Steve McDonald, the new CEO of credit union owned Town North Bank, said that while the bank has no immediate plans to rejoin the market for credit union card portfolios he would not rule it out for the future.
McDonald formally took the reins after the retirement of the bank's 15 year CEO, John Reap, last week.
"Steve's strong financial background and close ties to the Dallas community made him the ideal candidate to take over the reins at Town North Bank." said Jesse Gutierrez, chairman of the board of Town North Bank and president of Texas Bay Area Credit Union. "We have every confidence that he will continue John Reap's legacy, which has been instrumental in empowering credit unions with the ability to compete against national card issuers through its TNB Card Services division."
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The Dallas based bank's card processing subsidiary, TNB Card Services, is a leading process for CU credit and debit cards. TNB Card Services was also the leading credit union owned CU card portfolio buyer until earlier this year, when balance sheet pressures at the bank forced the sale of its entire agent issued portfolio to U.S. Bancorp's subsidiary Elan Financial Services.
McDonald said that the bank had retained its own card portfolio and would continue to grow that for the near term. It also remained firmly committed to helping credit unions better manage and grow their own portfolios, McDonald said, and added that the bank would likely re-evaluate the possible purchase of card portfolios again in the future.
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