The departure of TNB Card Services from the credit union-owned credit card portfolio market leaves CUs with a sharply different market for their card assets.
Executives stressed that TNB remained firmly in the card processing business, but acknowledged that its departure from the card portfolio market would leave a hole.
Since 2002, TNB has been the leading credit union-owned purchaser of CU card portfolios, a market niche that it had built upon and stressed its agent-issuing marketing.
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The next largest credit union-owned card portfolio purchasing organization is TMG Financial Services, an arm of The Members Group.
The sale strengthens Elan as an agent-issuing partner for credit unions. With the 168 credit unions coming in from TNB, Elan will have more than 350 credit unions nationwide.
"While other organizations are retreating from the agent-issuing market during this challenged economy, Elan continues to pursue partnerships with credit unions," said Jeff Chernivec, senior vice president with Elan. "Elan provides credit unions with an established partner that is committed to continued investment in support of our current and future credit union partners."
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