Merrick Bank Press Release

NACHA Welcomes Merrick Bank as Direct Financial Institution Member

Herdon, VA - October 12, 2010

Merrick Bank, a subsidiary of CardWorks, Inc. and the nation's 40th largest ACH originator, has joined NACHA — The Electronic Payments Association® as a direct financial institution member. Merrick Bank is a premier issuer and acquirer of MasterCard and VISA credit cards and is committed to providing solution-based products and services to fit the needs of consumers nationwide.

“As a top 50 ACH-originating financial institution, we believe that direct NACHA membership was a natural progression for us,” said Merrick's President, Richard Urrutia. “Membership enables us to take a more active role at the national level, and working with NACHA, we look forward to participating in strategic discussions on the ACH Network.”

NACHA Members realize significant benefits, including opportunities to vote on the NACHA Operating Rules, nominate individuals for the NACHA Board of Directors, and take leadership roles on NACHA task forces, committees, and work groups. Direct financial institution members of NACHA gain up-to-date information on strategic industry issues and increase their financial institution's visibility and exposure in the highly competitive electronic payments market. Members expand their market relationships as they engage in a collaborative approach to understand and address the challenges and opportunities facing the industry today.

“NACHA membership ensures that financial institutions remain abreast of developments in ACH payments,” said NACHA President and CEO Janet O. Estep. “In joining NACHA, Merrick Bank will be able to provide direct input on strategic industry innovations and emerging issues, as well as having a first-hand look at the information and services that will address today's changing payments landscape. We welcome Merrick Bank to the NACHA family.”

NACHA now has 45 direct members, consisting of 27 financial institutions and 18 regional payment associations (RPAs). Collectively this group represents more than 11,000 depository financial institutions.


NACHA — The Electronic Payments Association
NACHA supports the growth of the ACH Network by managing its development, administration, and governance. The ACH Network facilitates global commerce by serving as a safe, efficient, ubiquitous, and high-quality electronic payment system. NACHA represents nearly 11,000 financial institutions through 18 regional payments associations and direct membership. Through its industry councils and forums, NACHA brings together payments system stakeholder organizations to encourage the efficient utilization of the ACH Network and develop new ways to use the Network to benefit its diverse set of participants. To learn more, visit www.nacha.org, www.electronicpayments.org and www.payitgreen.org.

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