Metavante Completes NYCE Corporation Acquisition
30 July 2004 - 11:58PM
PR Newswire (US)
Metavante Completes NYCE Corporation Acquisition Management
Succession Plan Announced MILWAUKEE, July 30 /PRNewswire-FirstCall/
-- Metavante Corporation, the financial technology subsidiary of
Marshall & Ilsley Corporation (NYSE:MI), has completed its
acquisition of NYCE Corporation, one of the leading payment
companies in the United States. NYCE will now be a wholly owned
subsidiary of Metavante. Metavante also announced that Steven A.
Rathgaber, NYCE's executive vice president and chief operating
officer (COO), will become president, effective September 1, 2004,
in addition to his COO position. Dennis F. Lynch, NYCE president
and chief executive officer since 1996, plans to leave the company
in September. As head of the NYCE business unit, Mr. Rathgaber will
report to Frank G. D'Angelo, executive vice president and group
executive, Metavante Electronic Funds Group. "As we
enthusiastically welcome NYCE into the Metavante family, we wish
Dennis Lynch well as he departs from NYCE this fall," said Frank R.
Martire, Metavante president and chief executive officer. "We thank
Dennis for his tremendous contributions during 10 years of service,
which include establishing a talented, capable and proven
management team. We now look forward to Steve's leadership. He is
an exceptionally skilled executive who will help us take NYCE to
its next level of achievement." Mr. Rathgaber has been executive
vice president and chief operating officer of NYCE Corporation
since 1997, responsible for managing the daily operations and
ensuring that the company met its business plan and key performance
objectives. He also manages sales, business development and the EFT
business. Mr. Rathgaber joined NYCE in 1991 as vice president of
operations and oversaw the creation of the NYCE Data Center. Mr.
Rathgaber is also chairman of the board of Everlink Services, Inc.,
a Canadian-based joint venture between NYCE and Celero Solutions.
He is a graduate of St. John's University. About Metavante
Metavante Corporation delivers banking and payment technologies to
financial services firms and businesses worldwide. Metavante
products and services drive account processing for deposit, loan
and trust systems, image- based and conventional check processing,
electronic funds transfer, and electronic presentment and payment.
The company's services are marketed as Metavante or through the
AFS, CSF, Kirchman, NYCE, PSI and Paytrust brands, all of which are
trademarks of Metavante Corporation. Headquartered in Milwaukee,
Metavante ( http://www.metavante.com/ ) is wholly owned by Marshall
& Ilsley Corporation (NYSE:MI). DATASOURCE: Metavante
Corporation CONTACT: Chip Swearngan of Metavante Corporation,
+1-414-357-3688, , or Don Wilson of Marshall & Ilsley
Corporation, +1-414-765-8043, Web site: http://www.metavante.com/
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