DALLAS — TNB Card Services announced the purchase of the ValleyStone Credit Union credit card portfolio.
The acquisition added more than $2 million in balances to TNB's holdings, along with more than 1,600 cardholder accounts, the credit union owned bank announced.
"Selling our portfolio to TNB gives us the opportunity to provide members with a much wider choice of products and product enhancements, such as a Platinum card, a more robust reward program and better rates," said Jim Nagy, president/CEO of Valley Stone CU located in Wilbraham, Mass. "TNB will also give our cardholders added convenience through its online card access."
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Nagy said that TNB's ownership by credit unions, along with strong references from other TNB clients, convinced ValleyStone CU to sell its credit card portfolio to TNB.
Founded in 1937, ValleyStone is now community chartered to serve Hampden, Hampshire and Franklin Counties in Massachusetts. With 5,600 members, it has assets of $70 million.
Since late 2002, when it began purchasing credit card portfolios, TNB has bought more than 155 credit union portfolios, TNB said.
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