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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
 Printer Friendly
TNB Card Services'
Portfolio Buying Gets Boost
from Parent Company's $60 Million Stock Offering
Dallas - January 30, 2007 - TNB Card
Services is in line for an infusion of funding in
part to support its purchases of credit union credit
card portfolios, after its parent company completed
a successful stock offering, raising $60 million.
The credit union electronic payments processing
company announced today the completion of the
offering by C.U. Bank Shares, Inc., the holding
company for Town North Bank, N.A., parent of TNB
Card Services. C.U. Bank Shares is owned by 36 Texas
state chartered credit unions, many of which are on
the bank's board of directors.
The $60 million, all of which was obtained from
existing shareholders, represents one of the largest
stock offerings in the history of Texas for a
privately held community bank.
TNB Card Services is the credit card, PIN and
signature debit card and ATM driving partner for
more than 450 credit unions in 36 states. In
addition to those services, the 30-year-old company
provides 24x7 call center support, industry-leading
fraud and security services, and portfolio
consulting.
TNB Card Services began acquiring credit card
portfolios in 2002, when it launched an agent
issuing program. Since then, it has acquired more
than 100 portfolios from credit unions of all sizes
across the U.S.
"With our strong financial position and the
stock offering, our ability to purchase additional
credit union card portfolios is very much
enhanced," said Scott Wagner, executive vice
president of TNB Card Services. "The economies
of scale and synergies of card processing, card
portfolio management, and credit card portfolio
acquisitions place TNB in a strong position to help
even more credit unions build their portfolios with
a credit union owned partner."
Wagner pointed out that TNB Card Services had the
most successful year in its history in 2006, adding
that TNB's credit union ownership is a key factor in
its success. "We will continue to provide a
member-focused solution for credit unions that
choose to sell their card portfolios," Wagner
said.
John C. Reap, president and CEO of both TNB Card
Services and Town North Bank, N.A., noted that the
late December stock offering was oversubscribed, at
$95 million, indicating the strong confidence among
TNB's ownership.
"TNB Card Services and the bank have a
history of solid earnings and returns for its credit
union shareholders," said Reap. "The
capital from this stock offering positions us to
expand existing operations and explore new
opportunities. This sends a number of positive
signals to our clients, employees, and the credit
union market, highlighting our owners' confidence in
our current and long-term plans."
-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.
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