AUSTIN, Texas, June 20, 2011 (GLOBE NEWSWIRE) -- NetSpend Holdings, Inc. (Nasdaq:NTSP) today announced the appointment of Steven Coleman as its Executive Vice President, General Counsel and Secretary, effective June 20. Coleman previously served since November 2009 as Chief Legal Officer and Secretary of Syncada, a joint venture of Visa and U.S. Bank providing business-to-business payments solutions for financial institutions. Coleman also served as Executive Vice President, General Counsel and Secretary of eFunds Corporation, a transaction processing, risk management and prepaid debit card company, from March 2000 until the sale of that company in 2007.
Christopher Brown, who has served as the General Counsel of NetSpend since January 2007, and has worked with the company as outside counsel since 2001, will continue to support the company on a transitional basis through at least February 2012 while returning to the private practice of law.
"We are delighted to have a veteran payments industry lawyer like Steve Coleman join our executive team," said Dan Henry, chief executive officer, NetSpend. "His depth of industry experience and shared commitment to the empowerment of underbanked consumers will be a great addition as we continue to grow our business in a rapidly changing payments landscape. We also look forward to continuing to work with Chris Brown on strategic projects, including our efforts to collaborate with policymakers and advocates on defining the regulatory landscape for prepaid, and our efforts to protect the valuable intellectual property assets we have developed as one of the leading technology innovators in the prepaid business."
About NetSpend
NetSpend is a leading provider of general-purpose reloadable (GPR) prepaid debit cards and related financial services to the estimated 60 million underbanked consumers in the United States who do not have a traditional bank account or who rely on alternative financial services. The company's mission is to develop products and services that empower unbanked consumers with the convenience, security and freedom to be self-banked. Headquartered in Austin, TX, NetSpend is traded on the NASDAQ stock exchange under the symbol NTSP.
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