Tuesday, January 19, 2010

Elavon Acquires Citizens National Bank Merchant Processing Portfolio

By Holly Lytle Deal Includes 10-year Alliance Referral Agreement

ATLANTA and SEVIERVILLE Tenn. – January 19, 2010 – Elavon, a wholly owned subsidiary of U.S. Bancorp (NYSE: USB) and a leading global payments provider, has purchased the merchant processing portfolio of Citizens National Bank, a community bank headquartered in Sevierville, Tenn. and operating locally in Sevier, Knox and Jefferson counties.

Under the terms of the agreement, Elavon will extend its full line of flexible payment solutions to the bank’s more than 300 existing merchant accounts, while also supporting a 10-year alliance agreement for new merchant services referred through the bank’s 18 community branches.

“Citizens National Bank has made their commitment to exceptional service the cornerstone of their customer satisfaction standards,” said Stuart C. Harvey, Jr., CEO of Elavon. “Elavon’s investments in technology, innovation and customer service will continue to deliver on the bank’s almost 40-year tradition of service excellence for its merchant customers.”

“Our customers depend on us to provide reliable, innovative service and a full line of solutions," said David C. Verble, President and CEO of Citizens National Bank. "Elavon is solely focused on merchant services, and our new relationship enables us to provide our customers with the level of service and security they need and expect.”

Citizens National Bank merchant customers will benefit from Elavon's expanded merchant service offerings including debit and credit card processing, a comprehensive PCI Compliance Program, a choice of point-of-sale devices and software, advanced e-commerce products, electronic check services, and enhanced reporting.

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About Elavon:
Elavon's Global Acquiring Solutions organization is a part of U.S. Bancorp. Elavon provides end-to-end payment processing services to more than one million merchants in the United States, Europe, Canada and Puerto Rico. Elavon has solutions to meet the needs of merchants in specialized markets including small business, retail, hospitality/T&E, health care, education and the public sector. Visit Elavon online at www.elavon.com.

About Citizens National Bank:
Citizens National Bank has been providing the latest in banking technology since 1973. From traditional banking products and cell phone banking to cash management services and investments, Citizens National Bank has proven to be the area’s most premier community bank. For more information about our products and services or convenient hours and locations, visit www.cnbtn.com

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