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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
TNB Card Services
Purchases Card Programs
from Credit Unions in Colorado, New Mexico,
Texas
DALLAS - March 12, 2007 - TNB Card
Services has announced the purchase of credit
card programs from three more credit unions,
and it is currently converting those card
portfolios to TNB's agent issuing program. The
three portfolios were the last purchases TNB
made in an active program-purchasing effort in
2006.
The December purchases were card programs
from 1st University Credit Union of Waco,
Texas; White Crown Federal Credit Union of
Denver, Colorado; and High Plains Federal
Credit Union of Clovis, New Mexico.
1st University Credit Union, the
official credit union for Baylor University,
sold its card portfolio so it could expand the
program and offer every student a card, with
varying interest rates based on credit
stability. "We have been limited in what
we could offer because of our restricted
rates," said Gary Parker, CEO and
president of 1st University CU. "Now that
TNB owns the portfolio, we can offer a product
that will appeal both to students and to our
membership at large."
The credit union serves Baylor University
staff, students, alumni, and retirees, as well
as their family members and the community
surrounding the school. The credit union has
more than 3,500 members and assets of $13.5
million.
Denver-based White Crown Federal Credit
Union sold its portfolio after managing
two separate card programs resulting from its
2005 merger with another credit union.
"After the merger was complete and we
were able to assess both card portfolios, we
decided to change course with the
program," said Ed Leachman, vice
president of operations for White Crown
Federal Credit Union. "We evaluated
several issuers. TNB's premium was very
competitive, but the real selling point was
its partnership approach and credit union
ownership."
The $45 million credit union and its 9,200
members will now have greater choices in terms
of the credit union's credit card offerings.
Cardholders will also be able to participate
in a reward program, which the credit union
couldn't offer on its own.
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The growing cost of bond insurance drove High
Plains Federal Credit Union's decision to
sell its card portfolio. TNB now offers the
$37 million, 8,000-plus member credit union a
variety of card products and services, along
with a rate structure that better suits their
members' creditworthiness and will reduce the
credit union's risk while improving the
soundness of the portfolio.
"We asked ourselves if we should put
more money into the card program to enhance
it, or sell it to someone that could grow it
and enable us to offer other services for our
members," said Marty Tressell, CEO and
president of High Plains Federal Credit Union.
"Now we not only have a strong card
program, but we have funds to invest in other
member services, such as home equity lending
products and second mortgages."
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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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