Town North Bank has confirmed that long-time CEO John Reap has stepped down as CEO. Town North is the only bank owned by credit unions in the U.S.
Reap has been with the bank that is run as a CUSO for 30 years, dating back almost to the credit union's purchase of the bank in 1975. He has served as CEO for the last 15 years.
Under Reap's leadership, the bank grew its card processing and servicing operation markedly and was for a time the largest credit union owned purchaser of credit union credit card portfolios. Facing balance sheet pressures from the economic downturn, the bank sold its agent issuing portfolio to Elan Financial Services earlier this year.
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Spokesmen for the bank said Reap had been planning the retirement for some time and that bank's Chief Financial Officer Steve McDonald had been hired with the idea that he would succeed Reap. Spokesman denied that Reap's departure had anything to do with the card portfolio sale or any economic stress the bank has suffered this year.
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