SNL Financial Buys Datatrac Database
SNL Financial of Charlottesville, Va., said Thursday it has acquired the interest rate products division of Datatrac Corp. of Milwaukee.
Datatrac’s database comprises more than 10 years of history of more than 10 million rates and fees from more than 100,000 depository locations, the companies said.
The rate and fee information from more than 53,000 companies covered by SNL will be integrated with the company's financial and branch and deposit data, demographics, news and analytical tools, SNL said.
“SNL is excited to provide our clients with yet another powerful tool for the in-depth analysis of banks and credit unions,” said John Montgomery, director of SNL’s Financial Institutions Group.
“As the industry leader in collecting and distributing accurate and timely interest rate data, Datatrac provides financial institutions the information they need to stay competitive and informed within their markets, making it a natural fit within SNL’s coverage of the banking sector,” Montgomery said.
Datatrac said it will continue as a standalone company, using interest rate data now provided by SNL.
“This partnership with SNL enables Datatrac Corp. to focus on dramatically expanding its marketing and consumer services,” said Datatrac CEO Ken Wanek.
Terms were not disclosed.