First National Bank of Omaha, America’s
largest privately-held bank holding company, confirmed it will
issue credit cards on the Discover network from 2011.
The Discover network is one of the largest
credit providers in the US, offering credit cards, student and
personal loans, and deposits.
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The deal enables the bank to offer a wider
choice of payment methods to its credit card customers
and could lead to further agreements for direct, agent
bank and co-brand issuing, Kevin O’Donnell, vice president of
credit issuance at Discover, predicted.
Discover recently boasted a 5 percent increase
in year-on-year consumer spending and credit card acceptance by
retailers.
Omaha Bank was one of the first banks in the
US to issue credit cards and is the largest commercial lender for
the ethanol industry. It was the first credit card network in
the country to offer cash rewards.
Its headquarters are in Nebraska and the
business is owned by the sixth generation of the founders’
descendants.
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