TheStreet.com (TSCM) announced on their Web site that they had acquired Bankers Financial Products, the owner of BankingMyWay and RateWatch. Overall, Bankers has over 5,700 financial institutions that subscribe to their services.
How the two companies work together, is BankingMyWay.com accesses data from RateWatch which it uses so customers can search for the best banking rates locally. It has a database of over 50,000 banks and credit unions it supplies data from.
TheStreet.com site says that "Users can search within their city, ZIP code or state for CDs, savings accounts, interest checking, money markets, mortgage/home equity and auto loans. BankingMyWay provides rates, allowing consumers to find the best rates in their own back yards."
Chairman and CEO of TheStreet.com, Thomas J. Clarke Jr. said, "Adding BankingMyWay to our network is another step toward becoming the premier destination for multimedia content pertaining to all areas where money and life intersect."
The terms of the deal were a price of about $25 million, which included about $16.9 million in cash and 636,081 shares of the unregistered common stock in the company.
Eric Ashman, CFO of TheStreet.com added that his should increase the pace of the advertising growth of the company for 2008.
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