TNB Picks Up New Mexico CU Card Portfolio
DALLAS -- TNB Card Services, the card processing arm of credit union owned Town North Bank, announced it has purchased the credit card portfolio of the $104 million Zia Credit Union, headquartered in Los Alamos.
The purchase brings $2 million in account balances to the processing firm, TNB said.
"TNB is a more member-friendly organization, compared with other issuers, which is why we sold our portfolio to them," said Sef Ortiz, senior vice president of business development for Zia Credit Union. "We want to be the primary financial service provider for our members. By selling the portfolio to TNB, we are giving our members more reason to do business with us."
Ortiz added, "We might have received a higher premium from other issuers, but the interest rates for our members would have been higher too. Our goal for selling the portfolio was to give members a stronger product, better rates, plus good service, which made TNB the ideal choice."Founded in 1955, Zia has two branches and serves 12,500 members.