TMGFS Purchases Michigan CU’s Card Portfolio
TMG Financial Services said it has purchased the $16 million credit card portfolio of the $201 million Extra CU in the Detroit suburb of Warren, Mich.
“After a thoughtful examination of how we could improve our credit card program, we opted to partner with TMG Financial Services,” said Deidra Williams, president and CEO of the 21,000-member Extra CU, which serves faculty and families of schools in southeast Michigan.
“With our program, the credit union now can keep their focus on their core competencies and trust that we will provide the credit card product and level of service that their members deserve,” said Jeff Russell, president/CEO of TMGFS, a Des Moines, Iowa-based card issuer for credit unions and banks that said it now has 60,000 accounts and more than $123 million in assets under management.
TMGFS is a sister company of The Members Group, a provider of credit, debit, ATM and prepaid processing solutions.