Tsys Acquires Remaining 49% of First National Merchant Solutions
Tsys has acquired the remaining 49% interest in First National Merchant Solutions (FNMS) from First National Bank of Omaha (FNBO). The company will be rebranded as Tsys Merchant Solutions. Tsys formed a joint venture with FNBO in April 2010, when it acquired a 51% controlling interest in the direct merchant acquirer and transaction processor.
FNMS offers transaction processing, merchant support, credit underwriting, risk management and value-added services, as well as Visa- and MasterCard-branded prepaid cards for businesses of any size.
“We have been very pleased with the performance of the joint venture, and determined that total ownership is important to our diversification strategy,” said Philip Tomlinson, chairman and chief executive officer (CEO) of Tsys.