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 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.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. The 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.Town North Bank implemented its card processing operation in 1976 with the formation of TNB Card Services, which was the first provider of credit card processing for credit unions in the U.S. Initially focused only on Texas credit unions, today TNB provides credit and debit card processing for more than 550 credit unions nationwide. Under Reap's leadership, TNB Card Services has successfully competed in the card business against the large national issuers in the card industry."I have enjoyed my long tenure working with credit unions. I have made many friends in Texas credit unions and feel comforted that I have contributed to the many successes and good reputation the bank has enjoyed in many arenas. Professionalism and integrity are two characteristics I strive to embrace. I trust I have displayed them at Town North Bank," Reap stated.Reap has also been quite active in the civic community and received numerous awards of recognition. He has served on boards of many organizations, including being a charter member of the board of directors of the Texas Credit Union Foundation as an advisory director. –[email protected]