Juniper Bank was a direct bank based in Wilmington, Delaware. The bank focused on branded credit cards.
 | |
| Industry | Banking |
|---|---|
| Founded | January 2000 |
| Defunct | May 25, 2006 |
| Fate | Acquired by Barclays |
| Headquarters | Wilmington, Delaware |
Key people | Richard Vague, CEO Jim Stewart, President |
| Products | Direct bank Credit cards |
History
editThe bank was founded in January 2000. It received financing from Benchmark Capital.
In November 2000, the bank began offering insurance products.[1]
In September 2001, the Canadian Imperial Bank of Commerce acquired 51% of the company.[2]
In August 2002, the Canadian Imperial Bank of Commerce made an additional $50 million investment in the company, bringing its ownership stake to 89%. Benchmark Capital sued, claiming that the terms of the offering were not fair.[3]
In November 2002, the bank signed a deal with Airtran Airways to offer a branded credit card.[4]
In 2004, the bank was acquired by Barclays.[5][6]
In May 2005, the bank began offering a Harvard University branded credit card.[7]
In August 2005, the bank invested $455 million to market a US Airways branded credit card.[8]
On May 25, 2006, the bank was folded into Barclays credit card division and renamed.[9]
References
edit
- ^ Gjertsen, Lee Ann (November 8, 2000). "E-Bank Juniper Adds Insurance". American Banker.(subscription required)
- ^ Breitkopf, David (July 2, 2001). "CIBC to Pay $95 Million for Juniper Stake". American Banker.(subscription required)
- ^ "Juniper Bank closes $50M funding round". American City Business Journals. August 5, 2002.
- ^ "AirTran Airways, Juniper Bank sign partnership deal". American City Business Journals. November 25, 2002.
- ^ "BARCLAYS PLC ANNOUNCES ACQUISITION OF JUNIPER FINANCIAL CORPORATION" (Press release). Barclays. August 18, 2004.
- ^ TIMMONS, HEATHER (August 18, 2004). "Barclays Pays $293 Million For U.S. Credit Card Issuer". The New York Times.
- ^ Kuykendall, Lavonne (May 17, 2005). "Harvard MasterCard a First from Juniper". American Banker.(subscription required)
- ^ "US Airways, BofA part ways on credit-card deal". American City Business Journals. August 9, 2005.
- ^ "Institution History for BARCLAYS BANK DELAWARE (2980209)". Federal Financial Institutions Examination Council.