On the same day it reported a $56.4 million profit, credit-processor TSYS unveiled a deal with a Columbus, Ohio-based bank that should pay good dividends in the coming years.
Terms of the multiyear contract were not disclosed Tuesday, but Columbus-based TSYS said it will help Huntington Bancshares Inc. set up a new line of consumer and business credit cards. They will carry the MasterCard logo.
The rollout of the cards will be in 2013, with the commercial card making its debut first, followed by the consumer offering. TSYS staffers now begin the task of setting up the Ohio bank on its patented TS2 processing system.
“Huntington is a prime example of a strong regional bank that has elected to reassert itself in the consumer credit and commercial card space,” TSYS President and Chief Executive Officer Troy Woods said in a statement.
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Aside from card processing, TSYS said it will also handle fraud prevention, card and statement production, and customer service duties for the bank.
Huntington, which dates to 1866, oversees $56 billion in assets through 660 branches in Ohio, Indiana, Kentucky, Michigan, Pennsylvania and West Virginia. It employs 11,000.
The bank received nearly $1.4 billion through the federal Troubled Asset Relief Program (TARP), money it repaid in December 2010.