TNB's Latest Purchases Based in Texas

DALLAS – TNB Card Services’ most recent credit card portfolio purchases are all from credit unions based in Texas, the firm revealed. TNB Card Services is a subsidiary of the credit union owned Town North Bank. The three credit unions that sold card portfolios to TNB Card Services are the $139 million General Technologies Federal Credit Union located in Irving, Texas; the $80 million Members Choice of Central Texas Credit Union located in Waco; and the $17 million Reed Credit Union based in Houston. Members Choice’ portfolio was valued at $1.6 million. The values of the others were not available. “We’re very pleased to add these three credit unions to our family of clients,” commented R.E. Penn, executive vice president of TNB Card Services. “Since TNB has been credit union owned and directed for nearly 30 years we offer a great solution for credit unions looking for a partner to manage their card programs and keep their assets within the credit union movement.” TNB’s three purchases moves the firm up to six for 2003 so far. (See related story, page 8.)