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For Immediate Release
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TNB Card Services Adds $2 Million in Card Balances
Through Purchase of ValleyStone Credit Union’s Card Portfolio
Dallas, March 31, 2008 -- TNB Card Services has purchased the credit card portfolio from ValleyStone Credit Union in Wilbraham, Massachusetts. The acquisition added more than $2 million in balances to TNB’s holdings, along with more than 1,600 cardholder accounts.
“Selling our portfolio to TNB gives us the opportunity to provide members with a much wider choice of products and product enhancements, such as a Platinum card, a more robust reward program, and better rates,” said Jim Nagy, president and CEO of Valley Stone CU. “TNB will also give our cardholders added convenience through its online card access.”
Nagy said that TNB’s ownership by credit unions, along with strong references from other TNB clients, convinced ValleyStone CU to sell its credit card portfolio to TNB.
Founded in 1937, ValleyStone is now community chartered to serve Hampden, Hampshire, and Franklin Counties in Massachusetts. With 5,600 members, it has assets of $70 million.
Since late 2002, when it began purchasing credit card portfolios, TNB has bought more than 155 credit union portfolios.
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 2 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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