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CHICAGO, March 1, 2006 - JPMorgan Chase Bank, N.A. (NYSE: JPM) today has completed the acquisition of Collegiate Funding Services, Inc. (NASDAQ: CFSI), creating a comprehensive education finance business.
Chase Education Finance now has the sales, marketing, origination and servicing capabilities to be a major provider of every type of student loan and strives to offer its partners individualized education finance programs to meet their diverse needs.
Among the many benefits Chase's school partners can expect are:
- Technologically advanced origination and servicing platforms that allow Chase to ensure excellent service to school partners and consumers.
- The ability to originate both government-backed student loans and private education loans in-house.
- Combined billing for all loan types.
- Customizable solutions that complement the processes school partners have in place.
"Our combined expertise in technology, origination, servicing sales and marketing will continue to help schools as they work with their students to achieve their educational goals," said J. Barry Morrow, who has served as CEO of CFS and is now president of Chase Education Finance.
Chase, the U.S. consumer and commercial banking brand of JPMorgan Chase & Co., has issued approximately 110 million credit cards and serves consumers and small businesses through more than 2,600 bank branches, 7,300 ATMs and 280 mortgage offices as well as through relationships with over 15,600 auto dealerships and 2,500 schools and universities. JPMorgan Chase is a leading global financial services firm with assets of $1.2 trillion and operations in more than 50 countries. Information about the firm is available at
www.jpmorganchase.com.
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