Together, Charles and David report to Richard Urrutia, Merrick Bank's President. He is an industry veteran with previous experience at First Data Merchant Services and BB&T Merchant Services.
Herzfeld joined Merrick in 2004 and was recently promoted from his former position as Vice President of the Merchant Services business unit. Crawford will be working with David Herzfeld, Senior Vice President -Chief Operations Officer of Merrick Merchant Services, to support and expand the Bank's merchant acquiring program. Prior to that position, he held senior posts at several other transaction processors and merchant sales organizations. Crawford is a veteran of the merchant credit card processing industry, who most recently worked as EVP of Strategic Development at Electronic Payment Exchange, a Delaware based transaction authorization and settlements processor. Crawford has joined Merrick Bank as Senior Vice President of Business Development for its Merrick Merchant Services unit.
Parthenon has particular expertise in financial and insurance services, healthcare and business services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how.Charles S. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon Capital is a leading mid-market private equity firm with offices in Boston, San Francisco and Austin. Merrick Bank is also a top-15 credit card merchant acquirer, clearing over $40 billion in transaction volume per year for more than 80,000 merchants and 40 independent sales organizations. Merrick Bank also provides installment finance options to consumers through marine and recreational vehicle dealers throughout the country, as well as personal installment loans through digital channels. Founded in 1997 as a wholly owned subsidiary of CardWorks, Merrick Bank is an FDIC insured top-15 Mastercard/Visa issuer of credit cards. CardWorks provides lending and merchant acquiring services through Merrick Bank. Carson Smithfield, LLC provides post-charge-off debt recovery services. Servicing more than 6 million accounts, CardWorks Servicing, LLC is the premier independent servicer of nationally-branded Visa®/Mastercard® cards, secured cards, and unsecured installment loans. CardWorks provides servicing operations and portfolio management to bank and non-bank consumer and small business lenders through CardWorks Servicing, LLC and Carson Smithfield, LLC. I am humbled by the opportunity to join the Board of this iconic financial technology franchise that excels in consumer lending, payments and servicing and contribute to its continued success on behalf of its employees, clients and customers for many years to come."įounded in 1987, CardWorks is a diversified consumer finance and payments company, operating three principal lines of business: Servicing, Lending, and Merchant Acquiring. "We value our partnership with Don, Dan Pillemer, and the entire CardWorks team. "Having known Don Berman and the unique franchise he has nurtured at CardWorks for nearly 30 years, I am thrilled to expand our investment in the company," said Golson. "I am confident that Brian's perspectives and experience will be valuable as we work together to grow our business as a people-centric, compliance-focused organization enabled by data and technology." "Furthermore, I am excited to welcome Brian Golson to CardWorks' Board," Berman added. I am pleased that Parthenon's confidence in CardWorks has merited an additional investment."
In connection with the transaction, Parthenon's co-CEO and managing partner, Brian Golson, will join CardWorks' Board of Directors.ĭon Berman, CardWorks founder, executive chairman and majority shareholder, commented, "Everyone at CardWorks has benefited from having Parthenon Capital involved in our company as shareholders and partners over the last four years. Parthenon Capital is pleased to announce that it has made an additional investment in CardWorks, Inc., the parent company of CardWorks Servicing, Merrick Bank and Carson Smithfield.
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