Charter Pacific Plans Separate BankCard Entity
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Charter Pacific Bank, a $95-million Agoura Hills-based commercial bank, intends to separately incorporate its BankCard merchant processing division and operate it as a wholly owned subsidiary, subject to regulatory approvals.
The change will mean the BankCard division can offer merchant and Internet payment services to banks not allied to Charter Pacific, said Chairman and Chief Executive Officer Michael Ward. A new name for the BankCard corporation will be announced soon.
For the year ended Dec. 31, CPB BankCard, as a division of the bank, earned about $3.6 million, the company said.
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