Chicago company buys Alabama National unit

Chicago's Moneris Solutions has acquired Alabama National BanCorp.'s merchant payments business and will take over its credit card processing sales for 103 banking centers in the Southeast.

Moneris, which made the announcement Monday, did not disclose financial details of the transaction.

Alabama National, a bank holding company that operates through 11 subsidiaries in Alabama, Florida and Georgia, was acquired by RBC Bank earlier this year.

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The acquisition increases Moneris' presence in the Southeast, strengthens its brand in the region and expands the processor's bank network significantly, a news release said.

"Moneris has very aggressive growth plans," said Greg Cohen, president of Moneris US. "Acquiring the ANB payments business fits with our growth strategy. It also increases our presence in the Southeast and adds significantly to the number of bank branches we work with in the region."