Juniper Bank
{{Short description|American direct bank (2000–2006)}}
{{Infobox company
| name = Juniper Bank
| logo = Juniper-bank.png
| industry = Banking
| products = Direct bank
Credit cards
| fate = Acquired by Barclays
| foundation = {{start date and age|2000|01}}
| defunct = {{end date and age|2006|05|25}}
| location = Wilmington, Delaware
| key_people = {{nowrap| Richard Vague, CEO
Jim Stewart, President}}
}}
Juniper Bank was a direct bank based in Wilmington, Delaware. The bank focused on branded credit cards.
History
The bank was founded in January 2000. It received financing from Benchmark Capital.
In November 2000, the bank began offering insurance products.{{cite news | url=https://www.americanbanker.com/news/e-bank-juniper-adds-insurance | title=E-Bank Juniper Adds Insurance | first=Lee Ann | last=Gjertsen | work=American Banker | date=November 8, 2000}}{{subscription required}}
In September 2001, the Canadian Imperial Bank of Commerce acquired 51% of the company.{{cite news | url=https://www.americanbanker.com/news/in-brief-cibc-to-pay-95-million-for-juniper-stake | title=CIBC to Pay $95 Million for Juniper Stake | first=David | last=Breitkopf | work=American Banker | date=July 2, 2001}}{{subscription required}}
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.{{cite news | url=https://www.bizjournals.com/sanjose/stories/2002/08/05/daily10.html | title=Juniper Bank closes $50M funding round | work=American City Business Journals | date=August 5, 2002}}
In November 2002, the bank signed a deal with Airtran Airways to offer a branded credit card.{{cite news | url=https://www.bizjournals.com/wichita/stories/2002/11/25/daily3.html | title=AirTran Airways, Juniper Bank sign partnership deal | work=American City Business Journals | date=November 25, 2002}}
In 2004, the bank was acquired by Barclays.{{cite press release | url=https://www.barclaycardus.com/app/ccsite/about/press/pr_18Aug2004.jsp | title=BARCLAYS PLC ANNOUNCES ACQUISITION OF JUNIPER FINANCIAL CORPORATION | publisher=Barclays | date=August 18, 2004}}{{cite news | url=https://www.nytimes.com/2004/08/19/business/barclays-pays-293-million-for-us-credit-card-issuer.html | title=Barclays Pays $293 Million For U.S. Credit Card Issuer | first=HEATHER | last=TIMMONS | work=The New York Times | date=August 18, 2004}}
In May 2005, the bank began offering a Harvard University branded credit card.{{cite news | url=https://www.americanbanker.com/news/in-brief-harvard-mastercard-a-first-from-juniper | title=Harvard MasterCard a First from Juniper | first=Lavonne | last=Kuykendall | work=American Banker | date=May 17, 2005}}{{subscription required}}
In August 2005, the bank invested $455 million to market a US Airways branded credit card.{{cite news | url=https://www.bizjournals.com/triad/stories/2005/08/08/daily11.html | title=US Airways, BofA part ways on credit-card deal | work=American City Business Journals | date=August 9, 2005}}
On May 25, 2006, the bank was folded into Barclays credit card division and renamed.{{cite web | url=https://www.ffiec.gov/nicpubweb/nicweb/InstitutionHistory.aspx?parID_RSSD=2980209&parDT_END=99991231 | title=Institution History for BARCLAYS BANK DELAWARE (2980209) | publisher=Federal Financial Institutions Examination Council}}
References
{{Portal|Banks}}
{{Reflist|1}}
{{Barclays}}
Category:Banks established in 2000
Category:2000 establishments in Delaware