Metavante to Acquire Alabama Data Processing Firm

MILWAUKEE – Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation, today announced the signing of a definitive agreement to acquire Brasfield Corporation, of Birmingham, Ala. Once the acquisition is completed, the company will become a Metavante subsidiary and continue to operate under the Brasfield name.

The $15 million acquisition will be funded using Marshall & Ilsley Corporation common stock and is expected to close in the fourth quarter, pending regulatory approval and other customary closing conditions. The acquisition is not expected to have a material impact on M&I’s financial results.

Founded in 2002, Brasfield provides core banking processing and customer service to 46 community banks located primarily in the southeastern United States, all of which license and use Bankway software from Kirchman Corporation, a Metavante company. Brasfield also provides check and document imaging and check exchange services to over 100 community banks in the Southeast.

“Community banks using the Bankway software from Kirchman are increasingly looking for a hosted core processing solution,” said Paul Danola, president and chief operating officer, Metavante Financial Solutions Group. “We look forward to strengthening our community bank strategy by acquiring Brasfield and offering a hosted solution directly for those banks that want to use the Kirchman Bankway software.”

“Acquiring a leading data center helps us assure continued processing service delivery to existing clients and a way to provide potential new clients with an attractive outsourcing option for the Bankway solution,” said Rachel Landrum, Metavante senior vice president and Kirchman president. “We will also continue to support our data center partners and the Kirchman clients they process.”

“By joining Metavante, Brasfield will have the resources necessary to continue our growth and position as a leading data center partner for community banks. With access to Metavante’s rich offerings of technology solutions, Brasfield will be able to expand the range of products and services we are able to offer to our community bank clients,” said David Brasfield, Brasfield president, who will remain with the company and become part of the Kirchman organization.