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Peoples Bank apparently likes what Deluxe Corp. has been doing for the Marietta, Ohio-based bank because it added Deluxe’s merchant services to its roster of services.
The bank placed a part of its promotional business with Minneapolis-based Deluxe in January and added checks in March. Merchant services, under the One Deluxe moniker, is the latest expansion.
This is the latest, among many, moves beyond traditional check services for Deluxe. It posted $2.1 billion in 2024 revenue and has seen its percentage of overall revenue attributed to its payments services—which includes merchant services and business-to-business payments—increase from 16.8% in 2020 to 31.7% in 2024.
Deluxe’s transformation into a broader digital-payments company got a big boost in 2021 when it acquired First American Payment Systems LP, a move that fundamentally changed Deluxe.
In related news, processor Evertec Inc. closed on its acquisition of a controlling stake in Tecnobank Tecnologia Bancária S.A., or Tecnobank, a Brazil-based fintech specializing in digitizing vehicle-financing contract records. The transaction, valued at approximately $144 million, was announced in August.
Puerto Rico-based Evertec also made some personnel moves with Joaquin Castrillo promoted to senior executive vice president and chief operating officer. He’s been with Evertec for 13 years. It also named Karla Cruz-Jusino to succeed Castrillo as executive vice president and chief financial officer. Cruz-Jusino joined Evertec in 2019. Both appointments are effective Nov. 1.
