Signature debit program delivers superior value to bank, its clients
RIVERWOODS, Ill. & BIRMINGHAM, Ala--(BUSINESS WIRE)--Jan. 14, 2013--
Discover has joined with Cadence Bank to create the new Cadence Bank
Debit Card powered by Discover Debit. The new card will be issued to all
of the bank’s debit cardholders during the second quarter of 2013.
The new Cadence Bank Debit Card powered by Discover Debit. (Photo: Business Wire)
Cadence recently completed a comprehensive evaluation of its debit
options in response to the changing financial services landscape and
determined an affiliation with Discover made the most strategic sense.
“Evolving consumer needs are redefining how clients utilize traditional
payment options. By enhancing our signature debit program, we are making
it easier for our cardholders to move, manage and spend their money,”
said Debbie Innes, executive vice president of Retail Banking at
Cadence. “The affiliation with Discover is an important step for Cadence
that will help us deliver relevant solutions to clients in a highly
competitive market. We will be focused on innovative product
enhancements that keep pace with our clients’ needs.”
Discover Debit provides convenience and security, with broad national
acceptance as well as leading fraud-prevention and data-security tools
to help mitigate cardholders’ exposure to debit card fraud. Through the
affiliation with Discover, Cadence receives a competitive interchange
rate structure and the flexibility to customize the front of the card
with a focus on the bank’s brand.
“We are providing Cadence with an exceptional signature debit
alternative to entrenched industry models,” said Dave Schneider, senior
vice president of debit strategies for Discover, and president of PULSE,
which manages Discover Debit for its parent company. “With Discover
Debit, Cadence cardholders can expect nationwide merchant acceptance at
more than 8.5 million locations as well as around-the-clock reliability
from our network. The bank also benefits from Discover Debit’s superior
value proposition for issuers, including highly competitive interchange
revenue and lower network fees.”
Cadence also is participating in Buzz Points™ through PULSE®
Loyalty Edge. The multi-faceted loyalty program incorporates merchant
rewards and aims to drive spending to local merchants in the communities
the bank serves. This allows Cadence to build local commercial-client
relationships and create value for all involved parties.
Prior to issuing the new Cadence Debit Card to its clients, Cadence
conducted a successful pilot test of the card with its employees in
November and December 2012. Feedback from the pilot will help ensure a
seamless transition for Cadence clients.
“We made this change to benefit our clients, our businesses and our
employees,” added Rick Claypoole, director of product management and
marketing at Cadence. “We see Discover Debit as a smarter solution that
will create better opportunities for each and every one of our
cardholders and deliver superior value to our bank.”
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and payment
services company with one of the most recognized brands in U.S.
financial services. Since its inception in 1986, the company has become
one of the largest card issuers in the United States. The company
operates the Discover
card, America’s cash rewards pioneer, and offers home loans, private
student loans, personal loans, online savings accounts, certificates of
deposit and money market accounts through its direct
banking business. Its payment
businesses consist of Discover
Network, with millions of merchant and cash access locations; PULSE,
one of the nation’s leading debit/ATM networks; and Diners
Club International, a global payments network with acceptance in
more than 185 countries and territories. For more information, visit www.discoverfinancial.com.
About Cadence Bank
Cadence Bank, N.A., based in Birmingham, Ala., is a $5.4 billion bank
that operates more than 100 locations in Alabama, Florida, Georgia,
Mississippi, Tennessee and Texas. Cadence serves commercial and consumer
clients with a full range of innovative banking and financial solutions
designed to keep pace with their lives. These products and services
include commercial and consumer banking, treasury management, small
business banking, international services, specialized industry lending,
wealth management, investment and trust services, financial planning,
retirement plan management, business and personal insurance, consumer
loans, mortgages, home equity lines and loans, and credit cards. Backed
by 126 years of financial expertise, Cadence is a sound source of
capital for companies operating within its six-state footprint and
specializes in industry-leading treasury management services.
Cadence Bank, N.A. and its affiliate companies, Linscomb & Williams and
Town & Country℠ Insurance Agency, are wholly owned subsidiaries of
Cadence Bancorp, LLC, based in Houston, Texas. Additional information
about Cadence and its complete line of banking and financial solutions
can be found at cadencebank.com. Cadence Bank, N.A. Member FDIC, Equal
Housing Lender.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20130114005404/en/
Source: PULSE
Discover/PULSE
Patty Sendelbach, APR, 832-214-0395
800-420-2122
psendelbach@pulsenetwork.com
or
Cadence
Bank, N.A.
Danielle Kernell, 713-871-4051
Mobile: 713-392-7709
danielle.kernell@cadencebank.com