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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
WHITE SANDS FEDERAL CREDIT UNION, ONE OF NEW MEXICO’S LARGEST, SELLS
ITS CREDIT CARD PROGRAM TO TNB CARD SERVICES
DALLAS - October 23, 2006 - When White
Sands Federal Credit Union decided to sell its card
portfolio, TNB Card Services was the only company
invited to the table. The $170 million credit union
already knew it could trust TNB with its
card-carrying members. This latest acquisition
brings to nearly 90 the number of portfolios that
TNB has bought since it began the agent card issuing
program in late 2002.
"White Sands was experiencing the same
issues as so many credit unions, with a solid
cardholder base, but limited growth," said Jay
Kurian, first senior vice president of TNB Card
Services. "They realized that they had two
options - invest in the portfolio to drive growth,
or sell it to someone with a vested interest in
their members and the credit union industry."
White Sands Federal Credit Union, originally
chartered in 1952, serves employees of the White
Sands Missile Range and residents of Las Cruces, New
Mexico. With more than 32,000 members and five
branches, the credit union is the eighth largest in
New Mexico.
William Jacobs, president of White Sands FCU and
chairman of the New Mexico Credit Union Association
board of directors, said White Sands FCU began
considering selling its card portfolio about three
years ago. "We weren't willing to take a lot of
risk with the program and we marginally marketed our
cards. We finally decided that we had to either
invest in the program or liquidate it."
"When we decided to sell we knew exactly who
to call," said Jacobs. "We knew that TNB
would manage the program well and we wouldn't have
to worry about the headaches of selling to someone
else."
TNB has been processing White Sands credit cards
since the credit union began offering them in 1998.
-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
1-888-742-0260.
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