Stories about credit unions selling card portfolios and then returning to card issuing have become relatively commonplace, but few have re-launched as well as the Velocity Credit Union.
The 73,000-member, $659 million Austin, Texas, credit union sold its credit card portfolio in 2007 to TNB Card Services, the former card processing arm of credit union-owned Town North Bank.
TNB Card Services then sold its agent issuing portfolio to Elan in May 2009 as the bank sought to maintain its capital position during the Great Recession. The bank sold TNB Card Services to Vantiv (then Fifth Third Processing Solutions) in 2010.
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