|
For Immediate Release
Contact:
Jan Dailey, SVP, Marketing Manager
972-391-6191, jan.dailey@tnbcard.com
Kristine Tanzillo, Dux Public Relations
972-889-9577, kristine@duxpr.com
FIVE CREDIT UNIONS IN THREE
STATES SELL THEIR
CREDIT CARD PORTFOLIOS TO TNB CARD SERVICES
DALLAS - December 18, 2006 - TNB has
acquired an additional five credit card portfolios
from credit unions in Missouri, Michigan, and Texas.
TNB now issues cards for credit unions in 19 states.
Card portfolios were acquired from Heart 'O Texas
of Waco, Texas; Mountain Star Federal Credit Union
of El Paso, Texas; Kensington Valley Community
Credit Union of Highland, Michigan; Southpointe
Credit Union of St. Louis, Missouri; and Jeffco
Credit Union of Festus, Missouri.
According to Dusty Bowers, TNB senior vice
president, "Credit unions tell us they seek TNB
out because we are credit union owned and directed,
and our pricing is member friendly."
Heart 'O Texas Credit Union chose to sell
its card portfolio because it lacked the staff and
experience to make the program profitable. According
to Mike Chaney, president of Heart 'O Texas CU,
"The decision to sell to TNB was easy,
considering it has been processing our credit cards
for more than 14 years. We are familiar with TNB and
know they will treat our members right."
With four branches and a membership base of
federal employees and contractors living and working
in McLennan, Bell, and Coryell counties, the credit
union expects TNB to strengthen its card program and
member relationships by delivering a competitive
card product.
-t-t-
Kensington Valley Community Credit Union
of Highland, Michigan, also sold its portfolio to
TNB. The credit union serves members within seven
independent school districts.
"It became difficult for us to administer a
card program because of our size," said Joe
Strauss, CFO of Kensington Valley Community CU.
"We elected to sell the portfolio so we could
continue to offer a card product instead of doing
away with it altogether."
-t-t-
Southpointe Credit Union, chartered in
1951, serves people living and working in St. Louis,
Franklin, and Jefferson counties in Missouri.
Southpointe CU sold its card portfolio so it could
offer better rates and reach a broader member base.
"Our card program is currently around a 27%
penetration rate among our members," said Brian
Eyestone, president of Southpointe FCU. "With
TNB managing our card program we expect to see a 40%
penetration rate among members within three to five
years."
-t-t-
Jeffco Credit Union of Jefferson County,
Missouri, has for 25 years served individuals who
live and work in the county. Jeffco sold its card
portfolio to TNB in order to reduce its fraud
exposure and to offer members a higher quality
product with rewards and options such as a Platinum
card.
-t-t-
El Paso, Texas-based Mountain Star Federal
Credit Union also sold its card portfolio to
TNB. Mountain Star serves members in western Texas
and southern New Mexico. The credit union was
chartered in 1935.
-t-t-
About TNB Card Services
TNB Card Services, owned and directed by credit
unions since 1976, provides electronic payments
processing, as well as an agent issuing solution for
credit unions nationwide. Serving more than 450
financial institutions and managing more than 1.6
million cards, Dallas-based TNB enables credit
unions to enhance member loyalty through credit
union-branded card products. For more information
about TNB, go to www.tnbcard.com or call Dusty
Bowers at 972-391-6555.
|
