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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 $4.4 Million in Card Balances
with Purchases of Credit Union Portfolios in Maine, Wisconsin
Dallas – January 7, 2008 – TNB Card Services has purchased the credit card portfolios of York County Federal Credit Union of Sanford, Maine, and Tower Credit Union of Wausau, Wisconsin, adding $4.4 million in card balances to TNB’s own portfolio.
York County Federal Credit Union sold its card portfolio to
TNB in order to offer a more comprehensive product offering,
along with a rewards program, to its members. The 53-year old
credit union, with total assets of $159 million, had been thinking
about selling its card program for several years.
"It has become increasingly more challenging and costly to offer a product that appealed to our
members," said Jim Nelson, CEO of York County Federal. "By selling the portfolio, we can now
offer a more attractive card product, including a Platinum card and rewards, which we don’t have
today."
He added that TNB’s credit union ownership was a key factor in deciding the buyer of its portfolio. "Because TNB is credit union owned, the company understands the importance of our
membership and how we think. The change of ownership in the portfolio will also be fairly
transparent to our members, which was important to us."
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Tower Credit Union of Wausau, Wisconsin, is a community chartered credit
union serving seven counties in north central Wisconsin. With $45 million in
total assets, the credit union has three locations and 11,000 members.
"When looking at the cost and staff required to grow the portfolio, we decided
it would be more effective to sell it to a company that had the experience and
resources to give it the attention it deserves," explained Hal Osborn, CEO of Tower Credit
Union.
Osborn added, "By selling the portfolio, we now have a more attractive product to offer our
members, we’ve reduced our risk, and we’ve been able to reallocate staff resources to support
more critical aspects of our operation."
Tower Credit Union weighed the decision to sell its card portfolio for about a year. It selected
TNB Card Services because of TNB’s experience in managing and growing card portfolios and
because of the company’s credit union ownership.
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 500
financial institutions of all sizes and managing more than 1.8 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 Mark Fenner at 1-800-422-0733 ext. 6655.
TNB’s credit cards are issued by Town North Bank Nevada, N.A.
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