Paramount completes acquisition of First Regents Banc Services
Paramount Management Group today announced it has acquired First Regents Banc Services and Equipment, an independent ATM deployer based in Franklin, TN. The acquisition further solidifies Paramount’s presence in the ATM outsourcing market as well as expands its current retail footprint in the Southeastern United States.
Privately held, First Regents has served as a pioneer in the ATM market since 1996 and quickly grew its network to include over 900 ATMs across 20 different states. The company brings to Paramount a variety of local and nationally well-known brands in the retail and financial institution markets including the Money Tower Network, a Tennessee-based surcharge free ATM network.
Mike Powell, founder of First Regents, will remain with the company and will not only help with the transition but will also help expand the company by providing leadership in business development.
“First Regents is an innovative and highly respected provider of ATM services with customers in both the retail and financial institution market, making it a strong fit for Paramount,” said Randall Leaman, President of Paramount. “We are very excited to welcome Mike and his team to the Paramount family of companies.”
“The acquisition of First Regents further solidifies our presence in both the retail and financial industry market, and broadens and expands our area of service,” Leaman continues.
“This transaction is a major milestone for First Regents and is a strong vote of confidence not only in our organization, but also in the potential for further growth,” Powell stated. “We are excited about the synergies between our proven track record and experience, and the added capabilities, experience, capital and credibility that come with partnering with Paramount.”
Powell continues, “we look forward to further developing and capitalizing on these combined strengths to serve our existing customers and unlock new business opportunities.”