Northern Star Financial operates as a bank holding company whose subsidiary provides financial services.
Corporate Merchant Services founder and CEO John Gerena said that this is a natural fit for both companies and will help them contribute to the bank’s capital, growth and earnings and raise the bank’s and CMS’ visibility in the marketplace with an expanded menu of products and services.
Northern Star president and CEO Thomas Stienessen said that the proceeds from the offering will be used to fund internal growth at the company’s banking subsidiary, Northern Star Bank.
Financial terms of the transaction, which is subject to regulatory approval, were not disclosed.
