Springfield, Missouri –Former Diebold CEO Tom Swidarski has made a significant investment in and been named chairman of banking technology equipment and services provider Bancsource. Swidarski, Diebold CEO from 2005 to 2013, is also serving as Bancsource’s interim CEO.
Investing alongside Swidarski are Capital Bank Financial Corp Chief Operating Officer Zahid Afzal and former Key Bank Community Bank President William Koehler. Missouri-based Bancsource was acquired April 1 in a stock purchase through Cleveland private equity firm CapitalWorks.
Swidarski believes the evolving banking environment now favors independent and flexible providers of technology equipment and support like Bancsource.
“Customers want to simplify how they acquire, manage and support all the brands and types of equipment they use as technology advances and banking practices change,” he said. “We make it straightforward for our client-partners to cost-effectively implement required and innovative systems while extending the useful life of their installed base.”
Bancsource sells and services smart safes, teller cash dispensers, recyclers, sorters and other systems in addition to ATMs. The company services all major ATM brands and is Master Value Added Reseller for Nautilus Hyosung and a Value Added Reseller for NCR imaging and reader sorter equipment.
As a vendor-neutral provider, Swidarski said Bancsource can support nationwide the variety of equipment, response times and rapidly changing landscape for financial transactions today.
“I believe in Bancsource, the market and my investment partners,” said Swidarski. “I’m invested and involved for the long-term.” President Walt Wasyliw, who has been with Bancsource for more than twelve years, will continue his focus on sales growth.
Swidarski will serve as interim CEO until a successor is recruited. While he will spend the immediate future further familiarizing himself with Bancsource, he says the company will add staff and systems and upgrade training for field service staff.
Afzal has served as the chief operating or technology officer of Huntington Bank, Sky Bank, and Bank of America’s Consumer Bank. Koehler was president of Key Bank Community Bank, where he had responsibility for Key’s entire community bank including its retail branch and ATM networks. Afzal and Koehler will serve on Bancsource’s board of directors.
CapitalWorks invests in mid- and lower mid-market firms and has banking industry experience.
“The Bancsource board includes experienced executives representing bank management, technology and ATM manufacturing and servicing,” said Dick Hollington, CapitalWorks managing partner and a former bank executive. “Bancsource will immediately benefit from their knowledge, expertise and industry connections.”
CapitalWorks (capitalworks.net) is a Midwestern and family-focused private equity firm that encourages knowledgeable investors to partner with it in finding, vetting and owning companies. The firm is based in Cleveland.
Bancsource (bancsourceinc.com) is an independent and full-service source for equipment and equipment services for financial institutions and related businesses nationwide. Headquarters is in Springfield, Missouri.
Power Marketing/Public Relations