Anoka Hennepin Credit Union to Leverage
TNB's Card Expertise to Drive Portfolio Growth
Dallas, August 10, 2009 - The task of managing two separate credit card portfolios led Anoka Hennepin Credit Union of Minnesota to realize that it needed a strong card processing partner to help streamline its card operations and position it for growth.
Following a merger in 2008, the $160 million credit union, based in Coon Rapids, Minnesota, found itself with two card programs, each processed on a different platform. "There was no continuity in the card programs and neither platform was performing to our expectations," said Jeff Claussen, CEO. "Our costs were also double, so we opted to consolidate the portfolio with a new processor."
After a thorough evaluation of Anoka Hennepin Credit Union's card portfolios, TNB will recommend appropriate card products, pricing, and marketing promotions that will give the credit union the tools to drive growth. The MasterCard Family AccountTM is one specific product that Anoka Hennepin Credit Union is interested in offering, as a way to reach a larger member base and build a relationship with a member's entire family. The credit union will also offer TNB's Design It!TM Photocard personalization tool to members, giving them the ability to create custom plastics using personal images of their choosing.
"TNB's capabilities and expertise encompasses more than what our two current processors offer," Claussen explained. "With TNB, we will have a more robust card product that will allow us to price based on individual member risk, as well as rewards and marketing support so that we can be more proactive in promoting our card."
Anoka Hennepin Credit Union will convert approximately 3,500 card accounts with balances of $4.2 million to TNB. In working with TNB, the credit union plans to grow the portfolio 15 percent in new cardholders and balances within two years following the conversion.
According to Mark Fenner, senior vice president of TNB Card Services, "TNB's expertise and partnership approach are the key differentiators in helping credit unions grow their card programs. And, we are introducing a number of exciting new products such as Design It!TM Photocard that help credit unions compete with national issuers."
Fenner added, "We have added a number of new services and capabilities to simplify and enhance card program management, empowering credit unions to take their card programs to a higher level of growth."
Anoka Hennepin Credit Union has more than 21,000 members. It serves 100 select employee groups, plus the communities of the northern metropolitan area of Minneapolis/St. Paul.
About TNB Card Services
TNB Card Services, owned and directed by credit unions since 1976, provides electronic payments processing for credit unions nationwide. Serving more than 550 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.