional network of automated banking machines, according to Ed Neumann, a banking consultant with Dove Interactive Solutions Inc. in Washington.
Southeast Switch, based in Maitland, Fla., has 1,051 member banks. Internet, based in Reston, Va., has 495 in Connecticut, Delaware, New Jersey and Pennsylvania.
In 1995, Honor was the fourth-largest regional network in monthly automated transactions, and Most was fifth, Neumann said.
``This merger has been rumored for a long time, and it makes a lot of sense,″ Neumann said.
The new company, which has not yet been named, will be based in Maitland.
Southeast Switch President Thomas O. Bennion will be president and chief executive of the new entity. Internet president David A. O’Conner will be vice chairman.