August 28, 2014 9:38 AM ET

Banks

Company Overview of Merrick Bank Corporation

Company Overview

Merrick Bank Corporation, an industrial bank, provides credit card products, recreation loans, and merchant services. The company offers Classic Visa and MasterCard credit card products, and Secured Visa cards; boat, recreational vehicle (RV), and motorcycle loans for boat dealers, RV dealers, motorcycle dealers, and financial service providers with past credit problems; and certificates of deposit. It also offers merchant services, including sponsorship programs; and payment clearing and settlement products and services, including ACH processing, payment card industry related insurance, dynamic and multi-currency conversion, gift cards, petroleum solutions, customized merchant statements, m...

10705 South Jordan Gateway

Suite 200

South Jordan, UT 84095

United States

Founded in 1996

Phone:

801-545-6614

Fax:

801-545-6123

Key Executives for Merrick Bank Corporation

Chairman and President of CardWorks Inc
Age: 57
Chief Operations Officer of Merrick Merchant Services and Senior Vice President of Merrick Merchant Services
Senior Vice President of Business Development - Merrick Merchant Services unit
Chief Credit Officer
Compensation as of Fiscal Year 2014.

Merrick Bank Corporation Key Developments

WLES, L.P Files Suit Against Merrick Bank Corporation and Royal Group Services, Ltd

On August 7, 2013, JetPay Merchant Services, LLC (JPMS) and together with WLES, L.P., (collectively, the Plaintiffs), filed suit in the U.S. District Court for the Northern District of Texas, Dallas Division, against Merrick Bank Corporation (Merrick), Royal Group Services, LTD, LLC and Gregory Richmond (collectively, the Defendants). The suit alleges that Merrick and Gregory Richmond (an agent of Royal Group Services) represented to JPMS that insurance coverage was arranged through Chartis Specialty Insurance Company (Chartis) to provide coverage for JPMS against potential chargeback losses related to certain of JPMS’s merchant customers, including Southern Sky Air Tours, d/b/a Direct Air, a previous customer of JPMS. The complaint alleges that JPMS paid commission/premiums to Merrick relating to the Chartis insurance policy. On or about March 13, 2012, Direct Air abruptly ceased operations, resulting in approximately $25 million in merchant chargebacks. The complaint alleges that Merrick has refused to cover the chargeback losses. The August 7, 2013 suit filed by the Plaintiffs alleges several causes of action against the Defendants, including violation of state insurance codes, negligence, fraud, breach of duty and breach of contract.

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Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

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