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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
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TNB Card
Services Acquires $15 Million Card Portfolio
from Ohio's CME Federal Credit Union
Dallas - February 26, 2007 - TNB
Card Services has acquired the credit card
portfolio from Columbus, Ohio-based CME
Federal Credit Union, in a purchase that
encompasses 5,500 cards and more than $15
million in balances.
The portfolio purchase was the first for
TNB in 2007, and follows a very active 2006,
in which the credit union-owned electronic
payments services company purchased 21
portfolios. TNB has bought more than 100
credit union card portfolios since launching
its agent issuing program in 2002. Last month
the company announced a $60 million infusion
of capital for its parent company, Town North
Bank, N.A.
CME Federal Credit Union, with $165 million
in assets, selected TNB following discussions
with a number of issuers interested in its
card portfolio. The credit union chose TNB for
three reasons: the favorable premium it
offered, its credit union ownership, and its
partnership approach to working with the
credit unions whose portfolios it acquires.
"CME FCU has a strong and loyal
cardholder base, but the card program had seen
minimal growth in the last few years,"
said Jay Kurian, first senior vice president
of TNB Card Services. "They realized they
had to make a major change or a significant
investment in order to revitalize the
portfolio and avoid losing cardholders. By
partnering with TNB, CME FCU is assured their
card program will grow and remain part of the
credit union movement."
"Even though we no longer own the
portfolio, the ownership change will be
transparent to our members," said Jim
Riederer, president and CEO of CME FCU.
"The card will continue to carry our
brand, yet it will have a higher value to our
membership because of TNB's rates, product
offering, and commitment to client
service."
CME Federal Credit Union, originally
chartered in 1935, serves Franklin County, in
central Ohio. The credit union has more than
25,000 members and four branches.
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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 800-422-0733, ext.
6555.
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