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U.S. Bancorp's (USB) Arm Acquires Healthcare Payment Platform
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U.S. Bancorp’s (USB - Free Report) lead banking division, U.S. Bank, expands its focus on the healthcare industry with the acquisition of Salucro Healthcare Solutions LLC. The buyout was completed on Aug 21, 2024. The financial terms of the deal were kept under wraps.
Based in Tempe, AZ, Salucro is a provider of healthcare financial technology with a primary focus on patient payments and billing. Previously, Salucro had been a partner of Elavon, a subsidiary of U.S. Bank. In 2022, U.S. Bank made its initial investment in Salucro, and Salucro's platform was sold through Elavon as MedEpay.
The recent acquisition of Salucro extends the U.S. Bank's more than a century of service to healthcare-focused clientele. Following the acquisition, Salucro’s employees have now become a part of U.S. Bank and will be integrated into Elavon, one of the largest global payments processing firms.
U.S. Bank provides a wide range of banking and payment services tailored to healthcare organizations, including hospitals, insurers, medical equipment manufacturers, and providers like dental practices or veterinary hospitals.
Shares of USB have gained 8.2% in the past six months compared with the industry’s growth of 14.1%.
The bank's healthcare professionals deliver tailored innovative solutions that help clients of all sizes achieve their financial, operational, and investment objectives, allowing them to focus on their primary mission of serving patients.
“U.S. Bank is a leader in providing banking and payments services to the healthcare industry, making it easier for providers and patients to focus on what’s most important to them,” Shailesh Kotwal, vice chair of U.S. Bank Payment Services, stated. He further added, “Salucro’s robust billing and payment platform is an ideal complement to offerings we provide throughout U.S. Bank and Elavon.”
U.S. Bancorp has made several strategic acquisitions in the last few years, which have opened up new markets for the company while fortifying its existing markets. In 2022, U.S. Bancorp completed the acquisition of MUFG Union Bank’s core regional banking franchise, expanding its branch network and enjoying greater access to digital banking tools. In 2023, cost synergies of $900 million were realized from this merger. In 2021, it acquired San Francisco-based fintech firm TravelBank and Bento Technologies to accelerate its digital services.
Inorganic Expansion Efforts by Other Finance Firms
In the current month, Wintrust Financial Corporation (WTFC - Free Report) acquired Macatawa Bank Corporation for $510.3 million or $14.85 per share. The merger agreement, which is not expected to have a material effect on WTFC’s 2024 earnings, was signed this April.
Per the terms of the deal, at the time of the merger, each of Macatawa’s 34,361,562 common shares outstanding were to be converted into the right to receive merger consideration paid in shares of Wintrust common stock.
In July, Eastern Bankshares Inc. (EBC - Free Report) completed its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with EBC’s inorganic growth strategy.
Per the terms of the deal, Cambridge shareholders received 4.956 shares of EBC common stock for each share of Cambridge common stock they own. Eastern Bankshares issued roughly 39.2 million shares of its common stock for the merger consideration.
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U.S. Bancorp's (USB) Arm Acquires Healthcare Payment Platform
U.S. Bancorp’s (USB - Free Report) lead banking division, U.S. Bank, expands its focus on the healthcare industry with the acquisition of Salucro Healthcare Solutions LLC. The buyout was completed on Aug 21, 2024. The financial terms of the deal were kept under wraps.
Based in Tempe, AZ, Salucro is a provider of healthcare financial technology with a primary focus on patient payments and billing. Previously, Salucro had been a partner of Elavon, a subsidiary of U.S. Bank. In 2022, U.S. Bank made its initial investment in Salucro, and Salucro's platform was sold through Elavon as MedEpay.
The recent acquisition of Salucro extends the U.S. Bank's more than a century of service to healthcare-focused clientele. Following the acquisition, Salucro’s employees have now become a part of U.S. Bank and will be integrated into Elavon, one of the largest global payments processing firms.
U.S. Bank provides a wide range of banking and payment services tailored to healthcare organizations, including hospitals, insurers, medical equipment manufacturers, and providers like dental practices or veterinary hospitals.
Shares of USB have gained 8.2% in the past six months compared with the industry’s growth of 14.1%.
Image Source: Zacks Investment Research
At present, USB carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The bank's healthcare professionals deliver tailored innovative solutions that help clients of all sizes achieve their financial, operational, and investment objectives, allowing them to focus on their primary mission of serving patients.
“U.S. Bank is a leader in providing banking and payments services to the healthcare industry, making it easier for providers and patients to focus on what’s most important to them,” Shailesh Kotwal, vice chair of U.S. Bank Payment Services, stated. He further added, “Salucro’s robust billing and payment platform is an ideal complement to offerings we provide throughout U.S. Bank and Elavon.”
U.S. Bancorp has made several strategic acquisitions in the last few years, which have opened up new markets for the company while fortifying its existing markets. In 2022, U.S. Bancorp completed the acquisition of MUFG Union Bank’s core regional banking franchise, expanding its branch network and enjoying greater access to digital banking tools. In 2023, cost synergies of $900 million were realized from this merger. In 2021, it acquired San Francisco-based fintech firm TravelBank and Bento Technologies to accelerate its digital services.
Inorganic Expansion Efforts by Other Finance Firms
In the current month, Wintrust Financial Corporation (WTFC - Free Report) acquired Macatawa Bank Corporation for $510.3 million or $14.85 per share. The merger agreement, which is not expected to have a material effect on WTFC’s 2024 earnings, was signed this April.
Per the terms of the deal, at the time of the merger, each of Macatawa’s 34,361,562 common shares outstanding were to be converted into the right to receive merger consideration paid in shares of Wintrust common stock.
In July, Eastern Bankshares Inc. (EBC - Free Report) completed its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with EBC’s inorganic growth strategy.
Per the terms of the deal, Cambridge shareholders received 4.956 shares of EBC common stock for each share of Cambridge common stock they own. Eastern Bankshares issued roughly 39.2 million shares of its common stock for the merger consideration.