PETERBOROUGH, N.H. — Brookwood Capital, a leading independent broker of credit union card portfolios, announced that it facilitated the sale of $35 million Adirondack Regional Credit Union’s card portfolio to TNB Card Services.
The CU, headquartered in Tupper Lake, New York, also entered an agent issuing relationship with the CUSO, Brookwood said. Under the terms of the agreement, TNB has purchased the portfolio and will continue to service and issue cards in the credit union’s name.
TNB Card Services is the card portfolio management and servicing arm of credit union-owned Town North Bank. The agreement brings TNB more than 1,000 card accounts and over $1 million in receivable balances, the firm said.