Market Overview

Elavon Acquires Virginia-Based Electronic Transaction Systems


New addition will further enhance Elavon's integrated payments

Elavon, global merchant payment processing provider and subsidiary of
Minneapolis-based U.S. Bancorp, has acquired Electronic Transaction
Systems (ETS), a financial technology company based in Virginia. The
acquisition will allow Elavon to integrate payment processing into ETS'
software, and provide businesses a safe and easy way to access Elavon's

Increasingly, business owners expect that the software packages they use
to run their businesses will come with payments acceptance and
processing embedded in the software offering. Elavon is paving a way to
future growth by integrating with these software packages.

"ETS has an innovative approach to merchant payments that fits well
within Elavon's strategy to provide businesses the ability to safely and
quickly integrate into our system," said Jamie Walker, CEO of Elavon.
"ETS is a successful, dynamic company, and we look forward to growing
our business together."

"We are thrilled to join with Elavon and become part of U.S. Bank," said
Ed Vaughan, CEO of ETS. "We have worked with U.S. Bank for the 20 years
that we've been growing our company. There was simply no better choice
than U.S. Bank, who knows us and shares our vision for the future."

"The acquisition of ETS is part of our investment aimed at enhancing
Elavon's eCommerce offering and integrating Elavon's payments
capabilities into software its customers already use," said Terrance
Dolan, vice chairman and CFO of U.S. Bank.

Financial terms of the deal were not disclosed.

About U.S. Bank
U.S. Bancorp (NYSE:USB), with 74,000
employees and $461 billion in assets as of June 30, 2018, is the parent
company of U.S. Bank, the fifth-largest commercial bank in the United
States. The Minneapolis-based bank blends its relationship teams,
branches and ATM network with mobile and online tools that allow
customers to bank how, when and where they prefer. U.S. Bank is
committed to serving its millions of retail, business, wealth
management, payment, commercial and corporate, and investment services
customers across the country and around the world as a trusted financial
partner, a commitment recognized by the Ethisphere Institute naming the
bank a 2018 World's Most Ethical Company. Visit U.S. Bank and Elavon
online or follow on social media to stay up to date with company news.

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