US Clearing Houses Sign Merger Agreement
The Clearing House and The Chicago Clearing House have signed a letter of intent to pursue a merger of the two organizations. Both organizations are owned by leading banks and serve as industry forums on issues critical to the banking industry. ‘This merger is consistent with the banking industry’s desire to standardize and rationalize industry infrastructure and associations,’ said Jeff Neubert, President and CEO of The Clearing House. ‘It sends a clear signal to the industry that the time has come for clearing houses and check exchanges across the United States to adopt common rules, common settlement, and ultimately common banking industry ownership and governance,’ he added. ‘This proposed merger reflects the fact that the banking business has changed from regional to national, from paper to electronic, from separate to consolidated,’ said Robert Fitzgerald, President of The Chicago Clearing House.