Juniper Bank

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Juniper Bank
IndustryBanking
FateAcquired by Barclays
FoundedJanuary 2000; 19 years ago (January 2000)
DefunctMay 25, 2006; 13 years ago (May 25, 2006)
HeadquartersWilmington, Delaware
Key people
Richard Vague, CEO
Jim Stewart, President
ProductsDirect bank
Credit cards
Websitewww.juniper.com/ Edit this on Wikidata

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

History[edit]

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[edit]

  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.