Woodforest Acceptance Solutions Spins Out of Woodforest National Bank to Form Independent Payments Company
THE WOODLANDS, Texas, December 20, 2023 (Newswire.com) - Woodforest Acceptance Solutions, a leading player in the financial services industry, is excited to announce its successful spin-off to a subsidiary of Woodforest National Bank. This strategic move positions Woodforest Acceptance Solutions for accelerated growth and innovation in the payments sector.
Woodforest National Bank, a prominent financial institution with a legacy of 41 years, established Woodforest Acceptance Solutions, which has become a recognized player in the payments industry over the past three years. This spin-off is a testament to Woodforest Acceptance Solutions’ achievements, as well as its commitment to delivering cutting-edge payment solutions to customers nationwide.
Key Highlights of the Spin-Off:
- Woodforest Acceptance Solutions will now operate as an independent entity, enabling it to pursue its own strategic vision and adapt to the rapidly evolving payment landscape more effectively.
- The spin-off will empower Woodforest Acceptance Solutions to invest in innovation, technology, and product development, leading to an expanded suite of payment solutions and services.
- As an independent payments company, Woodforest Acceptance Solutions can better tailor its offerings to meet the unique needs and expectations of its diverse customer base.
- Woodforest Acceptance Solutions will concentrate on optimizing its payment services, enhancing security, and ensuring compliance with industry regulations.
Todd Linden, CEO, said, “Woodforest Acceptance Solutions has always strived to be at the forefront of the payments industry, providing secure, convenient, and innovative solutions to our customers. With this spin-off, we are poised to accelerate our growth, forge new partnerships, and continue delivering exceptional payment experiences."
The transition to an independent payments company will be seamless for Woodforest Acceptance Solutions’ existing customers, with no disruption in services. They will continue to enjoy the same level of excellence they have come to expect from Woodforest Acceptance Solutions.
Jay Dreibelbis, President and CEO, Woodforest National Bank, said, “We’re excited to announce this strategic move that will further enhance the services and benefits we provide Woodforest National Bank customers. By consolidating our payment processing operations as a subsidiary of the Bank, we are streamlining our services and creating a more efficient and customer-centric approach to managing customer payment processing needs.”
Robert Marling, Chairman and CEO of Woodforest Financial Group, Inc., the holding company overseeing this transition, expresses confidence in Woodforest Acceptance Solutions’ ability to thrive in its newfound independence and contribute to the group's overall success.
About Woodforest Acceptance Solutions
Woodforest Acceptance is dedicated to addressing prevalent issues within the payments and value-add services industries. Our commitment extends to both major enterprises and the vital small to medium-sized businesses, the backbone of the U.S. economy.
Source: Woodforest Acceptance Solutions
