Juniper Bank

Juniper Bank was a direct bank based in Wilmington, Delaware. The bank focused on branded credit cards.

Juniper Bank
IndustryBanking
FateAcquired by Barclays
FoundedJanuary 2000 (January 2000)
DefunctMay 25, 2006 (May 25, 2006)
HeadquartersWilmington, Delaware
Key people
 Richard Vague, CEO
Jim Stewart, President
ProductsDirect bank
Credit cards

History

The 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
  1. Gjertsen, Lee Ann (November 8, 2000). "E-Bank Juniper Adds Insurance". American Banker.(subscription required)
  2. Breitkopf, David (July 2, 2001). "CIBC to Pay $95 Million for Juniper Stake". American Banker.(subscription required)
  3. "Juniper Bank closes $50M funding round". American City Business Journals. August 5, 2002.
  4. "AirTran Airways, Juniper Bank sign partnership deal". American City Business Journals. November 25, 2002.
  5. "BARCLAYS PLC ANNOUNCES ACQUISITION OF JUNIPER FINANCIAL CORPORATION" (Press release). Barclays. August 18, 2004.
  6. TIMMONS, HEATHER (August 18, 2004). "Barclays Pays $293 Million For U.S. Credit Card Issuer". The New York Times.
  7. Kuykendall, Lavonne (May 17, 2005). "Harvard MasterCard a First from Juniper". American Banker.(subscription required)
  8. "US Airways, BofA part ways on credit-card deal". American City Business Journals. August 9, 2005.
  9. "Institution History for BARCLAYS BANK DELAWARE (2980209)". Federal Financial Institutions Examination Council.
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