Non-bank payment processor Celero Commerce LLC of Nashville announced that it has acquired Community Bankers Merchant Services of Springdale, a payments processor for small and mid-sized businesses.
Financial terms of the deal were not disclosed.
With the acquisition, Celero now serves more than 53,000 merchants across the nation processing about $21 billion in electronic payments.
"The talented and experienced CBMS team fits well within our organization, and we are excited to serve community and regional banks together," Celero founder and CEO Kevin Jones said in a news release.
Bob Morris founded CMBS in 1989. In 2014, has passed leadership of the company to his son and chief operating officer Dean.
"Like Celero, we have always focused on providing superior service to our community bank partners and their merchants. We could not be happier to be joining the Celero team," the younger Morris said. "Their depth of experience and breadth of products and technology will allow us to provide better solutions to our banks and their customers."
CMBS was a finalist at the 2013 Arkansas Business of the Year Awards.