Visa and Commerce Bancshares sign Five-year Agreement Covering Credit, Debit, and Commercial Products and Prepaid Processing
SAN FRANCISCO--(BUSINESS WIRE)-- Commerce Bancshares, Inc. (NASDAQ:CBSH) and Visa Inc. (NYSE: V) announced today they have signed a five-year renewal agreement, extending the companies’ longstanding relationship.
Under terms of the deal, Commerce Bancshares will continue offering the full range of Visa consumer and commercial products – including prepaid, consumer debit and credit, small business debit and credit and commercial cards – through 2013. Commerce Bancshares will also continue to use Visa Debit Processing Service for its prepaid processing capabilities.
“Today’s announcement extends our track record of offering a wide array of Visa products and services that meet the specific needs of our customers,” said Chuck Kim, Executive Vice President of Commerce Bancshares. “As more consumers and businesses migrate away from paper to electronic payments, we are well-positioned to deliver greater convenience, flexibility and security to our customers.”
Commerce Bancshares is a $17.5 billion regional bank holding company headquartered in Missouri. Its bank subsidiary, Commerce Bank, N.A. is one of the country’s preeminent regional banks, operating in the Midwest, primarily in Missouri, Kansas, Illinois, Oklahoma and Colorado with more than 350 locations.
“Commerce Bancshares has been a longstanding Visa partner, and we greatly value their decision to renew our relationship,” said Bill Sheedy, President, North America, Visa Inc. “We look forward to working further with Commerce Bancshares to offer Visa payment solutions that help the bank differentiate in a competitive marketplace, while meeting key business objectives and unique customer needs.”
About Commerce Bank
Commerce Bank, N.A. is a subsidiary of Commerce Bancshares, Inc. (NASDAQ: CBSH), a $17.5 billion regional bank holding company. For more than 140 years, Commerce Bank has been meeting the financial services needs of individuals and businesses throughout the Midwest region. Commerce Bank provides a diversified line of financial services, including business and personal banking, wealth management and estate planning, and investments through its affiliated companies. Commerce Bank operates in approximately 350 locations in the Central United States. Commerce Bancshares also has operating subsidiaries involved in mortgage banking, leasing, credit-related insurance, venture capital and real estate activities. For additional information, please visit www.commercebank.com.
About Visa Inc.
Visa Inc. operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit www.corporate.visa.com.
Source: Visa Inc.
Jennifer Doidge, 415-932-2564
Commerce Bancshares, Inc.
Jeanne D. Howard, 314-746-3672