Credit-card processor TSYS said today it has signed a long-term contract with an existing customer, U.S. Bank.
U.S. Bank, the sixth-largest commercial bank in the U.S., is a subsidiary of U.S. Bancorp, which oversees $264 billion in assets. It has more than 2,800 branches and nearly 5,200 ATMs in 24 states.
TSYS said it will handle the bank’s commercial card payment services, along with processing a consumer health-care benefit card.
Financial terms of the agreement were not disclosed.
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The signing comes less than a week after Columbus-based TSYS said its 2010 earnings are expected to drop as much as 15 percent. The company plans to eliminate 5 percent of its work force, or about 400 jobs, by the end of February.