DALLAS - TNB Card Services, the card portfolios purchasing and servicing arm of credit union-owned Town North Bank, has announced the purchase of two more credit union card portfolios.
York County Federal Credit Union of Sanford, Maine, and Tower Credit Union of Wausau, Wis. have sold their portfolios to the CUSO and entered into agent relationships with it, TNB said. The purchase brings $4.4 million in card balances to TNB's portfolio.
TNB said York County had been thinking of selling its portfolio for some time.
"It has become increasingly more challenging and costly to offer a product that appealed to our members," said Jim Nelson, CEO of York County. "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."
"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."
--dmorrison@cutimes.com
