DALLAS -- Another credit union with a relatively small card portfolio has opted out of independent issuing and chosen instead to sell its cards to TNB Card Services, the card processing CUSO attached to credit union-owned Town North Bank.
The purchase brings the number of CU card portfolios TNB possesses to 160. According to an announcement from the firm, the purchase from the $53 million Winston-Salem City Employees Credit Union brings it 1,000 accounts with an average balance of $1,300 per account.
Data from NCUA indicate that roughly half of all credit union credit card portfolios are worth $1 million or less.
"We want to increase card penetration by doubling the number of cardholders carrying our branded card in their pocket," said Tony Ebron, president of Winston-Salem City Employees' Credit Union. "With TNB's expertise, card knowledge, and marketing capabilities we can position our card program to be competitive within our marketplace."
"After conducting a self assessment of our portfolio, we knew we had to sell it to TNB in order to give members a better card product," added Ebron.
Founded in 1957, Winston-Salem City Employees' Credit Union has 8,500 members.