TSYS Signs Principal Bank for Card Processing
Internet Bank Enters Credit Card Market
Columbus, Ga., March 11, 1999 – Total System Services, Inc.® (TSYS®)(NYSE: "TSS") today announced the signing of a multi-year contract to provide consumer card processing services for Principal Bank, a member of the Principal Financial Group. The start-up date is scheduled for second quarter 1999.
TSYS President Philip W. Tomlinson said, "Principal Bank is a pioneer in the virtual banking industry, and we are excited to establish a partnership with them for consumer card processing. We look forward to sharing the innovative technology of THE TOTAL SYSTEM® and forging a long-lasting, mutually beneficial relationship."
Principal Bank President Steve Ollenburg said, "TSYS’ progressive technology and continued commitment to the credit card industry have made it a technology leader. We look forward to building a card portfolio with TSYS’ leading-edge products and services."
Principal Bank is a member of the Principal Financial Group (www.principal.com), an international financial services company. The bank began operations in February 1998 as an FDIC-insured federal savings bank. The bank offers its customers traditional banking products including checking, savings, money market demand and certificates of deposit via the telephone, Internet, ATM, or by mail. Additionally, various consumer loan products are offered by the bank, including automobile, home equity and personal loans. With more than $75 billion in assets under management, the companies of the Principal Financial Group serve more than 10 million customers with a full line of individual and group insurance products and financial services. The Principal is a member of the Fortune 500 and is listed as one of Fortune's Most Admired Companies.
TSYS (www.totalsystem.com) is one of the world’s leading information technology processors of credit, debit, commercial and private-label cards. An 80.8% owned subsidiary of Synovus Financial Corp.® (NYSE: "SNV") (www.synovus.com), TSYS serves card-issuing institutions throughout the United States, Puerto Rico, Canada, Mexico and the Caribbean. Creating innovative processing solutions, TSYS makes it possible for more than 143 million cardholders to use their cards and enables card-issuing institutions to profitably compete and better serve their customers through our world-class people, technology and service.
Contacts:
Danita Gibson-Lloyd
Corporate Communications Manager
ph. (706) 649-5578
dgibsonlloyd@totalsystem.com
Kimberly Knight
Corporate Communications Specialist
ph. (706) 644-1218
kknight@totalsystem.com