DALLAS — TNB Card Services, the card processing arm of credit union-owned Town North Bank, has continued to lead the market for smaller credit union card portfolios, announcing it has picked up five more.
The five CUs and the size of portfolios they sold were the $47 million Heart O' Texas FCU, headquartered in Waco ($262,000); the $19 million Mountain Star FCU, headquartered in El Paso ($1.3 million); the $21 million Kensington Valley Community Credit Union, headquartered in Highland, Mich. ($22,000); the $21 million Southpointe Credit Union, headquartered in St. Louis ($19,000) and the $7.5 million Jeffco Credit Union, headquartered in Festus, Mo. ($148,000)
"Credit unions tell us they seek TNB out because we are credit union owned and directed, and our pricing is member friendly," said Dusty Bowers, senior vice president for the card services firm.
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NCUA records indicate that three of the five portfolios had already been transferred to TNB by the end of the third quarter and have thus already been included in the count of how many CUs sold card portfolios in 2006.
Heart O' Texas Credit Union chose to sell its card portfolio because it lacked the staff and experience to make the program profitable. According to Mike Chaney, president of Heart O' Texas CU, "The decision to sell to TNB was easy, considering it has been processing our credit cards for more than 14 years. We are familiar with TNB and know they will treat our members right."
With four branches and a membership base of federal employees and contractors living and working in McLennan, Bell, and Coryell counties, the credit union expects TNB to strengthen its card program and member relationships by delivering a competitive card product.
Kensington Valley Community Credit Union of Highland, Mich., also sold its portfolio to TNB. The credit union serves members within seven independent school districts.
"It became difficult for us to administer a card program because of our size," said Joe Strauss, CFO of Kensington Valley Community CU. "We elected to sell the portfolio so we could continue to offer a card product instead of doing away with it altogether."
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